Showing posts with label Wheelchair Accessible Vehicle Converters Market. Show all posts
Showing posts with label Wheelchair Accessible Vehicle Converters Market. Show all posts

Tuesday, 21 February 2017

North America Wheelchair Accessible Vehicle Converters Market Outlook and Forecast up to 2024

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.
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.
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.
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Monday, 6 February 2017

North America Wheelchair Accessible Vehicle Converters Market Outlook and Forecast up to 2024

Disability via any accident or by birth cripples people in various ways. But as far as mobility is concerned, wheelchair accessible vehicles are nothing short of a blessing for the sufferers. These wheelchair accessible vehicles are available in several types and can be customized for functionality according to individual requirements. According to a recent study by Transparency Market Research, the market for wheelchair accessible vehicle converters in North America was valued at US$781.8 mn in 2015, and is estimated to reach US$1.9 bn by 2024, rising at a robust CAGR of 11.1% during the forecast period 2016–2024.
Which are the factors fueling the wheelchair accessible vehicle converters market?
A 2010 study by the United States Census Bureau stated that nearly one in five people have a disability in the country, which figures to 56.7 mn people or 19% of the population. Apart from the significant number of potential consumers, the Americans with Disability Act of 1990 is one of the most prominent factors driving the growth of the market for wheelchair accessible vehicle converters in North America. Title II of the act determines specific regulations for public transport and facilities to be equipped with assistive equipment for people using wheelchairs. American veterans who were disabled in the line of duty as well as those injured outside the war arena, get more than $40,000 in funds for such wheelchair vehicles.
Moreover, technological advancements in terms of fuel efficiency and the introduction of electric wheelchair accessible vehicles has further increased the adoption rate of these customized vehicles for people with disabilities. One of the primary restraints on this market is the lack of awareness among end users about the availability of these vehicles. However, in recent times, consciousness has grown among citizens owing to the penetration of the Internet and the emergence of social media. Rising geriatric population is another favorable factor for this market as age-related diseases frequently tend to affect mobility.
Where do Canada and the U.S. stand as markets for wheelchair accessible vehicle converters?
The TMR report estimates the U.S. to account for an incredible 88.3% of the revenue generated from by the North America market for wheelchair accessible vehicle converters by 2024. However, that figure is reflective of 318 mn population of the U.S. as compared to merely 36 mn for Canada. The country is projected for a healthy CAGR of 10.5% through 2024, owing to the rising number of people with disabilities.
As per the Canadian Survey on Disability, in 2012, as high as 81.3% of the population with disabilities used assistive devices for mobility. Affordability and availability of these wheelchair accessible vehicle converters is also not an issue in the developed country of Canada. The segment of full-sized vehicles is most in demand due to ample interior space and easy mobility, although minivans and medium-sized SUVs are gaining popularity among the younger generation.
Conclusion
Players in the market for wheelchair accessible vehicle converters are facing growing competition from driver driven taxi services such as Uber and Lyft. However, innovative and customized wheelchair vehicles can solve consumer’s issue permanently, and hence are preferred.
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Friday, 23 December 2016

North America Wheelchair Accessible Vehicle Converters Market - Current status and future trends

North America Wheelchair Accessible Vehicle Converters Market: Snapshot
The growth of the North America wheelchair accessible vehicle (WAV) converters market rests significantly on the Americans with Disabilities Act of 1990. Title II of the act establishes specific regulations for public transport and facilities to be equipped with assistive equipment for people using wheelchairs. This has had a positive impact on the usage of wheelchair accessible vehicle converters. Technological advancements in terms of fuel efficiency and the introduction of electric wheelchair accessible vehicles has also increased the adoption rate of wheelchair accessible vehicles.
The North America WAV converters market was valued at US$781.8 mn in 2015 and is expected to reach US$1.9 bn by 2024. If these values hold true, the market is projected to expand at a CAGR of 11.1% during the forecast period.
Full-sized Vehicles Garner Leading Share in North America WAV Converters Market
Based on entry modality, the North America wheelchair accessible vehicle converters market has been segmented into lifts, ramps, and transfer seats. The ramp segment accounted for the leading share of 67.7% by revenue in the North America WAV converters market in 2015, followed by the lifts segment. Owing to the ease of use and accessibility offered by ramps, this segment is expected to witness high adoption throughout the forecast period.
On the basis of vehicle type, the market has been segmented into full-sized vehicles, medium-sized vehicles, and small-sized vehicles. Among these, full-sized vehicles held a share of around 73.0% in 2015 in terms of revenue. Full-sized vehicles offer more space to accommodate wheelchairs and caretakers, owing to which, the demand for the same remains high in the North America market.
Large Population Base of People with Disabilities Driving Adoption across U.S. and Canada
On the basis of country, the U.S. is estimated to account for a whopping 88.3% of the revenue generated by the North America wheelchair accessible vehicle converters market by 2024, exhibiting a strong CAGR of 11.2% over the course of the forecast period. Driven by a large disabled population base and the growing number of initiatives by vehicle converters, the U.S. market is expected to witness an increased adoption of WAVs in the coming years. A rising number of car rental agencies providing WAV services is also expected to boost the U.S. market for wheelchair accessible vehicle converters.
By the size of vehicle, full-sized vehicles accounted for the leading share in the U.S. due to a higher adoption rate. Growth in this segment can also be attributed to a significant push from the supply side as several WAV converters offer a strong vehicle portfolio.
Although Canada accounts for a rather small share in the North America wheelchair accessible vehicle converters market, it is projected to reflect a healthy CAGR of 10.5% through 2024, hinting at the immense potential this market possesses. Growth in the number of people with disabilities in the country is expected to promote the demand for WAVs over the forecast period. According to the Canadian Survey on Disability, in 2012, 81.3% of the disabled population in Canada used assistive devices for mobility.
In Canada, full-sized vehicles hold the dominant share in the wheelchair accessible vehicle converters market owing to large interior space and easy mobility for caregivers. However, an ongoing shift in demand from full-sized vehicles to minivans and medium-sized SUVs among youth is expected to boost the market for medium-sized vehicles over the forecast period.
Some of the major companies operating in the North America wheelchair accessible vehicle converters market are Toyota Motor Sales, U.S.A., Inc., BraunAbility, Freedom Motors USA, Vantage Mobility International, and Mobility Ventures LLC.
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