Luxury Van Market

Luxury Van Market - Global Industry
Insights, Trends, Outlook, and
Opportunity Analysis, 2017–2025
Luxury vans are automobiles larger than SUVs and relatively smaller than buses or
trucks. They are mostly used for passenger transport for business or leisure
applications. Depending on the custom-made or high-end designs, these vehicles can
accommodate a group of 12 to 15 people. These are featured with additional comfort,
safety, space, technology, and design in relation to conventional RVs. End users of
these vehicles include the individuals and fleet owners, who utilize the vehicle for both,
business and recreational activities such as camping and tourism.
Increasing consumer affordability and the requirement to ensure comfort and
safety is expected to be the prominent industry growth driver
According to the World Bank Group, global GDP per capita has increased from US$
9509.366 in 2010 to US$ 10,150.788 in 2016, prominently driven by the major
economies that include the U.S., China, India, and Korea among few major other
economies. This has led to significant increase in the gross national income, living
standards, affordability and the expenditure on luxury vehicles by consumers across
these major economies. Moreover, integration of advanced functions that include
security technologies, electronic stability control, anti-lock brakes, TV entertainment
system, remote start, massaging and heated seats have led to increased end user
inclinations. Better performance and handling in relation to their conventional
counterparts, is expected to provide higher traction to the luxury van market throughout
the forecast period.
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Luxury Van Market Taxonomy
On the basis of end users, the global luxury van market is classified into:
● Individual
● Fleet Operators
Next generation autonomous vehicles are the chief trends gaining highest
industry traction
Significant achievements have been witnessed across the industry with R&D regarding
the autonomous driving future. Several leading manufacturers that include Volkswagen,
Daimler, and General Motors among many other automotive industry participants are
increasingly investing in the development of the state of the art technologies for
applications in autonomous vehicles. For instance, in 2016, Volkswagen debuted its
MicroBus, an electric powered autonomous luxury van concept, which was the
upgraded version of the classic Volkswagen model and is expected to be in production
from 2022. According to Coherent Market Insights analysis of AV and its future, the
development is still in its nascent stage, and is expected to take at least two decades to
become mainstream. However, associated development of vehicle to everything (V2X)
communication is estimated to garner increasing adoptions during the forecast period.
Fleet operators accounted for the largest industry share in 2016, and are
expected to dominate the luxury van market through the forecast period
Increasing number of business tours owing to vast expanse of multinational firms, the
corporate employee transportation requirements, entertainment & media industry, and
political VIPs are expected to be the major factors driving the vehicle demands by fleet
providers. Individual owners accounted for the significantly small percentage of overall
industry share.
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Asia Pacific is estimated to witness highest growth rate over the forecast period
Increasing international travel & tourism industry in Asia Pacific, presence of large
number of electronic and IT industry participants, growing manufacturing activities are
among the major factors that will contribute to the industry growth. China, India,
Indonesia, Thailand, Taiwan, and Malaysia are among few of the major economies that
are expected to garner high traction over the near future.
Industry presence was largely characterized by the consolidated share of few major
industry players, contributing to over 50% of the luxury van market share. Chief industry
participants include General Motors Company (GM), Daimler, Volkswagen Group,
Nissan Motor Company, Ford Motor, Becker Automotive Design, Hyundai Motor, Honda
Motor, Thor Industries, Renault, and Toyota Motor. Requirement to establish a strong
foothold and cater to the evolving demands of customers, has led to increasing focus of
players on M&A and portfolio expansion. For instance, Chevrolet Chrysler's Pacifica,
Express Passenger, and Volkswagen's Caravelle generation 6 are among the next
generation models introduced in 2017. Similarly, other major OEMs that include Nissan
and Mercedes-Benz are planning to introduce advanced models of their pre-existing
product offerings.
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Luxury Van Market report categorizes global market on the basis of end user and other industry segmentations - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017–2025

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