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The online bus ticketing service market size is estimated to grow at a CAGR of 26.97% between 2023 and 2028. The market size is forecast to increase by USD 5,741.91 million. The growth of the market depends on several factors such as increasing Internet and smartphone penetration, convenience of booking bus tickets online, and evolving online travel booking behavior of consumers.
This online bus ticketing service market report extensively covers market segmentation by application (business travel and tourism travel), type (mobile application and desktop), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The convenience of booking bus tickets online is the key factor driving market growth. Previously, booking bus tickets was done through bus companies or travel agencies. However, with advancements in technology and the increasing number of consumers using various online services, consumers can now easily book bus tickets online.
Moreover, online bus ticketing services are getting more traction from online platforms mainly due to the easy access, service availability, 24/7 customer service, consumers can carry m-tickets, live bus tracking and route updates, and app-enabled services. Hence, these factors will drive the growth of the global online bus ticketing service market during the forecast period.
The importance of bus transportation in providing potential growth opportunities is the primary trend shaping market growth. Demand for public and private bus transportation is high from commercial and individual customers. Tech-savvy customers prefer to book bus tickets through web portals and mobile apps for their personal or business travel. Online bus ticket booking is convenient and also saves time for individuals. Busbud, GotoBus.com, and BusOnlineTicket.com are some of the prominent vendors in the global online bus ticketing service market.
Furthermore, in both developed markets and emerging markets, corporate offices are partnering with online bus ticketing service providers to provide bus transportation services to their employees. Thus, these factors will contribute to the significant growth opportunities for the players to tap the new and emerging markets. Hence, the importance of bus transportation in providing potential growth opportunities will propel the growth of the market during the forecast period.
Difficulty in scaling up the business due to market fragmentation is a challenge that affects market growth. The bus tourism industry is very fragmented and unorganized. This makes it difficult for service providers to penetrate this market. Many people are still not using online bus ticket booking services to book bus tickets due to reliability issues and a lack of knowledge. People in developing countries like India are still not familiar with online bus ticketing services, which is a major challenge for the vendors operating in this market.
Moreover, due to the presence of several travel agencies and private bus operators, people directly book their tickets from such offline channels. As a result, market players face inflexible competition from travel agencies and bus operators. This impacts their sales of bus tickets through their online web portals or mobile applications. Hence, Difficulty in scaling up the business due to market fragmentation will impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Online Bus Ticketing Service Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The business travel segment is estimated to witness significant growth during the forecast period. The target customer base that uses these online platforms to book bus tickets for their business travel needs is known as the business travel segment in the global online bus ticketing services market. When it comes to travel plans, business travelers frequently have certain requirements and preferences. They might have to arrange travel for several staff, make itineraries, and decide whether to sit in business or first class.
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The business travel segment was the largest segment and was valued at USD 820.01 million in 2018. Additionally, they might need extra amenities like Wi-Fi access, power outlets, or designated business lounges. To fulfill these particular needs, online bus ticketing service providers that target the corporate travel market frequently offer unique features and services. These may consist of corporate booking portals, customized travel packages, dedicated customer service, loyalty programs, and integration with expense management systems. The rising demand for practical and effective transportation options for business travelers drives the growth of the business travel segment in the market during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC delivers noteworthy opportunities for the online bus ticketing service market due to the presence of strong economies such as China, India, and Japan. The shift in population, rise in business travel, and growth in tourism will lead to the growth of the online bus ticketing service market.
Furthermore, governments in APAC are making efforts to provide a smooth travel experience to daily commuters. For instance, In February 2021, the Indian Railway Catering and Tourism Corporation (IRCTC) launched its online bus ticket booking services across India in 22 states and three Union territories. IRCTC has also partnered with around 50,000 private bus and state road transport operators. Such instances are anticipated to drive the market growth in the region during the forecast period.
COVID-19 pandemic restrictions led to an upsurge in the adoption of digital platforms in the region in 2020. The number of online bus ticketing platforms and subscribers witnessed an upsurge, which inhibited the growth of online bus ticketing services. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Hence, such factors are expected to drive market growth in this region during the forecast period.
The online bus ticketing service market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018 to 2028.
Online Bus Ticketing Service Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.97% |
Market Growth 2024-2028 |
USD 5,741.91 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
25.63 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, Canada, India, China, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BAOLAU Pte Ltd., Busbud Inc., Busonlineticket Pte Ltd., Easy Trip Planners Ltd., FlixMobility GmbH, Global Charter Services Inc., GoEuro Corp., GotoBus, Gozing Technology Pvt. Ltd., Hip Mobility Inc., KOBO CO. LTD., Le Travenues Technology Ltd., MakeMyTrip Ltd., Mantis Technologies Pvt. Ltd., Stelling Technologies Pvt. Ltd., TicketGoose, Vy Bus AS, WILLER Inc., Yatra Online Inc., and Zeelo Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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