- Luxury coaches are chartered buses that possess features or amenities not provided in ordinary or conventional buses. Moreover, these coaches are employed for intercity or interstate travel.
- Market for luxury coaches is well-developed, and the demand for luxury coaches is rising consistently owing to an increase in development for road infrastructure and expansion of the road transport industry across the globe
Key Drivers of Luxury Coaches Market
- Market for luxury coaches is primarily expanding due to an increase in the demand for sightseeing and interstate travel. Luxury coaches are integrated with amenities and hence, are as comfortable as a personal vehicle.
- Change in lifestyle of people due to an increase in spending capacity has driven the demand for luxury coaches. Additionally, a rise in the demand for motorhomes in Europe is anticipated to drive the market for luxury coaches.
- Public transport services are anticipated to expand at a notable pace in the near future in order to promote sustainable development, which in turn is likely to draw more attention of travelers toward luxury coaches.
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- A large number of independent players across the globe provide a customized interior for luxury coaches at a reasonable price, owing to the presence of a significant amount of competitors in the market
- Economic expansion and reforms across the globe have fueled the purchasing power of a large group of society in most countries. Consequently, spending on luxury and leisure has been consistently increasing and has been a key reason for higher preference toward luxury coaches instead of regular buses.
- Increase in preference for luxury coaches among people has prompted key industry players to invest and manufacture in higher quantity. Additionally, manufacturers have rolled out semi-luxury coaches, which has been a rapidly expanding segment due to lower service charges, as compared to that incurred by luxury segments. Moreover, these coaches are equipped with similar features.
- Hospitality services have been expanding at a notable pace since 2011, and the competition among major players has been increasing. Players in the hotel and hospitality services industry have been a key consumer for luxury buses and coaches.
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Asia Pacific is anticipated to dominate global utility truck market
- In terms of region, the global utility market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific held a major share of the global luxury coaches market in 2019, followed by Europe, owing to the high production of luxury buses and increasing preference for luxury coaches over conventional buses in the region. Moreover, presence of leading manufacturers in both regions has been a key factor contributing to the higher production. In Asia Pacific, availability of large production facilities and large consumer base has attracted investment by leading manufacturers in the region.
- The global COVID-19 pandemic has significantly affected the supply and demand side of the market owing to disruptions in the tour and travel sector, which has been a major consumer for luxury coaches. Additionally, the production is anticipated to remain slow until 2021, due to low demand in the market.
- Presence of major luxury coach manufacturers, such as Volvo AB, Daimler AG, Toyota Motor Corporation, SCANIA AB and Volkswagen AG, in Asia Pacific and Europe led the regions to hold a prominent share of the global market. The global luxury coaches market is anticipated to expand during the forecast period, owing to an increase in various regulations for promotion of public transportation services and development of advanced transportation services for smart cities.
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