What is the total market size for limousine services in the US?
Do you know what is the total market size for limousine services in the US?
Recent statistics reveal that the limo market in the United States in 2020, reached 49.45 billion U.S. dollars. Although, this market tried an upward trend that was reversed by the coronavirus pandemic. These luxury types target rich customers and offer upmarket competition to taxicabs.
Demand for limo services growth is quickly increasing in the luxury cars market in developed countries. According to market estimates, there are 163,652 Limousine or similar businesses in the U. S. as of 2022, considering an increase of 2.9% from 2021. In addition, the number of businesses in the limo services industry in the U. S. has grown 2.9% per year on average over the five years between 2017 – 2022.
The Limousine industry in the U.S. depends on both capital and employees to attend to the demand, this is the one of reasons has low market share concentration, which means there are no companies with more than 5% market share. After losing some dollars in revenues due to the coronavirus pandemic limo services industry is set to revive.
According to recent market analysis, falling demand have harmed the Limousine Services industry over the past years. Demand for travel and corporate services trend to increase from now on, resulting in more investments in limousine services. On the other hand, high fuel prices and complex regulations will threaten growth.
The major factors directing the growth of the Limousines market are:
- Better performance;
- Higher quality equipment;
- Comfort;
- More advanced construction;
- Brand;
- Advanced features;
- Image status or status individual status in society.
How many limo companies are there in the US?
Nowadays there are around 163 k Limousine Services and similar businesses in the U.S., considering an increase of 2.9% from 2021.
Limousine Market Size: Overview
The limousines market is segmented into 5 parts:
- Product type;
- Class type;
- Usage type.
Regarding end-use, government and local rental usage are driving the demand and, consequently, growth of Limousines market in North America due to the high demand of Limousines rental service offers.
Based on the product type the Limousines market is segmented into:
- Traditional Limousines
- Stretch Limousines
Based on the class type the Limousines market is segmented into:
- Low-end luxury cars;
- Mid-end luxury cars;
- High-end luxury cars.
Based on the usage type the Limousines market is segmented into:
- Local Usage;
- Government Usage;
- Airport Transport;
- Outstation;
- Other.
Regarding geography regions the limousines market has been segmented into 7 main regions:
- North America;
- Eastern Europe;
- Western Europe;
- Japan;
- Latin America;
- Middle East.
The limousines market is expected to register significant growth in the next years due to the high demand for luxury cars around the world.
Some important data about Limousine Market:
- Limo drivers generally run about 100 trips per week;
- The most popular vehicles used for business and corporate clients are sedans;
- Limousines are the second most requested vehicle type for corporate clients;
- One of the biggest issues facing companies is the continued rising fuel cost;
- More than 85% of limousine companies have a website with allows customers to make online reservations;
- About 60% of limousine companies are small;
- Almost half of the limousine service is provided for business and corporate customers during the week;
- Weekend limousine business for weddings, proms, and parties, accounts around 40% of total limousine service.
Limousines are among the most comfortable form of transportation available in the U.S. They are safe and affordable, making them a top choice for business and leisure clients alike. As fuel costs continue to go up, the use of limo services is expected to increase.
Moreover, traffic congestion in large cities and at airports makes it much more efficient to use a limo service than to drive a car. Limousines provide glamour and style, making them a viable alternative to other types of transportation.
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