Technavio’s market research report predicts that the global luxury van market will grow at a CAGR of nearly 4% during the forecast period. Increasing product portfolio is one of the primary drivers for market growth. The advent of innovative technologies and the development of new vehicles have led to rapid growth of the global automotive industry. It has been observed that the introduction of new-age luxury vans in the market has made the new vehicles to be commercially viable to the mass market. Moreover, to cater to the evolving demand, the automobile manufacturers have been concentrating on their product range of luxury vans and are also focusing on the economics of demand and supply. Chevrolet Express Passenger, Chrysler's Pacifica, and Volkswagen's Caravelle generation 6 are the new models released in 2017. Manufacturers such as Mercedes-Benz and Nissan are also planning to unveil the newer versions of their prevailing models in the coming years.
One of the latest trends that will gain traction in the global luxury van market is the introduction of autonomous luxury vans. The construction of autonomous vehicles (AVs) is one of the key R&D activities in the automotive sector. Numerous leading manufacturers are focusing on developing the best AV prototypes by utilizing improved technologies. Several luxury and commercial van manufacturers such as Volkswagen and Daimler have initiated the experimentation of self-driving technologies and this trend will catch up commercially by the end of the forecast period. For example, Volkswagen introduced its autonomous electric luxury van concept, MicroBus, at the Paris Motor Show in 2016. The MicroBus is a modified version of its classic van and Volkswagen is aiming at starting its production by 2022.
Competitive analysis and key vendors
The global luxury van market is dominated by key players accounting for about 60% of the market share. The number of manufacturers in the market is rising significantly due to the predicted high volume of sales in the emerging countries such as India, Indonesia, and Taiwan. Therefore, the manufacturers are focusing on improving their geographical presence by enhancing their product portfolio to attract a large number of customers.
Key players in the market are:
General Motors Company (GM)
Nissan Motor Company
Other prominent vendors include BECKER AUTOMOTIVE DESIGN, Ford Motor,Honda Motor, Hyundai Motor, Renault, Thor Industries, and Toyota Motor.
Segmentation by end-user and analysis of the luxury van market
During 2016, the fleet operators were the major end-users and dominated the global luxury van market. Due to the rising number of corporate transportation requirements, political VIPs, and the growth of film industries, the segment will continue its dominance over the next four years as well.
Geographical segmentation and analysis of the luxury van market
In terms of geography, EMEA led the global luxury van market during 2016 and is expected to continue the domination during the forecast period. The increasing demand for vans from Mercedes and Volkswagen among German consumers owing to rise in disposable income and increasing brand value will propel the growth of the market in the region.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global luxury van market?
What are the key market trends impacting the growth of the global luxury van market?
What are the challenges to market growth?
Who are the key vendors in the global luxury van market?
What are the market opportunities and threats faced by the vendors in the global luxury van market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global luxury van market?
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