By 2026, the luxury coach market is projected to amount to approximately ** billion U.S. dollars, up from some **** billion U.S. dollars in 2019. This represents a compound annual growth rate of around **** percent across seven years.

According to Cognitive Market Research, The Global Luxury Coaches market size is USD 32.5 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.50% from 2023 to 2030.

The demand for premium travel experiences in the luxury coach industry has increased due to an increase in the number of passengers seeking better comfort and convenience.
Demand for electric remains higher in the luxury coaches market.
The conventional coaches category held the highest luxury coaches market revenue share in 2023.
North American will continue to lead, whereas the Asia Pacific luxury coaches market will experience the most substantial growth until 2030.

Increased Demand for Premium Travel Experience to Provide Viable Market Output

Growing numbers of passengers seeking greater comfort and convenience are responsible for the luxury coach market's increased demand for premium travel experiences. The presence of opulent, roomy interiors, cutting-edge entertainment systems, premium materials, and individualized services will bring in more money from customers. The luxury coach industry is expanding due to the increasing demand from travelers for comfort and exclusivity. In response, manufacturers are including sophisticated facilities and cutting-edge technologies. Premium offerings in the luxury coach industry are also in high demand due to the growing trend of experiencing travel and the need for a more laid-back and delightful travel experience. In addition, more and more customers are favoring luxury coaches as a result of the growing emphasis on travel as a comprehensive experience. Savvy travelers regard their trip as an essential component of their trip overall, looking for a journey that is both immersive and enjoyable in addition to superior transportation efficiency. Suitably equipped with Wi-Fi, fine dining options, roomy seats, and even spa-like facilities, luxury coaches meet this need. The market for luxury coaches is expanding due in large part to the increased focus on improving the travel experience, which is in line with the increasingly sophisticated and exacting demands of the consumer.

Advancement in Technology of Luxury Coaches Technology to Propel Market Growth

The luxury coach market has seen significant technological advancements in a number of important areas. The integration of cutting-edge entertainment systems, such as immersive audio sets, on-demand streaming, and high-definition displays, is a noteworthy feature that improves the overall travel experience. Furthermore, to satisfy the needs of tech-savvy tourists, connectivity amenities like USB charging ports and Wi-Fi have become standard. Nowadays, comfort is the top priority when it comes to facilities, and luxury coaches feature roomy, ergonomic interiors. High-end seating options are increasingly common; these alternatives frequently have integrated climate control, massage features, and changeable settings. These upgrades satisfy the need for an opulent and customized travel experience. In addition, environmental sustainability is receiving more attention. In line with the global trend towards more environmentally responsible modes of transportation, luxury coaches are integrating eco-friendly technologies like electric or hybrid propulsion systems. The market is trending positively because of this dedication to sustainability, which not only satisfies legal criteria but also appeals to environmentally concerned consumers.

Market Dynamics of the Luxury Coaches

High Cost Related to Luxury Coaches will Restrict Market Growth

The advanced features, high-quality materials, and state-of-the-art technologies found in luxury coaches can require significant upfront investments. Particularly for smaller operations or businesses with tight budgets, the large upfront expenditures may put off prospective customers. Additionally, these advanced cars can have substantial maintenance costs. For companies trying to control operating expenses, the market may not be as appealing due to the greater maintenance costs associated with sophisticated systems, opulent interiors, and specialized components. For both buyers and sellers in the luxury coach market, striking a balance between the attractiveness of abundant features and the costs associated with acquisition and upkeep is a challenge.

Impact of COVID-19 on the Luxury Coaches Market

The COVID-19 pandemic's rapid spread h...

The global luxury coach market is experiencing robust growth, driven by increasing tourism, rising disposable incomes in emerging economies, and a growing preference for comfortable and luxurious travel experiences. The market is segmented by application (passenger transport, school coach, tourism coach, others) and seating capacity (25 passengers and below, 26-35 passengers, 36-55 passengers, 56 passengers and above). Major players like Volvo, Scania AB, Daimler, and Yutong are shaping the market landscape through technological advancements, focusing on fuel efficiency, safety features, and enhanced passenger comfort. The demand for luxury coaches is particularly high in regions with well-developed tourism infrastructures and strong transportation networks, such as North America, Europe, and Asia Pacific. However, factors like fluctuating fuel prices and stringent emission regulations pose challenges to market expansion. The market is also witnessing a shift towards electric and hybrid luxury coaches, driven by environmental concerns and government initiatives promoting sustainable transportation. This trend is particularly visible in developed nations where environmental regulations are stricter. Further, the rising adoption of advanced driver-assistance systems (ADAS) and connected technologies are contributing to the overall market growth. The incorporation of Wi-Fi, entertainment systems, and comfortable seating arrangements are key differentiators in the luxury segment, driving customer demand. This dynamic market is expected to witness considerable growth over the forecast period (2025-2033). Considering a conservative estimate of a 5% CAGR (Compound Annual Growth Rate) based on industry trends and acknowledging the substantial investments in the sector, the market size is projected to reach significant heights. The regional distribution will likely see continued dominance from North America and Europe, reflecting their established tourism sectors and higher purchasing power. However, the Asia-Pacific region is anticipated to show significant growth, driven by rapid economic development and rising middle-class populations. The competitive landscape remains intensely competitive, prompting manufacturers to invest heavily in research and development, focusing on innovation and differentiation to secure market share. Overall, the luxury coach market offers substantial opportunities for growth and investment, particularly for companies that can adapt to evolving consumer preferences and technological advancements.

Discover the latest insights from Market Research Intellect's Luxury Coaches Market Report, valued at USD 12.5 billion in 2024, with significant growth projected to USD 18.3 billion by 2033 at a CAGR of 5.1% (2026-2033).

The North America Luxury Coaches market size is USD 13.00 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030.

Global Luxury Coaches market size is expected to reach $41.27 billion by 2029 at 3.9%, increase in tourism propelling the growth of the market due to rising demand for high-end travel experiences

The global luxury coach market is experiencing robust growth, driven by increasing tourism, rising disposable incomes in emerging economies, and a growing preference for comfortable and luxurious travel experiences. The market, valued at approximately $15 billion in 2025, is projected to witness a Compound Annual Growth Rate (CAGR) of 6% from 2025 to 2033, reaching an estimated market value of $25 billion by 2033. This growth is fueled by several key factors: the continuous introduction of technologically advanced coaches featuring enhanced safety features, entertainment systems, and improved fuel efficiency; the expansion of luxury travel options catering to both individual and group tours; and the increasing adoption of luxury coaches by schools and universities for student transport. Segmentation analysis reveals that the 26-35 passenger capacity segment currently holds the largest market share, driven by its suitability for diverse applications including tourism and corporate travel. However, the segment with 56 passengers and above is expected to witness significant growth due to an increasing demand for large group transportation in emerging economies. Geographic analysis indicates strong growth potential in the Asia-Pacific region, fueled by rapid economic development and a surge in domestic and international tourism. Conversely, regulatory changes affecting emissions standards and rising fuel costs pose potential challenges to market growth. Despite the overall positive outlook, the market faces some restraints. Fluctuations in fuel prices directly impact operational costs, influencing the overall pricing of luxury coach services. Stringent emission norms and regulations in developed nations are driving manufacturers to invest in cleaner technologies, potentially increasing the initial cost of luxury coaches. Furthermore, the global economic climate plays a significant role; economic downturns may reduce travel spending, affecting demand for luxury coach services. Competitive intensity from established players like Volvo, Scania, and Daimler alongside emerging players from China, like Yutong and King Long, keeps pricing competitive. However, the industry's ability to innovate, adapt to changing regulations, and target niche segments will be crucial to sustaining the current growth trajectory. The continued integration of technology, including driver-assistance systems and connected vehicle technologies, will be key differentiators in attracting customers and maintaining a competitive edge.

The Europe Luxury Coaches market size is USD 9.75 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030.

Luxury Coaches Sales Market Outlook

The global luxury coaches sales market size was valued at approximately USD 5.2 billion in 2023 and is poised to reach around USD 8.9 billion by 2032, growing at a CAGR of 6.1% during the forecast period. This robust growth is fueled by the increasing demand for high-end, comfortable, and customized travel solutions, which cater to affluent travelers and a burgeoning tourism industry.

One of the primary growth factors for the luxury coaches sales market is the rising disposable income across various regions, leading to an increase in discretionary spending on leisure and travel. As more individuals and families seek unique and luxurious travel experiences, the demand for luxury coaches rises significantly. Additionally, the growing popularity of road trips and domestic tourism, especially in the post-pandemic world, is further propelling the market's expansion. People are increasingly opting for private, spacious, and well-equipped travel modes, thereby driving the demand for luxury coaches.

Technological advancements and innovations in automotive engineering are also playing a crucial role in the market's growth. Modern luxury coaches come equipped with state-of-the-art amenities such as high-speed internet, entertainment systems, luxurious seating, and advanced safety features. These innovations not only enhance the travel experience but also attract high-net-worth individuals and corporate clients who prioritize comfort and safety. The continuous development of electric and hybrid luxury coaches is further expected to drive market growth, as these environmentally friendly options gain traction among eco-conscious travelers.

The expanding tourism and travel industry worldwide is another significant growth driver. With tourism sectors in various countries recovering and even surpassing pre-pandemic levels, there is an increased demand for luxury travel options. Luxury coaches offer a unique blend of comfort, privacy, and flexibility, making them a preferred choice for group travels, corporate tours, and other high-end travel needs. The rise of niche tourism segments, such as adventure tourism and luxury camping (glamping), also contributes to the growing demand for specialized luxury coaches designed to cater to specific travel preferences.

Luxury Tourism Vehicle Rental services are becoming increasingly popular as travelers seek more personalized and exclusive experiences. These services provide an opportunity for tourists to explore destinations at their own pace, with the added comfort and convenience of a high-end vehicle. The flexibility offered by luxury vehicle rentals allows travelers to customize their itineraries, making it an attractive option for those who prefer independence over guided tours. As the tourism industry continues to recover and evolve, the demand for luxury vehicle rentals is expected to rise, driven by the desire for unique and memorable travel experiences. This trend is particularly evident in regions with well-developed tourism infrastructure, where travelers are willing to invest in premium services to enhance their journeys.

From a regional perspective, North America and Europe currently dominate the luxury coaches sales market due to their well-developed tourism infrastructure and high levels of disposable income. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period, driven by increasing urbanization, rising middle-class population, and growing interest in luxury travel experiences. The rapid economic development in countries such as China and India is also contributing to the region's growth, as more people can afford and seek out luxurious travel options.

Type Analysis

The luxury coaches market can be segmented by type into motorhomes, campervans, conversion vans, and others. Motorhomes, which are self-contained units equipped with living accommodations, are a significant segment in the market. These vehicles are gaining popularity due to their convenience, comfort, and the ability to provide a home-like experience while on the road. The increasing trend of long-term travel and the desire for personalized travel experiences are key factors driving the growth of motorhomes. Additionally, advancements in motorhome designs, such as expandable living spaces and high-tech integrations, are further boosting their demand.

Campervans, which are smaller and more compact t

The Asia Pacific Luxury Coaches market size is USD 7.48 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030.

The global luxury bus market is experiencing robust growth, driven by increasing tourism, rising disposable incomes in developing economies, and a growing preference for comfortable and luxurious travel experiences. The market, estimated at $15 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033. This expansion is fueled by several key factors. Firstly, the tourism sector's resurgence post-pandemic is significantly boosting demand for high-end coaches. Secondly, the increasing popularity of luxury travel packages, including guided tours and private charter services, is driving the adoption of premium buses. Furthermore, technological advancements, such as improved safety features, advanced infotainment systems, and eco-friendly engine technologies, are enhancing the appeal of luxury buses, particularly among operators seeking to improve their service offerings and attract discerning customers. The segment of 26-35 passenger buses is expected to show the strongest growth within the next decade due to its suitability for a broad spectrum of applications. Regional growth varies, with North America and Europe currently dominating the market due to strong tourism infrastructure and high disposable incomes. However, Asia-Pacific is poised for significant growth in the coming years due to expanding middle class, rapid urbanization, and investments in transportation infrastructure. Challenges include the fluctuating cost of raw materials, stringent emission regulations, and intense competition among established and emerging manufacturers. However, the overall market outlook remains positive, with continued innovation and expanding travel demand expected to fuel significant expansion throughout the forecast period. The competitive landscape is diverse, including both established global players like Volvo, Daimler, and Scania, and rapidly growing Chinese manufacturers such as Yutong and Zhongtong, creating a dynamic market environment.

The global touring coach market is experiencing robust growth, driven by the resurgence of leisure travel and tourism following the pandemic. A projected Compound Annual Growth Rate (CAGR) – let's assume a conservative 5% based on industry trends for similar sectors – indicates a significant expansion over the forecast period of 2025-2033. This growth is fueled by several key factors. Increasing disposable incomes, particularly in emerging economies, are enabling more people to afford luxury travel experiences. The expansion of international tourism and the rise of experiential travel further stimulate demand for comfortable and high-capacity touring coaches. Technological advancements in coach design, including improved fuel efficiency, enhanced safety features (like advanced driver-assistance systems), and more luxurious interiors, are also driving market expansion. Furthermore, the increasing preference for group tours and organized travel contributes to the heightened demand for touring coaches. Competition is fierce, with established players like Yutong, Volvo, and Daimler competing alongside emerging players in both developed and developing markets. Despite this growth, challenges remain, including fluctuating fuel prices, stringent emission regulations, and the ongoing impact of global economic uncertainty. The market segmentation likely includes coach types (e.g., luxury, standard, mini-coaches), drive type (diesel, electric, hybrid), and geographic region. Regional variations in market growth are expected, with regions like North America and Europe exhibiting sustained growth alongside a rapid expansion in emerging markets in Asia and South America. The impact of government regulations regarding emissions standards and safety protocols significantly influence the market dynamics within each region. Companies are adapting to these challenges by investing in research and development to produce more sustainable and technologically advanced vehicles. This includes focusing on electric and hybrid models and incorporating smart technology features to improve operational efficiency. The success of individual manufacturers hinges on their ability to innovate, meet evolving customer needs, and adapt to changing regulatory landscapes.

Luxury Shuttle Bus Market Outlook

The luxury shuttle bus market size was valued at approximately USD 5.5 billion in 2023 and is projected to reach around USD 9.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.8% during the forecast period. This substantial growth is primarily driven by the increasing demand for premium and comfortable transportation solutions in urban and metropolitan areas. The market is buoyed by the rising disposable incomes of consumers, coupled with an increasing preference for luxurious travel experiences over traditional modes of public transportation.

One of the key growth factors contributing to the burgeoning luxury shuttle bus market is the rapid urbanization and expansion of metropolitan cities worldwide. As urban areas become more congested, the demand for efficient, comfortable, and reliable transportation solutions has surged. Luxury shuttle buses, equipped with state-of-the-art amenities such as Wi-Fi, plush seating, and advanced safety features, cater to the needs of urban commuters seeking a higher level of comfort and convenience.

Another significant driver is the burgeoning tourism industry. As global travel and tourism continue to recover and expand in a post-pandemic world, there is a growing preference for luxury travel options among tourists. Luxury shuttle buses are increasingly being utilized for city tours, airport transfers, and intercity travel, offering a seamless and premium travel experience. This trend is particularly pronounced in regions with high tourist influx, such as Europe and Asia Pacific.

Corporate demand also plays a pivotal role in the market's growth. Companies are increasingly opting for luxury shuttle services to transport their employees, offering a comfortable and efficient travel experience that ensures productivity and well-being. The trend is especially noticeable in regions with large corporate hubs, such as North America and Europe, where businesses are investing in premium transportation solutions as part of their corporate wellness programs.

Regionally, Asia Pacific is poised to be a significant growth area for the luxury shuttle bus market. The region's robust economic growth, rapid urbanization, and burgeoning middle-class population contribute to an increasing demand for premium transportation services. Furthermore, investments in infrastructure and tourism in countries like China, India, and Southeast Asian nations are expected to drive market expansion. Meanwhile, North America and Europe continue to be mature markets with steady growth, driven by corporate demand and tourism.

The introduction of the Bendy Bus concept has further revolutionized urban transportation, offering a unique solution to the challenges of navigating congested city streets. These articulated buses, with their flexible mid-section, provide increased passenger capacity and improved maneuverability, making them ideal for busy urban routes. The Bendy Bus design allows for smoother turns and reduced travel times, enhancing the overall efficiency of public transport systems. As cities continue to grow and traffic congestion becomes a more pressing issue, the adoption of Bendy Buses is expected to rise, providing a sustainable and practical solution for urban mobility. This innovation aligns with the increasing demand for efficient and comfortable transportation options in metropolitan areas, contributing to the growth of the luxury shuttle bus market.

Vehicle Type Analysis

The luxury shuttle bus market is segmented by vehicle type into Mini Bus, Coach, and Van. Each segment caters to different market needs and demographics, contributing uniquely to the overall market dynamics. The Mini Bus segment, often characterized by its compact size and maneuverability, is witnessing significant demand, especially in urban areas. These vehicles are preferred for their ability to navigate through congested city streets while offering a premium travel experience. The mini bus segment is particularly popular among corporate clients and small group tours, providing a balance of luxury and practicality.

The Coach segment represents the larger vehicles designed for long-distance travel and higher passenger capacities. These buses often come equipped with luxurious amenities such as reclining seats, onboard restrooms, and entertainment systems, making them ideal for tourism and intercity travel. The coach segment is seeing substantial growth driven by

The global luxury bus market is experiencing robust growth, driven by increasing disposable incomes, a surge in tourism, and a preference for comfortable and luxurious travel experiences. The market, segmented by application (passenger transport, school coaches, tourism coaches, and others) and bus size (25 passengers and below, 26-35 passengers, 36-55 passengers, and 56 passengers and above), shows significant potential across various regions. The tourism coach segment is expected to be a major driver of growth, fueled by the revival of international travel post-pandemic and the rising popularity of luxury travel packages. Technological advancements, such as improved safety features, enhanced entertainment systems, and eco-friendly engines, are further contributing to market expansion. Key players like Volvo, Scania, Daimler, and Yutong are strategically investing in research and development to enhance their product offerings and cater to the growing demand for luxury buses. Competition is intense, with both established players and emerging manufacturers vying for market share. Geographic expansion, particularly in developing economies with burgeoning middle classes, presents significant opportunities for growth. However, factors such as fluctuating fuel prices and stringent emission regulations pose challenges to market expansion. The market is witnessing a shift towards sustainable and environmentally friendly options, pushing manufacturers to adopt advanced technologies that minimize environmental impact. The North American and European markets currently hold a significant share of the global luxury bus market, driven by high disposable incomes and well-established tourism infrastructure. However, the Asia-Pacific region, particularly China and India, is poised for significant growth due to rapid economic development and increasing tourism. The market is characterized by a diverse range of manufacturers, each offering specialized luxury bus models tailored to specific needs and preferences. Future market trends indicate a growing demand for customized luxury buses, offering features like advanced connectivity, personalized entertainment, and enhanced passenger comfort. The adoption of electric and hybrid powertrains is gaining momentum, driven by environmental concerns and government regulations promoting sustainable transportation. This transition towards electrification will likely reshape the competitive landscape and drive further innovation in the luxury bus sector. Overall, the luxury bus market is projected to maintain a healthy growth trajectory throughout the forecast period (2025-2033), presenting lucrative opportunities for businesses engaged in manufacturing, distribution, and related services.

The South America Luxury Coaches market size is USD 1.63 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030.

The global touring coach market is experiencing robust growth, driven by increasing tourism, rising disposable incomes, and a preference for comfortable long-distance travel. While precise market size data for the base year (2025) is unavailable, considering the current market dynamics and growth trends in similar sectors, a reasonable estimation places the 2025 market size at approximately $15 billion USD. This market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 6% from 2025 to 2033. This positive growth trajectory is fueled by several factors, including the introduction of luxury coaches with advanced amenities, increased investments in infrastructure supporting coach travel, and the growing popularity of organized group tours. Furthermore, the shift towards sustainable transportation options is creating opportunities for electric and hybrid touring coaches, leading manufacturers to invest in research and development in this area. However, the market faces some challenges. Fluctuations in fuel prices and economic downturns can significantly impact demand. Stringent emission regulations in several regions necessitate substantial investments in cleaner technologies, potentially impacting the profitability of some manufacturers. Furthermore, the intensifying competition among established players and the emergence of new entrants are putting pressure on pricing and margins. Despite these restraints, the long-term outlook for the touring coach market remains positive, particularly in developing economies with expanding middle classes and a growing tourism sector. The market is poised for continued expansion, driven by technological advancements and the ongoing preference for comfortable and efficient group travel solutions.

The global touring coach market is experiencing robust growth, driven by the resurgence of tourism and leisure travel post-pandemic, coupled with increasing disposable incomes and a preference for comfortable and convenient group transportation. The market, estimated at $15 billion in 2025, is projected to witness a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033, reaching approximately $25 billion by 2033. Key growth drivers include the rising demand for luxury travel experiences, technological advancements in coach design (e.g., enhanced safety features, improved fuel efficiency, and advanced passenger amenities), and the expansion of tour operator networks. Emerging markets in Asia-Pacific and Latin America present significant growth opportunities, fueled by rapid infrastructure development and rising middle classes. However, market growth faces some constraints, including fluctuating fuel prices, stringent emission regulations, and the ongoing impact of economic uncertainties. The competitive landscape is dominated by a mix of established global players like Volvo, Daimler, and Scania, and prominent Chinese manufacturers such as Yutong and BYD, highlighting a globalized and dynamic market structure. Segment-wise, the luxury touring coach segment is anticipated to showcase the highest growth rate, driven by the escalating demand for premium travel experiences. The strategic approaches adopted by leading companies involve investments in research and development to enhance vehicle technology, expansion into new markets, and strategic partnerships to broaden their distribution networks. Furthermore, a growing emphasis on sustainability is influencing the market, with manufacturers increasingly focusing on the development of electric and hybrid touring coaches to meet environmental regulations and cater to environmentally conscious consumers. The integration of advanced technologies such as driver-assistance systems and telematics is also reshaping the market, improving safety and operational efficiency. While challenges remain, the long-term outlook for the touring coach market remains positive, underpinned by consistent demand from the tourism and travel sectors and ongoing technological advancements. The market's success will hinge on players' ability to adapt to evolving consumer preferences, address environmental concerns, and navigate potential economic headwinds.

The global passenger coach market is experiencing robust growth, driven by increasing passenger traffic, expanding tourism sectors, and the rising need for efficient public transportation systems. The market, estimated at $XX billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of XX% from 2025 to 2033, reaching a substantial market value by the end of the forecast period. Several factors contribute to this growth, including government initiatives promoting sustainable transportation, technological advancements in coach design and safety features (like improved fuel efficiency and advanced driver-assistance systems), and the rising demand for comfortable and luxurious travel experiences. Key segments within the market include luxury coaches, intercity coaches, and school buses, each experiencing varying growth rates based on specific regional demands and economic conditions. The competitive landscape is characterized by a mix of established global players like Volvo, Scania, Daimler, and BYD, along with regional manufacturers catering to specific market needs. These companies are focusing on innovation, strategic partnerships, and expansion into new markets to maintain their competitive edge. Challenges to market growth include fluctuating fuel prices, stringent emission regulations, and the ongoing impact of global economic uncertainties. However, the industry is proactively addressing these challenges through the development of hybrid and electric passenger coaches, investment in advanced manufacturing technologies, and the implementation of effective supply chain management strategies. Geographic variations in market growth are expected, with regions such as Asia-Pacific experiencing significant growth propelled by rapid urbanization and infrastructure development, while mature markets like North America and Europe show a more moderate, yet steady expansion. The continued focus on safety enhancements, technological innovation, and sustainable practices will be crucial in shaping the future trajectory of this dynamic market.

The Global Luxury Shuttle Bus Market size reached USD 3.71 Billion in 2023 and is expected to grow with a CAGR of 8.26% in the forecast period.

The Middle East and Africa Luxury Coaches market size is USD 0.65 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030.