Luxury Coaches Market To Witness Exponential Growth Till 2026
Luxury coaches market is estimated to surpass a $43 billion valuation by 2026. Rising disposable incomes of consumers along with increasing discretionary spending capabilities, has further encouraged the consumers to opt luxury coaches mainly for comfortable long-distance travels. Considering the growing demand, many key market players are frequently innovating new solutions for customers.
For instance, in August 2020, Adventures Overland, a renowned self-driven expedition company, has reportedly announced plans of launching a 70 days bus trip from Delhi to London. The modified luxury bus would carry around 20 passengers and would be equipped with business class seats. Features such as Wi-Fi, USB ports, electricity plugs, individual entertainment system, mini pantry with cool box for storing beverages and snacks among others are some of the features of the modified luxury bus. The trips are likely to begin from mid- 2021.
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Meanwhile, technological advancements in the field of vehicle automation and driver assistance systems have resulted in introduction new and fully automated luxury coaches models. However, the cascading effect of COVID-19 pandemic has majorly impacted the tourism industry across the globe. But, once the spread of COVID-19 is under control, tourism industry is expected to pick up significantly across the globe, leading to substantial luxury coaches market growth.
In terms of deck, single deck luxury coaches are witnessing remunerative growth rate owing to the low-cost in comparison to double deck coaches. Single deck buses are highly preferred owing to their high fuel efficiency because of low body weight and passenger carrying capacity. Likewise, the rising adoption of single deck coaches for domestic travel having a seating capacity of below 40 seats is further supporting their demand in the market.
Asia-Pacific luxury coaches market is observing substantial growth mainly because of convenience and comfortable ride along with relatively low-price travel options offered by luxury buses. Furthermore, surging investments by government establishments for providing comfortable travel services to people are also likely to stimulate the regional market development. Citing an instance, the Indian government reportedly announced plans of adding in nearly 200 new luxury buses to the transportation fleets of five states in December 2018.
Additionally, luxury bus rides have become immensely popular in numerous countries across the world owing to the various advantages they offer to the passengers. Citing an instance, on 1st August 2019, JCBL, a renowned luxury coach manufacturer in India, reportedly launched, the super-luxury travel coach, named Destiny in Mumbai. Features such as reclining birth, a luggage capacity of 9.5 m3, shoe rack for stretching legs, USB charging sockets, call bell with an indication, among many others are some of the top features of new luxurious intercity coach.
Golden Dragon, Scania AB, Yutong, Volvo Group, Daimler AG, DFAC, Marcopolo SA, JCBL Ltd., and BYD Group among many others are some of the key players operating in the luxury coaches market.
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Partial Chapter of the Table of Content
Chapter 4. Luxury Coaches Market Competitive Landscape, 2019
4.1. Introduction
4.2. Company market share analysis
4.3. Key player analysis
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
5.2.2.1. Market estimates and forecast, 2016 – 2026
5.2.2.2. Below 40 seats
5.2.2.2.1. Luxury coaches market estimates and forecast, 2016 – 2026
5.2.2.3. 40 - 70 seats
5.2.2.3.1. Market estimates and forecast, 2016 – 2026
5.2.2.4. Above 70 seats
5.2.2.4.1. 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. Diesel
6.2.1. Market estimates and forecast, 2016 - 2026
6.3. Electric
6.3.1. Market estimates and forecast, 2016 - 2026
6.4. Natural gas
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