The size of luxury coaches market was registered at USD 31.5 billion in the year 2019 and is anticipated to cross USD 43 billion by 2026. Between the period 2020-2026, the market is expected to register a CAGR of 5%.
With a large population base looking forward to travelling comfortably and in a luxurious manner, the introduction to luxury coaches has indeed opened up tremendous growth opportunities for the global market over the years. According to the statistics released by the World Tourism Organization, international travels globally, recorded a growth of 41 per cent in 2019, while accounting for an overwhelming share of 1.5 billion.
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As per reports, the growth predominantly comes for increasing adoption of electric and autonomous luxury coaches, in tandem with stringent regulations pertaining to vehicular emissions put forth by various governmental authorities as the likes of EPA, and EU. These regulations have undeniably, escalated the demand for electric luxury coaches, paving way for the market players to invest accordingly in the development of these, thus catering to a widespread population base.
Citing an instance for the same, Proterra, in partnership with Belgian coach maker- Van Hool, announced in 2017, that it was working towards the development of electric motor or luxury passenger coaches for facilitating long distance travel routes. These coaches, as per company officials, would boast of a relatively high floor, allowing passengers to be seated comfortably while making room for their luggage. Such initiatives in the field are expected to drive the luxury coaches market progression at a larger scale in the near future.
However, one of the important points to note here is that the outbreak of dreaded COVID-19 pandemic has brought about a halt in the demand for luxury coaches market, owing to the enforcement of lockdown across various economies, thus impeding its growth. Nevertheless, post upliftment of lockdown policies, the market is estimated to record significant gains in the upcoming years.
Speaking of its worldwide prominence, luxury coaches have been witnessing prolific demand from the Asia Pacific region, courtesy- the ease of rise, convenience, and comparatively lower cost travel options offered by luxury buses. Also, not to mention, rising investments by government authorities to offer comfortable travel facilities to the residents have also been substantially fueling the regional market growth.
While on the other hand, Middle East and Africa is also expected to emerge as a lucrative growth ground for luxury coaches market perhaps attributing to the thriving tourism industry. Firms operating in these markets have been offering high levels of customization in their models to cater to the specific needs of high-income groups.
Luxury coaches are generally divided into two decks: the single deck and double-deck. Single deck luxury coaches are currently observing massive momentum in the global market due to low purchase cost when compared to the double deck coaches. These buses are typically characterized by high fuel efficiency in regard to their low body weight and passenger carrying capacity. What has been stimulating the segmental outlook over the past few years is the mounting deployment of single deck luxury coaches with nearly 40 seats and below seating capacity for domestic travel.
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Some Point from Table of Contents:
Chapter 5. Luxury Coaches Market, By Deck
5.1. Key trends by deck
5.2. Single deck luxury coaches
5.2.1. Market estimates and forecast, 2016 – 2026
5.2.2. Seating capacity
18.104.22.168. Market estimates and forecast, 2016 – 2026
22.214.171.124. Below 40 seats
126.96.36.199.1. Market estimates and forecast, 2016 – 2026
188.8.131.52. 40 - 70 seats
184.108.40.206.1. Market estimates and forecast, 2016 – 2026
220.127.116.11. Above 70 seats
18.104.22.168.1. Market estimates and forecast, 2016 – 2026
5.3. Double deck luxury coaches
5.3.1. Market estimates and forecast, 2016 – 2026
Chapter 6. Luxury Coaches Market, By Fuel
6.1. Key trends by fuel
6.2.1. Market estimates and forecast, 2016 - 2026
6.3.1. Market estimates and forecast, 2016 - 2026
6.4. Natural gas
6.4.1. Market estimates and forecast, 2016 - 2026
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