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Charter Bus Services Market Report Size, Growth And Forecast Report 2024 To 2033
Charter Bus Services Market
According to The Business Research Company's, The charter bus services market size has grown strongly in recent years. It will grow from $59.12 billion in 2023 to $63.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to group travel trends, corporate events and conferences, educational institutions, tourism and sightseeing, entertainment industry demand..
The charter bus services market size is expected to see strong growth in the next few years. It will grow to $84.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to sustainable transportation practices, urbanization trends, customization and flexibility, event management requirements, rising global and domestic tourism.. Major trends in the forecast period include remote work travel packages, collaborations with event planners, hygiene and sanitation measures, integration of electric and low-emission vehicles, multi-modal transportation solutions..
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Market Drivers and Trends:
The growing population in corporate sectors is expected to boost the growth of the charter bus services market going forward. The corporate sector refers to the part of an economy that is made up of private enterprises. Charter buses make it simple for businesses to plan schedules and manage travel, ensuring that every staff member arrives at the appropriate location on time, as a result, the growing population in corporate sectors increases the demand for the charter bus services market. For instance, in July 2022, according to United States Department of Labor published data, employment in the private sector was 116244 (in thousands) in June 2020, rising to 129765 (in thousands) in June 2022. Therefore, the growing population in corporate sectors is driving the growth of the charter bus services market.
Product innovation is the key trend gaining popularity in the charter bus services market. Major companies operating in the charter bus services market are focusing on developing charter bus services. For instance, in November 2022, CharterUP, a US-based fully-integrated marketplace for charter bus reservations company, launched corporate shuttle service, a new platform for booking and managing staff transportation daily. CharterUP's technology-enabled white-label mobile app enables Fortune 500 organizations to monitor detailed rider data and live trip tracking. Further, employees can check available shuttle schedules, pickup locations, request rides, and track shuttles in real-time from their mobile devices.
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Major Key Players of the Market:
Chinook Charter Services; Trailways of New York; Golden Touch Transportation; Northwestern Stage Lines Inc.; School Bus Inc.; Transportation Charter Services Inc.; FirstGroup plc; Wisconsin Coach Lines Inc.; Coach USA LLC; Dousman Transport Co. Inc.; Gogo Charters LLC; Durham School Services; Quality Assurance Travel; King Charters; Rukstela Charter Services; Academy Bus Lines; Arrow Stage Lines; Barons Bus Lines; Burlington Trailways; Cavalier Coach Trailways; Dillon's Bus Service Inc.; El Expreso Bus Company; Greyhound Lines Inc.; Martz Group; Mears Transportation; Midwest Bus Corporation; Miller Transportation; National Express LLC; Pacific Coachways Charter Services Inc.; Pacific Western Transportation Ltd.; Peter Pan Bus Lines Inc.; Stagecoach Group; Trans-Bridge Lines Inc.
Charter Bus Services Market 2024 Key Insights:
• The charter bus services market will grow to $84.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Rising Corporate Sector Population Fuels Demand For Charter Bus Services
• Corporate Shuttle Service For Streamlined Employee Transportation
• Europe was the largest region in the charter bus services market in 2023
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