Global Wheelchair Accessible Vehicle Market: Overview
A wheelchair-accessible van refers to a vehicle that is altered by expanding the size of the vehicle interior and then fitting it with a means of entry for wheelchair, such as powered lift or wheelchair ramp. Medical tourism is likely to remain of the important growth factors for the global wheelchair accessible vehicle market over the timeframe of analysis, from 2020 to 2030. In addition, increased financial assistance from federal governments is likely to work in favor of the market.
There has been a tremendous rise in the number if road accidents, which has generated increased demand for wheelchair accessible vehicles. In accordance with the analysis of World Health Organization, road accidents comprise one of the leading causes of disabilities and fatalities across the globe. There have been increased research and development activities by market players to come up with new functionalities and designs, which is likely to trigger growth of the global wheelchair accessible vehicle market over the timeframe of analysis, from 2020 to 2030.
The global wheelchair accessible vehicle market has been segmented on the basis of six important parameters, which are make type, vehicle type, entry configuration, entry mechanism, end use, and region.
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Global Wheelchair Accessible Vehicle Market: Notable Developments
The global wheelchair accessible vehicle market is considered as a fairly competitive market and is marked with the presence of many leading market players. The companies in this market are forging mergers, partnerships, and collaborations so as to gain larger revenue and market share. The following development is expected to play an important role in the market:
- In October 2017, US-based Vantage Mobility International made an acquisition of leading dealers of wheelchair vans, AMS Vans, Inc. The acquisition is made with an objective to offer wider access of mobility vehicles to common people.
Some of the prominent organizations in the global wheelchair accessible vehicle market comprise the below-mentioned:
- Vantage Mobility International LLC
- KIRCHHOFF Mobility GmbH & Co. KG
- Vehicle Production Group LLC.
- Gowrings Mobility Group Limited
- The Braun Corporation
- REV Group, Inc
Global Wheelchair Accessible Vehicle Market: Key Trends
The global wheelchair accessible vehicle market is characterized by the presence of the following restraints, drivers, and opportunities.
Increased Prevalence of Disabilities and Road Accidents to Fuel Growth of the Market
Medical transportation has played an important role in generating increased demand for use of wheelchair accessible vehicles. Besides, there has been a rise in the demand for personal use of this product. Increasing number of disable people are making use of product, which is likely to trigger development of the global wheelchair accessible vehicle market over the timeframe of analysis, from 2020 to 2030.
These vehicles come in different sizes, from full sized vans to small cars. Small wheelchair accessible vehicles have been in high demand due to several advantages, such as hassle-free maneuverability, running costs, and economic pricing. In addition, small wheelchair accessible vehicles are economical when it comes to overall cost of running and consumption of fuel.
On the other hand, price intensive nature and high production cost are estimated to impede the growth of the global wheelchair accessible vehicle market. This has led to the emergence of renting facilities, which make services of wheelchair accessible vehicle affordable to a larger base of public.
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Global Wheelchair Accessible Vehicle Market: Geographical Analysis
Driven by its high demand in the US, North America is estimated to emerge as one of the leading regions in the global wheelchair accessible vehicle market. According to the estimates of According to United States Census Bureau, nearly 20 % of the people are affected by some kind of disability or the other. This factor is likely to work in favor of the wheelchair accessible vehicle market in North America over the timeframe of forecast.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.