March 9, 2020

Wheelchair Accessible Vehicle Converters Market Is Foreseen To Grow Exponentially By 2024

The North America wheelchair accessible vehicle converters market is competitive in nature with a few players holding a major share, states a new research report by Transparency Market Research. BraunAbility, Mobility Ventures LLC., and Vantage Mobility International are the prominent players operating in the market. In 2015, these three players accounted for more than 65% of the overall market share and are expected that these players will retain their leading position throughout the forecast period. The leading players are focusing on innovations and technological developments in order to attract new customers and enhance their products and services. In addition to this, the increasing number of collaborations and mergers and acquisitions are anticipated to encourage the growth of the wheelchair accessible vehicle converters market in North America in the coming years.

According to the research study by Transparency Market Research, in 2015, the North America market for wheelchair accessible vehicle converters was worth US$1.74 bn and is likely to reach a value of US$3.47 bn by the end of 2024. Furthermore, the market is estimated to register a healthy 5.30% CAGR between 2016 and 2024.

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U.S. Market to Lead with Rising Number of Accident Cases

Among the two major countries, in 2015, the U.S. led the North America market for wheelchair accessible vehicle converters and held a share of more than 95% of the market. This segment is likely to remain in the leading position throughout the forecast period. The high growth of this region can be attributed to the rising presence of geriatric and disabled population. In addition to this, the rising demand for wheelchair accessible vehicles and a significant rise in the number of accident and trauma cases are some of the other key factors that are likely to boost the demand for wheelchair accessible vehicle converters throughout the forecast period.

The North America market for wheelchair accessible vehicle converters has been categorized on the basis of vehicle type into medium size vehicles, small size vehicles, and full size vehicles. Among these segments, the full size vehicles is estimated to hold a major share of the market and register a healthy growth in the next few years. A substantial rise in the preference of wheelchair accessible vehicles as a family vehicle is considered as one of the major factors accelerating the growth of the market in the next few years.

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Rise in Number of Disabled Patients to Accelerate Growth

A substantial rise in the number of disabled patients in North America is estimated to accelerate the growth of the market in the coming years. The rising awareness among patients regarding the availability of wheelchair accessible vehicle converters is likely to drive the overall market. In addition, the increasing geriatric population and the rising purchasing power of consumers are further projected to boost market growth throughout the forecast period. On the other hand, the high cost of these products is expected to restrict the growth of the North America wheelchair accessible vehicle converters market throughout the forecast period.

Key Takeaways:

  • Increasing Geriatric Population to accelerate market growth in the next few years.
  • S. market to led the North America market with rising number of accident and trauma cases.

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