Market Challenges And Opportunities

Increasing consumer affordability and the requirement to ensure comfort and safety is expected to be the prominent industry growth driver

According to the World Bank Group, global GDP per capita has increased from US$ 9509.366 in 2010 to US$ 10,150.788 in 2016, prominently driven by the major economies that include the U.S., China, India, and Korea among few major other economies. This has led to significant increase in the gross national income, living standards, affordability and the expenditure on luxury vehicles by consumers across these major economies. Moreover, integration of advanced functions that include security technologies, electronic stability control, anti-lock brakes, TV entertainment system, remote start, massaging and heated seats have led to increased end user inclinations. Better performance and handling in relation to their conventional counterparts, is expected to provide higher traction to the luxury van market throughout the forecast period.

Fleet operators accounted for the largest industry share in 2016, and are expected to dominate the luxury van market through the forecast period

Increasing number of business tours owing to vast expanse of multinational firms, the corporate employee transportation requirements, entertainment & media industry, and political VIPs are expected to be the major factors driving the vehicle demands by fleet providers. Individual owners accounted for the significantly small percentage of overall industry share.

Asia Pacific is estimated to witness highest growth rate over the forecast period