As per the latest study by Future Market Insights (FMI), the pre-book airport transfer market size is expected to surpass US$ 6.3 Bn in 2021. Between 2021 and 2031, the market is expected to exhibit compound annual growth rate (CAGR) of 23.6%.
Increasing demand for travel and tourism along with ease of travel and availability of low cost airlines are contributing towards the growth of the global pre-book airport transfer market. The market also will gain from the increasing penetration of smart phones and improving connectivity, especially in emerging economies. Spurred by this, the global market valuation is expected to total US$ 52.42 Bn by 2031.
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The global pre-book airport transfer market has witnessed a significant transformation in recent years owing to the expansion of aviation industry, technological progression, advancement of airports and increase in tourism and frequency of foreign tourists.
Shift in consumer preferences towards traveling economically in private cars and shuttles rather than investing in traditional modes of transportation is expected to be a key growth driver of pre-book airport transfer market. Rising vehicles and fuel prices, high traffic conditions, low cost of shuttle/car ridership and limited parking space are the factors compelling people, especially millennials, to opt for airport transfer services.
Lack of proper conveyance is one of the many factors which results in unpleasant traveling encounters. However, with the introduction of airport transfer services, availing proper conveyance has become simpler.
Difficulty in pre-booking cars and unprofessional behavior of cab-drivers are fuelling the demand for pre-book airport transfer services. Additionally, errors due to poor network connection, lack of transparency & reliability and security are encouraging travelers to opt for airport transfer services.
Moreover, integration of advanced technologies such as artificial intelligence (AI), chat box, and digital payment has simplified the booking process for airport transfers, thereby, shaping the overall travel experience.
Also, most companies provide such services at lower rates than common taxis and offer attractive discounts. Alongside this, simple booking process, professional customer support services, drivers from top taxi company, zero cancellation fees, flexible payment mode guaranteed service and hassle free transfer are some of the factors projected to augment the pre-book airport transfer services growth.
For instance, in July 2021, Hertz introduced two exclusive offers for U.S. customers to make their travel more memorable and rewarding. Customers who join the Hertz Gold Plus Rewards will automatically upgrade to Five Star Elite status by 2021 and existing members can earn double points on rentals through September 30.
Other aspects such as increasing standard of living, growing influence of travel blogger experts, promotional strategies undertaken on the part of players are driving the demand for airport transfer services.
On the back of these factors FMI predicts the global pre-book airport transfer market is poised to expand at a stellar rate of 23.6% CAGR, totaling US$ 52.4 Bn through 2031.
There has been tremendous growth in passenger traffic with the steady decline in the cost of air travel, a reduction of over 70% since 1970. The decrease in the cost has led to an increase in accessibility of air travel democratization. Further, air travel is becoming increasingly accessible in the developing countries, with various low-cost travel options, it is no longer a privilege and luxury commodity.
Further, the aviation industry has undergone a structural transformation and adjusted to a dynamic marketplace by consolidating and expanding into new markets. Development of low-cost carriers (LCCs), especially since the early 21st century, has been notable in emerging economies, making air travel more affordable.
For instance, in 2018, LCCs carried an estimated 1.3 billion passengers, which was about 31% of the world's total scheduled passengers. This indicated an increase of 8.7% compared to the number of passengers carried by LCC in 2017, which is about 1.4x the rate of the world total average passenger growth.
Hence, exponential growth of air traffic and rapid growth of air passengers is expected to push the adoption of pre-book airport transfer services in the market.
The pre-booked airport transfer industry was one of the worst hit by the COVID-19, as the government imposed global shutdown, restricting international and domestic air travel. The cancellation of flights wielded an adverse impact on the airport transfer industry.
With the spread of COVID-19 and subsequent lockdowns, travel restrictions and other restrictions significantly affected the business travel industry.
Further, airline industry touched the pre-crisis level in terms of overall revenue and passenger traffic. Due to imposition of restriction of air travel, many airlines limited their flight schedules, which has adversely affected the revenue of airline companies and airports.
To curb the losses, airlines have resorted to cost-cutting measures such as canceling flights and relocating aircraft to places with lower parking fees, which has negatively impacted the pre-book airport transfer market.
FMI has projected Europe to remain one of the most lucrative markets throughout the course of the forecast period. Rising number of business and leisure trips across the region, both internationally and locally, is among the prominent factors influencing the market growth.
Additionally, continuous shift in consumer preference toward airport transfer services, as well as the presence of major service providers in the region, such as Enterprise Rent-a-Car and Avis Budget Group, is expected to accelerate revenue generation prospects.
Recently, increasing adoption of these services across the region, driven by increased initiative by service operators is propelling the demand. For example, Uber Technologies Inc. adopted mobile technologies and other devices to meet the personal transportation needs of consumers efficiently.
The U.S. is predicted to be one of the most attractive markets during the forecast period, opines Future Market Insights. Growth is primarily driven by increasing travel and tourism activities and increasing availability of high-end luxury as well as economy vehicles, in the region.
Moreover, growing aging population in the region contributes as potential clients in the airport transfer services, expected to generate lucrative revenue during the forecast period.
Further, pre-book airport transfer service providers and operators are focusing on technological innovations to upgrade their distribution channels, enhance customer experience, and reduce in-person contact by including online digital payment, and providing loyalty programs with incentives.
India’s pre-book airport transfer market is expected to grow at the fastest pace owing to the rapidly increasing population in cities like Delhi, Mumbai, Pune, estimates Future Market Insights.
Additionally, the state of public transportation in India has remained in a dilapidated state over the years with low connectivity. The launch of airport transfer services in the market has transformed with ever-changing need of consumers.
Increasing usage of smartphones, growing popularity regarding safe and comfortable travel and cheap internet services has aided the growth of the market.
Expansion of existing airports and heavy investments in airport infrastructure across East Asia will stimulate the market demand. In the past few years, there has been a rapid increase in passenger traffic handled by airports in countries such as China, Japan and South Korea.
Due to this, the government and airport authorities have announced significant investments in the construction and expansion of airports. Thereby, accelerating the growth of airport transfer services in the market.
For instance, in 2019, South Korea’s Ministry of Land, Infrastructure and Transport announced its plans to invest approximately US$ 4.2 billion over a five-year period to expand the airport’s passenger handling capacity to 106 million passengers by 2024.
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Based on traveler type, international traveler segment account for a significant share in the market. The growth of the international traveler is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of meetings, incentives, conferences, and increasing globalization.
On the other hand, the domestic traveler segment is likely to witness the fastest growth over the forecast period due to the growing trend of ‘staycation’. An internal holiday can be a cost-effective option for individuals and also has other benefits, such as making residents aware of the history and culture of their country.
In terms of transportation, public transport account for a notable share as compared to private transportation. Rapidly changing economic reforms and increasing urbanization across the globe is fueling the global public transportation.
Moreover, public transportation is cost-effective, affordable, and provides safe transportation which is accessible in rural and urban areas. Therefore, consumers are opting for public transportation services, widening future growth prospects.
In terms of age group, the 26-45 years’ segment dominated the global market and is expected to retain its dominance during the forecast period. However, 45-60 years’ segment is anticipated to garner significant market growth during the upcoming years.
As millennials are constantly in search for uncommon destinations to gather unique experience, travel activities from this age group is expected to improve the sales. Further, rising trend of leisure travel, for business or personal purpose, for recreational activities and improve work efficiency will boost the market demand.
Leisure travel accounted for around 3/4th in global pre-book airport transfer market value by end of 2021. The segment is expected to exhibit fastest growth over the forecast period as a result of expansion of logistics and infrastructure. Rising consumer’s income and favorable government policies and promotion of tourism will augment growth.
Moreover, people often opt for leisure travel to unwind new cultures, and meet new people along with the pursuit of new experience. Emergence of mobile application, artificial intelligence and big data analytics in the tourism industry, as well as the rise in the social media influence will further drive the growth of leisure travel.
With rising penetration of internet, booking through online channels are expected to register significant growth. With advent of online platforms and growing knowledge of internet, airport transfer agencies are relying on digital media and websites to diversify their travel packages and offer attractive packages, generating revenues.
In addition, companies are now attracting a larger audience for airport transfer bookings through their innovative mobile travel apps. Various features powered by artificial intelligence are being developed to stay connected with passengers on the go and provide assistance throughout their journey.
These are some of the factors facilitating the growth of online booking in the pre-book airport transfer market.
Based on traveler, the group traveler are expected to register a significant growth during the forecast period. The group segment is prospering as the cost involved in group travel is lower. Further, the service providers offers discounted rates on accommodation and transportation for group travel.
However, consumer trend of solo travel is becoming increasingly popular. Social media is motivating people to undertake solo international and domestic travel. Increasing number of travel enthusiasts at the global level is creating new opportunity for the pre-book airport transfer market.
Companies operating in pre-book airport transfer services are aiming at strategic collaborations and strategic partnerships with other companies to expand their services and address the demand of an expanding patient pool. Moreover, major player in the industry are focusing on introducing various packages in the airport transfer services.
|Historical Data Available for||2016-2020|
|Market Analysis||USD Million for Value|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa|
|Key Countries Covered||US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa|
|Key Segments Covered||Traveler Type, Transportation Type, Age Group, Tourist Type, Booking Channel, Traveler Type, Region|
|Key Companies Profiled||
|Report Coverage||Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
By Traveler Type:
By Transportation Type:
By Age Group:
By Purpose/Tourist Type:
By Booking Channel:
By Traveler Type:
1. Executive Summary 1.1. Global Market Outlook 1.1.1. Who Is Travelling? 1.1.2. How Much Do They Spend? 1.1.3. Direct Contribution of Aviation To GDP 1.1.4. Direct Contribution of Aviation To Employment 1.2. Tourism Evolution Analysis 1.3. FMI Analysis and Recommendations 2. Market Introduction 2.1.1. Total Pre-Book Airport Transfer Market Revenue (US$ Mn) and Forecast (2021-2031) 2.1.2. Number of Airport Transfer Booking (Mn) and Forecast (2021-2031) 2.1.3. Total Pre-Book Airport Transfer Y-o-Y Growth Projections (2021-2031) 2.1.4. Number of Air Travellers Y-o-Y Growth Projections 3. Global Aviation Industry Overview 3.1.1. Aviation Global Employment and GDP Impact 3.1.2. Direct Employment In Air Transport By Segment 184.108.40.206. Airport Operators 220.127.116.11. Airlines 18.104.22.168. Civil Aerospace 22.214.171.124. Air Navigation Service Providers 126.96.36.199. Other On-Airport 3.1.3. Aviation Global Economic Impact 188.8.131.52. Direct 184.108.40.206. Indirect 220.127.116.11. Induced & Tourism Catalytic 3.1.4. Total No. of Routes Served Worldwide, 2019 3.1.5. Total Passengers Carried by Airlines Worldwide 3.1.6. No. of Scheduled Commercial Flights Worldwide 3.1.7. Global Trade Transported By Air Outlook 3.1.8. Top 10 Airports By Total Passengers, Mn, 2019 3.1.9. Top Busiest Airport Pair Routes, 2019 3.1.10. Global Passenger Traffic Market Outlook, By Region 18.104.22.168. North America 22.214.171.124. Latin America 126.96.36.199. Europe 188.8.131.52. Asia-Pacific 184.108.40.206. Middle East & Africa 4. Airport Transportation Regulatory Framework Overview 4.1. Regulators and Associations 4.1.1. The Department of Transportation 4.1.2. The Federal Aviation Administration 4.1.3. The Transportation Security Administration 4.1.4. The National Transportation Safety Board 4.1.5. Major Aviation Associations 4.2. Forecast Factors- Relevance & Impact 4.2.1. GDP Growth Rate 4.2.2. Population Growth 4.2.3. Tourism Sector GVA 4.2.4. Per Capita Disposable Income 4.2.5. Tourist Arrivals by Country (Inbound v/s Outbound) 5. Aviation Supports Tourism 5.1. Global Tourism Industry Overview 5.1.1. Travel & Tourism Industry Contribution To Global GDP 220.127.116.11. Business Spending v/s Leisure Spending 18.104.22.168. Domestic v/s Foreign 22.214.171.124. Direct, Indirect, and Induced 5.1.2. Direct Contribution of Tourism To GDP 5.1.3. Direct Contribution of Tourism To Employment 5.1.4. Travel Sector Contribution To Global Overall Employment 5.1.5. Travel & Tourism Growth Rate 5.1.6. Foreign Visitor Exports As Percentage of Total Exports 5.1.7. Capital Investment In Travel & Tourism Industry 5.1.8. Different Components of Travel & Tourism 6. Key Risk and Success Factors 6.1. COVID-19 Risk Factor Assessment 6.1.1. Change in Inbound and Outbound Travel Footfall 126.96.36.199. Before and After COVID-19 Crisis 188.8.131.52. Before and after SARS Pandemic 184.108.40.206. Before and After Sub-prime Crisis – 2008 220.127.116.11. Change in Tourist Footfall Post Recovery Period (After Each Crisis) 6.1.2. Impact on Luxury Hotel Receipt Value (US$ Mn) 18.104.22.168. Likely Loss of Value in 2020 22.214.171.124. Mid-term and Long Term Forecast 126.96.36.199. Quarter by Quarter Dip and Recovery Assessment 6.1.3. Anticipated Tourist Footfall and Receipt Value Recovery Curve 188.8.131.52. Likelihood of U-Shape Recovery 184.108.40.206. Likelihood of L-Shape Recovery 6.1.4. Recovery Period Assessment by Key Countries 7. Advanced Technology – Reshaping The Airport Transfer Booking Process 7.1. Leading Technologies Simplifying The Airport Transfer Booking Process 7.1.1. Role of Artificial Intelligence (AI) 7.1.2. Digital Payment 7.1.3. Chatbot 7.1.4. Advanced Self-service and Biometrics 7.1.5. Real-Time Tracking 7.1.6. E-hailing Service 7.1.7. Cloud-based Application 7.1.8. Others 8. Global Pre-book Airport Transfer Market Dynamics 8.1. Market Drivers & Opportunities 8.1.1. Growing Aviation Industry globally 8.1.2. Rapid Growth In Air Passenger Worldwide 8.1.3. Partnership With Government To Lay The Ground Work For Sustainable Air Connectivity Growth 8.1.4. Exponential Growth of Air Traffic 8.1.5. Rise In Air Travel Affordability 8.1.6. Air Travel Has Become A Common Mode of Transportation 8.1.7. Worldwide Countries Are Focusing on Tourism As A Development Strategy 8.1.8. Rise in Aging Passenger Population 8.1.9. Aviation-A Driver of Global Trade & E-Commerce 8.1.10. Modernizing Aviation To Maximize Its Benefits 8.1.11. Airport Taxi Transportation Altering the Trends in the Aviation Industry 8.1.12. Travelers are Preferring Pre-book Cabs or Taxes over Casual Cab Service 8.1.13. Airport Taxi Transportation Companies are Ensuring Maximum Safety Protocols During Covid-19 Pandemic 8.1.14. Impact of Covid-19 on Aviation Industry 8.1.15. Others 8.2. Challenges in Pre-book Airport Transfer Tourism Market 8.2.1. Lack of Tie-ups Among Various Players In The Industry 8.2.2. Lack of Transparency and Proper Safety & Security In Developing Countries 8.2.3. Poor Infrastructure In Developing Countries 8.2.4. Unorganized Market in Developing Countries 8.2.5. Others 9. Categorizing of Global Pre-book Airport Transfer Market 9.1. Introduction/ Key Findings 9.2. Current Market Analysis By Traveler Type (% of Demand) 9.2.1. Domestic 9.2.2. International 9.3. Current Market Analysis By Transportation Type (% of Demand) 9.3.1. Private Transportation 220.127.116.11. Taxes & Shuttles 18.104.22.168. Car Rentals 22.214.171.124. Ride Shares 126.96.36.199. Others 9.3.2. Public Transportation 188.8.131.52. Inter-City Shuttles 184.108.40.206. Inter-Terminal Shuttles 220.127.116.11. Others 9.4. Current Market Analysis By Age Group (% of Demand) 9.4.1. 23-25 Years 9.4.2. 26-45 Years 9.4.3. 45-60 Years 9.4.4. More Than 60 Years 9.5. Current Market Analysis By Purpose/Tourist Type (% of Demand) 9.5.1. Business 9.5.2. Leisure 9.5.3. Visit Friends/Relatives 9.5.4. Education 9.5.5. Conventions 9.5.6. Religious 9.5.7. Health Treatment 9.6. Current Market Analysis By Booking Channel (% of Demand) 9.6.1. Phone Booking 9.6.2. Online Booking 9.6.3. In Person Booking 9.7. Current Market Analysis By Traveler Type (% of Demand) 9.7.1. Independent Traveler 9.7.2. Group Traveler 9.8. Current Market Analysis By Region (% of Demand) 9.8.1. North America 9.8.2. Latin America 9.8.3. Europe 9.8.4. Asia-Pacific 9.8.5. Middle East & Africa 9.9. Key Findings, By Each Category 10. Social Media Sentimental Analysis 10.1. Social Media Platforms Preferred 10.1.1. Facebook 10.1.2. YouTube 10.1.3. Instagram 10.1.4. Twitter 10.1.5. Linkedin 10.1.6. Pinterest 10.1.7. Google+ 10.1.8. Others 10.2. Consumer Perception for Destinations On Social Media Platforms-Positive and Negative Mentions 10.3. Trending #Hashtags 10.4. Social Media Platform Mentions (% of Total Mentions) 10.5. Region-Wise Social Media Mentions (% of Total Mentions) 10.6. Trending Subject Titles 11. Competition Analysis 11.1. Competition Dashboard 11.2. Competition Benchmarking 11.3. Competition Deep Dive 11.3.1. SuperShuttle International Company 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.2. Lyft, Inc. 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.3. Uber Technologies, Inc. 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.4. Keys Shuttle 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.5. AAA Conch Limo. LLC 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.6. A&M Rentals 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.7. Avis Company 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.8. The Hertz Corporation 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.9. Greyhound Lines, Inc. 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.10. ST Services Iberia S.L. 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.11. Alamo Enterprise 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.12. Avis Budget Group 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.13. Charter Vans, Inc. 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.14. Dayton Express Cab Co. 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.15. Orlando Black Car Inc. 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.16. Apollo's Chariots Inc. 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.17. Advanced Shuttle Company 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.18. Charles River Transportation Management Association 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.19. Yellow Radio Service 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 11.3.20. Budget Rent a Car System, Inc. 188.8.131.52. Overview 184.108.40.206. Service Portfolio 220.127.116.11. Strategy Overview/campaigns 11.3.21. Others (As Per Request) 18.104.22.168. Overview 22.214.171.124. Service Portfolio 126.96.36.199. Strategy Overview/campaigns 12. Assumptions and Acronyms Used 13. Research Methodology
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