Wheelchair Accessible Vehicle Converters Market Will Reach to USD 10,810 Million By 2027: Facts & Factors
According to the report, the global wheelchair accessible vehicle converters market was valued approximately USD 6,259 million in 2018 and is expected to reach a value of around USD 10,810 million by 2027, at a CAGR of around 5.8% between 2019 and 2027.
Wheelchair accessible vehicles help individuals having physical disability drive and board a vehicle with no or little support from another person. A wheelchair accessible vehicle is an altered vehicle obtained by furnishing it with wheelchair entry like a powered lift or wheelchair ramp along with increasing the internal space of the vehicle to house the wheelchair. Conversions generally include lowing of some floor part, modification of seating for easy wheelchair access, external access means like a ramp with lift added to it. Moreover, the addition of a power kneeling system is made to decrease the slope of the ramp.
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An increase in the incidences of disabilities related to mobility will drive market trends
The rate of disabilities is rising as a result of inflation witnessed in the aging population and rise in the number of road collisions. Moreover, a rise in chronic health conditions is also on the surge. All these aspects are likely to drive the expansion of the wheelchair accessible vehicle converters industry over the forecast period. Apparently, the use of the product is escalating at a prominent rate across the globe for helping the physically disabled persons to minimize their dependence on others for movement. Wheelchair accessible vehicle converters assist the physically handicapped or physically decapitated individuals to carry out basic tasks like driving the vehicles.
Furthermore, technological breakthroughs & burgeoning need for quality as well as safe healthcare activities will prompt the growth of the wheelchair accessible vehicle converters industry over the forecast timeline. Moreover, favorable compensation schemes in developed countries like the U.S. and Germany will spur the market demand. Nonetheless, the humungous costs of the product can prove detrimental to the expansion of the market over the forecast period.
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Ramp to lead the mode of entry segment over the forecast period
The growth of the segment is attributed to its comparatively low maintenance and deployment costs. Moreover, the ease of use of the ramp mode of entry will further boost the growth of the segment during the forecast timespan.
SUVs segment to register highest CAGR during the forecast timeline
The SUVs segment is predicted to record a CAGR of about 6.1% during the period from 2019 to 2027. It is also projected to accrue a large chunk of revenue by 2027. The growth of the segment is credited to the easy availability of huge space to accommodate wheelchairs along with the high convenience to the caretakers as a result of spaciousness available in SUVs.
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The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.
The study provides a decisive view of the wheelchair accessible vehicle converters market by segmenting the market based on the mode of entry, vehicle type, point of entry, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Launching of advanced mechatronic systems coupled with technological innovations witnessed in the automobile industry is predicted to aid the growth of the wheelchair accessible vehicle converters market. Apart from this product innovations will enable the safety of the vehicles and raise their efficiency. Moreover, the escalating trend of using mobility assisting equipment and technology will impel the evolution of the market over the forecast timeline.
North America is set to dominate the overall regional market revenue growth
The growth of the regional market is due to a rise in the number of differently-abled individuals among the population of the region. Apart from this, the launching of low-cost movement devices, as well as the growing necessity of user-friendly wheelchair accessible vehicles for persons with physical disabilities, will prompt the expansion of the market in North America.
Top Market Players:
The key players included in this market are Toyota Motor Corporation, Skoda Auto, Fiat Chrysler Automobiles N.V., Peugeot S.A., Renault, Freedom Motors, Vantage Mobility International, Mobility Ventures LLC, GM Coachwork, Gowrings Mobility, Braun Ability, Handicare, Tripod Mobility, Automotive Group, KIRCHHOFF Mobility, Sirus Automotive Ltd., RANSOME Mobility Solutions, Brook Millers, Bristol Street, Clarke Mobility, Mobility Networks Group, Allied Mobility, and Rollx Vans among others.
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