Luxury Coaches Market Analysis

Luxury Coaches Market Analysis

The single deck luxury coaches segment valued at around USD 27.5 billion in 2019. These coaches offer improved drivability and maneuverability compared to double decker buses due to their short height. High-deck buses are witnessing an escalating market demand for long distance travels as they offer a better view of the surroundings to the passengers.

Single-deck luxury coaches with a seating capacity of 40 – 70 passengers are contributing significantly to the overall market size owing to the enhanced passenger carrying capacity. New product launches in this segment are also positively influencing the market revenues. For instance, in January 2019, Hyundai launched its high-end luxury bus, the Universe 2019 in Vietnam. The luxury coach offers a seating capacity of 47 – 50 passengers.

The electric luxury coaches market is projected to expand at more than 8% CAGR through 2026. Market analysis and trends project a high growth in this segment owing to the implementation of stringent vehicle emission norms introduced by several government authorities across the globe.
 

Companies operating in the market are launching new models of electric and hybrid electric variants to cater the growing demand.
 

The Europe luxury coaches market revenue was over USD 8 billion in 2019 and is anticipated to witness 5.5% growth rate from 2020 to 2026. European countries are connected with a robust highway and road network. The region also hosts picturesque landscapes, encouraging tourists to opt for travel by road.
 

The presence of established coach manufacturers, such as Daimler AG, Volvo Group, and Scania in Europe is further driving the market growth trends. These players are heavily investing in R&D and adopting product innovation strategies to launch new products with enhanced capabilities. For instance, in 2019, Volvo Group invested approximately 4.4% of its total revenues in R&D and innovation activities.