The global pre-book airport transfer market 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%. Spurred by this, the global market valuation is expected to total US$ 52.42 Bn by 2031.
Integration of artificial intelligence (AI), chat-bot, digital payment and other advanced technology in airport transfer services is gaining immense popularity in the pre-book airport transfer market. Against this backdrop, key players are consistently focusing on introducing innovative technologies for better services.
Adoption of AI in airport transfer services has improved the efficiency encouraging the consumers to opt for convenient and leisure services. This in turn is accelerating the sales in the market.
Due to easy internet availability, consumers no longer have to wait in a queue or browse through websites for endless time to book the best airport transfer option. 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.
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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.
Moreover, chat-bot integrated into the airport transfer booking application or website enables online chat and offers information on nearby vehicle details. Customers can book cars, schedule pickup times, find out car fares, driver details and more easily via text-to-voice or regular text chat.
With these technologies, information about the flight arrival and landing time becomes really convenient and easy. Alongside this, guidance towards the shortest path with the minimum congestion in an airport, assistance for accurately scheduling a pickup time, the vehicle list and booking a ride at just a single touch are some of the factors aiding market growth.
For instance, in 2019, Avis Budget Group, partnered with Verizon and Edison Interactive, and launched an all-in-one digital travel assistant exclusively available to Avis, Budget, and Payless Car Rental customers.
Key Takeaways from the Pre-Book Airport Transfer Market Study
- In terms of transportation, the public transportation is expected to dominate, accounting for a notable share in the pre-book airport transfer market.In terms of purpose, leisure travel is expected to hold a noteworthy revenue share.
- More than 40% of travellers prefer to travel for leisure purpose for enjoyment, amusement, and pleasure.In terms of booking channel, the in-person booking segment will account for lion’s share during the forecast periodIn terms of travel type, solo traveller is anticipated to garner significant market growth during the upcoming years.
- Russia is expected to witness highest growth, registering 6.8% CAGR during the forecast period. Germany is expected to be one of the most lucrative market across Europe, contributing revenues at 2.3%“Competition in the market is expected to be fierce with increasing adoption of innovative technologies. Key players are focusing on acquisition & collaboration strategies to expand their global presence.
- Also, expansion of airport infrastructure, rising air traffic and availability low cost airlines are expected to bolster the growth of the global pre-book airport transfer industry” says an FMI analyst.
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Impact of COVID-19 on the Market
The outbreak of COVID-19 has devastated economies across the globe and impacting the global pre-book airport transfer market negatively. The market players are facing insurmountable and immense challenges due to the global shutdown.
Demand for airport transfer witnessed sudden decline during the FQ-20, with reduced global air traffic at the airport.
However, post-epidemic, safety and hygiene have become the need of the hour, practices for disinfecting the car are followed meticulously. The need for the social distancing regulations and individual mobility is bound to improve the condition of the industry.
For instance, Uber has partnered with experts to develop new safety protocols. This includes providing drivers with Clorox Disinfecting Wipes to the drivers, so that customers can feel safe on their next ride.
In addition, Alamo Enterprise has become a member of the Clorox Safer Today Alliance, an alliance to help create healthier shared spaces now and in the future.
Who is Winning?
Several companies are adopting strategies such as mergers and acquisitions as an effective way of maintaining or increasing market share.
Major players present in the pre-book airport transfer market are SuperShuttle International Company Lyft, Inc., Uber Technologies, Inc., Keys Shuttle, AAA Conch Limo. LLC, A&M Rentals, Avis Company, The Hertz Corporation Greyhound Lines, Inc., Alamo Enterprise, Avis Budget Group, Charter Vans, Inc., Dayton Express Cab Co., Orlando Black Car Inc., Apollo’s Chariots Inc., Advanced Shuttle Company, Charles River Transportation Management Association, Yellow Radio Service, and Budget Rent a Car System, Inc among others. Aggressive promotional strategies, and advertisements, have driven the market growth of pre-book airport transfer globally.
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Market by Category
By Traveler Type:
- Domestic
- International
By Transportation Type:
- Private Transportation
- Taxes & Shuttles
- Car Rentals
- Ride Shares
- Others
- Public Transportation
- Inter-City Shuttles
- Inter-Terminal Shuttles
- Others
By Age Group:
- 23-25 Years
- 26-45 Years
- 45-60 Years
- More Than 60 Years
By Purpose/Tourist Type:
- Business
- Leisure
- Visit Friends/Relatives
- Education
- Conventions
- Religious
- Health Treatment
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Traveler Type:
- Independent Traveler
- Group Traveler
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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