Pune, India, Dec. 22, 2021 (GLOBE NEWSWIRE) -- According to the report, the global Luxury Van market size is expected to gain momentum owing to the rising disposable income and development in industrial sector during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Luxury Van Market, 2021-2028.” A van is a vehicle that is larger than an SUV but smaller than a bus or a truck. It is mostly employed as a passenger, business, or commercial vehicle. Including the driver, a passenger van can hold 12-15 people. The standard features on these vans are LED system, electronic stability control, television entertainment system, air conditioner, massager, and heated reclining seats. When compared to traditional automobiles, they provide more comfort, room, classic interior and exterior design, safety, and technology.
The COVID-19 pandemic had a significant impact on the luxury van sector, with sales and production declining in 2020. Furthermore, the epidemic had a significant impact on customer's purchasing power. The market rapidly regained its lost pace after the limitations were eased.
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Increasing Demand for Autonomous Vehicles to Stimulate Growth
The global luxury van market growth is expected to grow due to the increasing demand for autonomous vehicles during the projected period. The development of autonomous vehicles is one of the key R&D activities seen in the automobile industry. Leading OEMs are attempting to build the greatest autonomous vehicle prototypes possible utilizing cutting-edge technology. Luxury vehicle manufacturers are introducing self-driving technologies to meet up with market demand. Moreover, one of the key solutions for reducing greenhouse emissions and rigorous rules regulating fuel emissions, and offering tax incentives for the adoption of electric cars and hybrid electric vehicles, is expanding creation and adoption of environmentally friendly automobiles.
Segments-
By capacity type, the market is segmented into 7-seater, 9-seater, and more than 9-seater. On the basis of application type, the market is segregated into individual, and commercial. The market is divided into North America, Europe, Asia Pacific, and the Rest of the world by geography.
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Presence of Prominent Players to Promote Growth in Europe
Europe is expected to hold the largest global luxury van market share during the forecast period. The rapid adoption of advanced technologies, presence of key players, disposable income, recreational activities, and development in technology fields are major factors driving the market.
Asia Pacific is expected to have a sizable share of the market. This is due to adoption of advanced technologies, development of IT industry, increasing manufacturing units, urbanization, development infrastructure, standard of living, disposable income, and expansion of the industrial sector are expected to drive the market in the region.
List of the Companies Operating in the Market:
- Ford Motor Company
- Volkswagen
- Honda Motor Co. Ltd.
- Daimler AG
- Becker Automotive Design
- General Motors
- Hyundai Motors Company
- Nissan Motor Corporation
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Global Luxury Van Market Segmentation:
By Capacity Type:
- 7 Seater
- 9 Seater
- More than 9 Seater
By Application Type:
- Individual
- Commercial
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Luxury Van Market
5. Global Luxury Van Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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