North America Wheelchair Accessible Vehicle Converters Market - Latest Trends & Insights 2024

North America Wheelchair Accessible Vehicle Converters Market: Snapshot

The North America wheelchair accessible vehicle converters market has been displaying significant growth rate over the last few years, thanks to the increasing number of patients with disability. In the years to come, the market is likely to gain substantially from the rising demand for user-friendly accessible vehicles and the surge in the launch of affordable mobility gadgets. Apart from this, the mounting number of trauma cases, leading to disability and the escalating geriatric population is also expected to provide lucrative growth opportunities for the wheelchair accessible vehicle manufacturers in the near future.

In 2015, the North America market for wheelchair accessible vehicle converters was worth US$1.74 bn. According to researchers, the market’s future looks bright, rising at a CAGR of 5.30% from 2016 to 2024 and reaching US$3.47 bn by the end of 2024.

This 186 page report gives readers a comprehensive overview of the wheelchair accessible vehicle converters market. Browse through 38 data tables and 78 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/north-america-wheelchair-accessible-vehicle-converters-market.html

Full Size Vehicles to Continue as Leading Contributor to North America Market

On the basis of the type of vehicle, the North America market for wheelchair accessible vehicle converters has been classified into three broad categories, i.e., full size vehicles, medium size vehicles, and small size vehicles. Full size vehicles have been leading this market in terms of revenue; however, the demand for medium size vehicle is higher in North America. In 2015, the full size vehicle segment accounted for more than 48% of the overall market. With the increasing uptake of wheelchair accessible vehicles as family cars among families with disabled people, the revenue generated from this segment is likely to augment in the near future, ensuring its lead.

Based on the entry modality, the market has been categorized into ramps and lifts. The demand for ramps, which are mainly used for the medium size and small size vehicles, has been higher than lifts, which mostly find utilization in the case of a full size vehicle. The relatively low installation and maintenance costs of ramps have kept them a step ahead of lifts. The ramps segment led the North America wheelchair accessible vehicle converters market in 2015 with a share of 48.1%. Thanks to the ease of usage, ramps are expected to remain high in demand in this region over the next few years.

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Demand from U.S. to Remain High

In terms of geography, the market for wheelchair accessible vehicle converters in North America has been segmented into the U.S. and Canada. With a share of nearly 95%, the U.S. led the overall market in 2015. The scenario is expected to remain so over the next few years, thanks to the presence of a large base of disabled population. The rising adoption of wheelchair accessible vehicles, stimulated by the increasing number of awareness initiatives by the manufacturers of vehicle converters, increasing cases of trauma resulting in disability, and the surge in the government funding for wheelchair accessible vehicles are also projected to boost the U.S. market for wheelchair accessible vehicle converters in the years to come.

The North America market for wheelchair accessible vehicle converters is fragmented and highly competitive in nature. Mobility Ventures LLC, Vantage Mobility International, and BraunAbility are at the forefront of this market. Some of the other prominent vendors of wheelchair accessible vehicle convertibles in this region are Toyota Motor Corp., Rollx Vans, and Freedom Motors USA. 

Growing Trends in North America Wheelchair Accessible Vehicle Converters Market

The North America wheelchair accessible vehicle (WAV) converters market is highly consolidated, with the top three players accounting for over 65.0% in 2015. Transparency Market Research (TMR) notes that these leading companies—BraunAbility, Vantage Mobility International, and Mobility Ventures LLC—are actively consolidating their distribution networks and developing a steady sales force, including a robust aftersales service, to strengthen their market shares across different countries of North America. These companies, along with other prominent WAV taxi service providers, are focusing on creating awareness programs on the availability of the wheelchair accessible vehicles to meet the transport needs of large number of people living with disability. These factors boost the adoption of the WAV converters along the forecast period.

Leading transportation providers in major nations are finding ways to capitalize on the exciting opportunities in the market through the introduction of WAV taxi services. The North America WAV converters market was valued at US$781.8 mn in 2015 and is forecast to reach US$1.9 bn by 2024; the market is anticipated to rise at a CAGR of 11.1% during the period 2016 – 2024.

This 186 page report gives readers a comprehensive overview of the wheelchair accessible vehicle converters market. Browse through 38 data tables and 78 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/north-america-wheelchair-accessible-vehicle-converters-market.html

Large Population Base with Disability in the U.S. to Provide Impetus to Market

On the basis of size of the vehicle, the North America wheelchair accessible vehicle converters market is segmented into full-size, medium-size, and small-size vehicles. Full-sized vehicles form the dominant segment and are expected to occupy 73.1% share in the wheelchair accessible vehicle converters market by 2024. The growth of the segment is driven by the availability of large space to accommodate wheelchairs and increased convenience to caretakers due to more space in the vehicle.

On the basis of country, the North America wheelchair accessible vehicle converters market is segmented into the U.S. and Canada. The U.S., with a large number of disabled people, offers wheelchair accessible vehicle converters ample growth opportunities. The country is poised to contribute an impressive share of the 88.3% of the revenue generated by the wheelchair accessible vehicle converters market in the North America by 2024. Increasing number of car rental agencies keen on providing affordable WAV services is expected to boost the wheelchair accessible vehicle converters market in the U.S.

Technology Advancements and Modifications by WAV Manufacturers to Drive Market Growth

Large prevalence of people with disabilities in North America is a primary factor fuelling the growth of the market. A study published by the Centers for Disease Control and Prevention (CDC) finds that one out of every five adults in the U.S. has a disability with the most common functional disability type being mobility limitation. Technological advancements for better fuel efficiency and the advent of electric wheelchair accessible vehicles have in turn stimulated the demand for wheelchair accessible vehicle converters.

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Wheelchair accessible vehicle taxi services are increasingly focused on providing enhanced accessibility options for the people with disability. In addition, WAV manufacturers are actively engaged in integrating related technologies with their products to make the service of WAV providers more accessible and friendly. The introduction of preemptive accommodations is one such example, wherein WAV manufacturing companies have partnered with parking authorities to make preemptive accommodations in various cities easier and convenient. The people who need WAV services are duly notified regarding the availability of parking spaces.

However, the high cost of availing wheelchair accessible vehicles is likely to act as a significant deterrent to the growth of the North America wheelchair accessible vehicle converters market. On the other hand, WAV converters focus on including a wide range of mobility adaptions in segments such as lifts and ramp and offer a variety of customizations to gain a competitive edge over others.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Wheelchair Accessible Vehicle Converters Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.

North America Wheelchair Accessible Vehicle Converters Market Outlook to 2024 Latest Industry Forecast Report

The North America wheelchair accessible vehicle (WAV) converters market is consolidated, with the top three players – BraunAbility, Vantage Mobility International, and Mobility Ventures LLC – accounting for over 65% in 2015. Transparency Market Research has observed that WAV manufacturers and vehicle converters are increasingly focusing on strengthening their distribution networks, developing a steady sales force, and conducting awareness programs in order to increase the adoption of WAVs over the forecast period.

Transportation companies are also looking to capitalize on the opportunities presented by this market through WAV taxi services. For instance, in July 2015, Uber Technologies, Inc. announced the launch of UberACCESS, which provides mobility vehicles for disabled customers. Wheelchair accessible vehicle taxi services are gaining traction in the U.S. and this is expected to give the WAV converters market a considerable boost in the coming years.

The value of the North America wheelchair accessible vehicle converters market was pegged at US$781.8 mn in 2015 and is expected to reach US$1.9 bn by 2024, registering a CAGR of 11.1% therein.

By Entry Modality, Ramps Present Most Lucrative Opportunities for Players

On the basis of size of vehicle, full-sized vehicles are expected to account for a 73.1% share in the wheelchair accessible vehicle converters market by 2024. Small-sized vehicles, on the other hand, form the most attractive segment. This segment is projected to expand at a strong CAGR of 11.4% from 2016 to 2024.

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By entry modality, ramps form the leading segment of the wheelchair accessible vehicle converters market in North America and this segment is anticipated to exhibit high growth through the forecast period.

From a geographical standpoint, the U.S. market is estimated to account for an 88.3% revenue share by 2024, emerging as the clear leader in the North America wheelchair accessible vehicle converters market. The U.S. is also projected to be the most lucrative segment by 2024.

Introduction of Preemptive Accommodations by WAV Manufacturers a Key Marketing Strategy

One of the key factors driving the North America market for wheelchair accessible vehicle converters is the significant prevalence of people with disabilities. A recent study published by the Centers for Disease Control and Prevention (CDC) states that one out of every five adults in the U.S. has a disability. This translates to roughly 53 million adults currently living with some form of disability. Disabled World, an independent news portal, reveals that an estimated 6.8 million community-resident Americans use mobility assistive devices, of which, at least 1.7 million individuals are wheelchair or scooter riders. “With the number of people living from disabilities on the rise, the demand for wheelchair accessible vehicle converters is bound to grow,” the TMR analyst states.

Looking to increase the adoption rate of wheelchair accessible vehicles and offer more benefits to customers, WAV manufacturers are focusing on integrating advanced technologies with their products. The introduction of preemptive accommodations is one such example, wherein WAV manufacturing companies are partnering with parking authorities in major cities to notify WAV users regarding the availability of parking spaces. Developments such as these are sure to boost the wheelchair accessible vehicle converters market in North America.

On the flip side, the high cost of wheelchair accessible vehicles and low awareness among potential customers are expected to significantly hamper the adoption rate of mobility vehicles, thereby hurting the wheelchair accessible vehicle converters market in North America.

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This review is based on the findings of a TMR report titled “Wheelchair Accessible Vehicle Converters Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”