Luxury Vehicle Market to See Strong Growth through 2023
Increasing demand for luxury vans and buses, as well as electrified vehicles, is positively impacting the market.
A recent market research study by Technavio projects the global luxury vehicle market to grow at a CAGR of more than 12% from 2019-2023. The demand for luxury vans is increasing significantly around the world, mainly driven by fleet operators providing services such as limos for passengers and transport for VIPs and businesses. As a result, vehicle manufacturers are increasingly introducing new luxury van models and upgrading existing successful ones. Similarly, the adoption of luxury buses is also increasing rapidly, with bus lines and startups using crowdsourcing and dynamic scheduling to attract new markets and increase market penetration.
The adoption of electrified vehicles (including pure electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles) is increasing at a significant rate across the world. This is mainly due to rising concerns regarding vehicular emissions associated with the use of fossil fuels. The rapid adoption and development of luxury electric vehicles is also expected to positively impact luxury vehicle market growth during the forecast period.
Additional details are available at www.technavio.com.