Global Luxury Van Market 2017-2021
About Luxury Van
A van is an automobile that is generally larger than an SUV and smaller than a bus or truck. It is mainly used as a passenger vehicle, business vehicle, or commercial vehicle. A passenger van can accommodate 12-15 people, including the driver. The market encompasses luxury vans that are high-end vehicles. They offer more comfort, space, safety, design, and technology than traditional vehicles. They have several security technologies and comfort amenities such as electronic stability control, TV entertainment system, anti-lock brakes, massaging and heated seats, and remote start. These vehicles offer a higher performance and better handling than their traditional counterparts.
Technavio’s analysts forecast the global luxury van market to grow at a CAGR of 3.63% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global luxury van market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Luxury Van Market 2017-2021
Technavio recognizes the following companies as the key players in the global luxury van market: Daimler, General Motors Company (GM), Nissan Motor Company, and Volkswagen Group.
Other Prominent Vendors in the market are: BECKER AUTOMOTIVE DESIGN, Ford Motor,Honda Motor, Hyundai Motor, Renault, Thor Industries, and Toyota Motor.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is introduction of autonomous luxury vans. One of the major R&D activities happening in the automotive sector is the creation of autonomous vehicles (AVs). Companies like Google and many top OEMs are trying to create the best prototypes of AVs using very advanced technologies.”
According to the report, one driver in market is increase in disposable income and healthy financial environment. The global luxury van market is driven by a rise in the per capita disposable income among the general population. The per capita disposable income shows a low level of volatility in developed countries. This has boosted the purchasing power of people across the globe. The US, with a GDP per capita of $54,629.5 in 2014, is the sole superpower, and it is the most technologically powerful economy globally. In addition, the unemployment rate in the US has been trending downward (decreasing) in the past five years, which shows that the US economy is growing.
Further, the report states that one challenges in market is traffic congestion losses and pollution. The effects of traffic congestion on the luxury vehicle companies are a reduction in vehicle utilization, diminished fuel efficiency, complex costs of fleet operation, a shrink in market exposure, higher cost of transportation, high chances of product spoilage, and delays in travel times. To reduce traffic congestion on roads and highways, governments need to invest extensively in road transportation systems. These factors act as major challenges for the luxury van market. For instance, in the US, the nationwide cost of congestion in 2011 was $121 billion ($818 per commuter), which was one billion dollars more than the previous year. Of that total, about $27 billion was wasted diesel fuel from vehicles on the nation’s highway system.
Daimler, General Motors Company (GM), Nissan Motor Company, Volkswagen Group, BECKER AUTOMOTIVE DESIGN, Ford Motor,Honda Motor, Hyundai Motor, Renault, Thor Industries, and Toyota Motor.
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