The North America market for wheelchair accessible vehicle converters demonstrates a fragmented competitive landscape, states a new research study by Transparency Market Research (TMR). The top three players in this market, namely, Vantage Mobility International, BraunAbility, and Mobility Ventures LLC., held more than 65% of the overall market in 2015.
These players are mostly relying on introducing advanced products in the market for the expansion of their businesses. A shift in their focus towards mergers and acquisitions, in a bid to strengthen their presence, can be observed in the near future, reports the research study.
According to the research report, the market for wheelchair accessible vehicle converters in North America presented an opportunity worth US$1.74 bn in 2015. Rising at a CAGR of 5.30% during the period from 2016 to 2024, the market is expected to display a substantial growth in its size with the valuation reaching US$3.47 bn by the end of 2024. Full size vehicles have emerged as the leading contributors to this market due to their high prices. Medium size vehicles, however, are expected to lead in terms of sales volume over the next few years.
Side Entry Segment to Experience Strong Rise
The research report has analyzed the North America market for wheelchair accessible vehicle converters on the basis of a number of parameters. On the basis of entry mode, the report classifies this market into side entry and rear entry. Side entry wheelchair accessible vehicles converters has been reporting a much higher demand than the rear entry ones. Researchers anticipate the trend to remain so over the forecast period, thanks to the ability of side entry wheelchair accessible vehicles to enable the patient to drive from a wheelchair or sit in the front passenger position or the driver’s position in a wheelchair. The availability of enter and exit curbside and more storage space is also projected to boost the demand for side entry wheelchair accessible vehicles in the years to come, supporting this segment.
Geographically, the market study has segmented the North America wheelchair accessible vehicle converters market into the U.S. and Canada. The U.S. dominated the overall market in 2015 with a share of nearly 95% and is predicted to continue on the top throughout the period of the forecast. The presence of a massive disabled population base, an upswing in the cases of trauma resulting in disability, and the increasing uptake of wheelchair accessible vehicles, boosted by the government funding and the rising number of awareness initiatives by vehicle converter manufacturers, are also expected to propel the U.S. market for wheelchair accessible vehicle converters in the near future.
Increasing Number of Patients Suffering from Disability of Mobility to Fuel Demand
“The increasing number of patients with disability has influenced the North America market for wheelchair accessible vehicle converters to a great extent,” states the author of this report. In 2015, the number of people using wheelchairs in the U.S. was nearly 3.3 million, which is likely to rise tremendously in the near future on account of the increasing prevalence of disability of mobility among people due to the escalating cases of trauma, accidental injuries, sports injuries, and the surge in the geriatric population. This, as a result, is likely to fuel the demand for wheelchair accessible vehicle converters further over the forecast period.
The rising demand for user-friendly accessible vehicles is also expected to boost this market in the near future. However, the high price of these vehicle may restrict the growth of this market over the next few years, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Wheelchair Accessible Vehicle Converters Market (Vehicle Type - Large Size Vehicle, Medium Size Vehicle, and Small Size Vehicle; Entry Modality - Lifts and Ramps; Entry Mode - Side Entry and Rear Entry) - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The North America wheelchair accessible vehicle converters market has been segmented as follows:
By Vehicle Type
- Full Size Vehicles
- Medium Size Vehicles
- Small Size Vehicles
By Entry Modality
By Entry Mode
- Side Entry
- Rear Entry