LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global luxury van market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global luxury van market for 2017-2021 provides a detailed industry analysis based on end-users (fleet operators and individuals) and geography (the Americas, APAC, and EMEA).
|Technavio analysts forecast the global luxury van market to grow to 374 thousand units by 2021, at a CAGR of nearly 4% over the forecast period. The Americas is the biggest regional segment of the market, holding over 44% of the overall shares driven by the presence of automotive giants such as Ford, Chrysler, and Volkswagen.|
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The top three emerging trends driving the global luxury van market according to Technavio automotive research analysts are:
- Introduction of autonomous luxury vans
- Growing adoption of electric and hybrid powertrain into luxury vans
- Increasing demand for small and compact luxury vans in emerging markets
Introduction of autonomous luxury vans
“One of the major R&D initiatives observed in the automotive sector is the creation of autonomous vehicles. Companies like Google and many top OEMs are trying to create the best prototypes of autonomous vehicles using very advanced technologies,” says Neelam Barua, a lead analyst at Technavio for automotive manufacturing research.
Following this trend, luxury van manufacturers are also adopting the self-driving technology to keep up the market demands. Many luxury and commercial van manufacturers such as VW and Daimler have already started experimenting with such systems, which is adding revenue to the market.
Growing adoption of electric and hybrid powertrain into luxury vans
The growing development and adoption of eco-friendly vehicles is one of the major solutions for the reduction of greenhouse emissions. Various countries in APAC, North America, and Europe are implementing stringent regulations regarding fuel emissions and providing tax incentives for the adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs). Luxury van manufacturers are following this trend and releasing electric variants of their automotive to appeal to a larger demographic.
Increasing demand for small and compact luxury vans in emerging markets
“The global automotive industry is witnessing the development of new compact and small van models that are being launched for the mass market. Developing countries like India and China are the largest adopters of these vans, due to traffic congestions and limited parking space availability,” says Neelam.
The growth in demand for these compact luxury vans is resulting in manufacturers offering quality aftersales services. Automakers will also develop entry-level, small-sized, and mid-sized vans to broaden their customer base and enhance their product portfolios.
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