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.
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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.
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.
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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.
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.
Wheelchair Accessible Vehicle Converters Market to Gain Significantly from Geriatric Population
The rise in geriatric population, coupled with their vulnerability to various diseases stands as a key actor promoting the growth of the global wheelchair accessible vehicle converters market. A considerable rise in the quantity of impaired patients in North America is assessed to quicken the development of the market in the coming years. The rising mindfulness among patients with respect to the accessibility of wheelchair available vehicle converters is probably going to drive the general market. Moreover, the expanding geriatric populace and the rising buying intensity of purchasers are additionally projected to help market development all through the estimate time frame. Then again, the significant expense of these items is required to limit the development of the North America wheelchair available vehicle converters market all through the conjecture time frame.
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With respect to segmentation by vehicle type, the market for wheelchair accessible converters is dominated by the full size vehicles in terms of revenue, especially in North America. On the contrary the market is likely to witness the demand for medium sized vehicles in the coming years on account of the rising uptake of wheelchair accessible vehicles as family cars. This is especially the case in terms of families with disabled people or people who recently met with an accident and are diagnosed with complete bed rest or are unable to move.
The general pandemic of the COVID19 pandemic daintily influenced the wheelchair flexible vehicle market. Huge clinical assessment associations were enchanted in the headway of antivirus to fight the COVID-19 pandemic. In any case, latest innovations are further expected to show huge degree of advancement for both the market and its players. Prominent players of the North America Wheelchair available vehicle converters market are Vantage Mobility International, BraunAbility, LLC. Mobility Ventures, and others.
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