Limousine Services – Industry Market Research, Trends, Analysis and Data
Limousine Service Company
Limousines are considered the ultimate in luxury transportation. They have a crisp, stylish appearance, with a stress-free ride that allows you to work, party, relax, or otherwise focus on enjoying yourself while you driver cares for you and your needs.
As an Orlando limo company, we are certainly biased in favor of limos and limousine rentals. After all, it is our business. But for those that still wonder about limo relevancy, market research, trends, and the value that limo services still have in today’s society, allow us to show you the reasons that we believe that limousines are actually destined for a rise in popularity in the near and distant future.
What the Numbers Say
We have continued to see growth as an Orlando limousine rental company, and the numbers back this up. Limos and luxury transportation remain an 11 billion dollar industry, with a growth rate of 4% that is expected to balloon to a 19 billion dollar industry with an annual growth rate of 6% very soon.
Given the rise in taxi alternatives like Uber and Lyft, it’s not surprising that growth was expected to stall as these ride options “stole” market share. But that turned out to be a misconception. Though taxis and shuttles experienced some disruption, limousine companies were less affected. That’s because limo rentals are not like other forms of transportation. They are not just to get from Point A to point B. They are:
- Designed to give you the freedom to do what you need to, whether it unwinds, sleep, work, or even keep the party going with friends.
- Designed to help you travel in groups if necessary, or make your evening more romantic with more space if traveling alone or with a partner.
- Designed to care for you and your needs, rather than simply provide transportation.
In some ways, the taxi disruptors may have helped limo drivers lower prices. 68.2% of limousine services are small businesses, just like us here at Backstage Limousine. In the past, downtime meant lost revenue that had to be made up for with higher prices. Now, companies can make traditional vehicles available to kill time in between luxury occasions, improving revenue flow and helping with the bottom line.
Investment in Experiences – Making Special Occasions “Special”
In addition, there has been a tremendous change in how people spend their capital. While in the past, investments were traditionally made in items (diamond jewelry, new cars, etc.), investments are now made in experiences, where people pay to feel like life is interesting and special. This is the reason that 40% of all limo travelers are locals looking to make their weekend gatherings and parties more fun. While limos are associated in pop culture with rich businessmen and celebrity travelers, the truth is that locals are starting to realize that an investment in a limo for the night is an investment in a good time – turning a normal night into an extraordinary one.
The world of luxury transportation is changing and for the better. As an Orlando limo company, we will be here to enjoy the ride.
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