Home > Automotive > Railways > Locomotive > Luxury Coaches Market
Luxury Coaches Market Size
- Report ID: GMI4791
- Published Date: Sep 2020
- Report Format: PDF
Luxury Coaches Market Size
Luxury Coaches Market size exceeded USD 31.5 billion in 2019 and is estimated to grow at a CAGR of over 5% between 2020 and 2026. Several advantages offered by luxury coaches, such as reclining berths, advanced entertainment features, and spacious interiors, are contributing to the growing market demand.
Increasing consumer disposable incomes and shifting focus towards comfortable long-distance travel are expected to provide robust growth opportunities for the market. For instance, the U.S. Bureau of Economic Analysis reported a 12.9% increase in the per capita disposable income in 2019. The rise in discretionary spending capabilities is supporting the market growth by encouraging consumers to avail the services of luxury coaches for intercity travel.
The latest industry trend of autonomous vehicles is providing a positive outlook for the luxury coaches market. Advancements in the field of autonomous and driver assistance technologies are being integrated with luxury coaches for enhanced driving experience and improved passenger safety. Market players are launching fully autonomous and semi-autonomous models of luxury coaches in response to the growing market trend.
| Report Attribute | Details |
|---|---|
| Base Year: | 2019 |
| Luxury Coaches Market Size in 2019: | 31.5 Billion (USD) |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 5% |
| 2026 Value Projection: | 43 Billion (USD) |
| Historical Data for: | 2016 to 2019 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 410 |
| Segments covered: | Deck, Fuel |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
One of the major industry challenges restricting the luxury coaches industry is the high cost involved with the initial purchase of these buses due to the extensive features offered by them. These coaches are integrated with high-end amenities, such as LED screens, earphones, reclining berths, and on-board toilets, which add to the increasing cost. However, companies, such as Volvo, Daimler, and Scania are offering financing programs with attractive interest rates to encourage sales and support the industry growth.
The rapid spread of the COVID-19 pandemic has adversely impacted the market size of luxury coaches in 2020. The slow growth rate can be attributed to the increasing financial insecurities among large government and industrial buyers. The sharp decline of the travel and tourism industry due to government-imposed movement restrictions and lockdowns has impacted t
Frequently Asked Questions (FAQ) :
Luxury Coaches Market Scope
