The global wheelchair accessible vehicle converter market is poised to surpass around US$ 2 bn by 2027 and expected to expand at a CAGR of 5.8% during the forecast period 2020 to 2027.
Aging baby boomer population and high prevalence of disabilities have fueled the growth of the wheelchair accessible vehicle converter market. In order to cater to the needs of wheelchair users, companies are innovating in advanced ramps and lifts to serve mobility needs of users. On the other hand, companies in the wheelchair accessible vehicle converter market are entering into distributor agreement to strengthen supply chain in regions with high growth potential. For instance, leading provider of wheelchair accessible vehicles, Vantage Mobility International (VMI), announced its entry into a distributor agreement with specialist in accessible vehicles, Mobility Networks, to expand their accessible product line in Canada, Mexico, and the U.S. Apart from vans, manufacturers operating in the wheelchair accessible vehicle converter market are focusing on developing products that cater to Sports Utility Vehicles (SUVs) and other classes of vehicles. As such, SUVs vehicle segment of the wheelchair accessible vehicle converter market is estimated to reach the production of 4,400 units.
The population of the disabled individuals in the age group 18-65 years is rising, which includes the employable population. Rise in employment opportunities for people with disability and their increased enrollment in educational courses and universities has boosted the demand for mobility among people with disability, which in turn is driving the wheelchair accessible vehicle converter market.
Transition of people with disability from lower to middle and upper middle income groups is expected to boost the spending power and in turn drive the wheelchair accessible vehicle converter market.
Favorable government support and availability of finance schemes to encourage mobility among the disabled is projected to drive the wheelchair accessible vehicle converter market during the forecast period.
Government organizations and several charities, such as HelpHOPELive and Joni and friends, also provide financial aid to purchase wheelchair accessible vehicles, which is further driving the wheelchair accessible vehicle converter market.
Government organizations in the U.S. and Canada, such as United States Department of Veterans Affairs, provide finance assistance to covert/purchase wheelchair accessible vehicles, thereby boosting the wheelchair accessible vehicle converter market. Governments in other countries, such as China, Japan, and a few in Europe, are encouraging mobility of people with disability by investing in wheelchair-friendly infrastructure and offering grants to buy wheelchair accessible vehicle. Increased demand for mobility among people with disability, globally, along with an increase in employment opportunities and education among them is driving the wheelchair accessible vehicle converter market.
In terms of entry configuration, side entry and rear entry segments hold nearly equal share of the global market. Side entry vehicles are highly preferred in North America, and the high volume sales of wheelchair accessible vehicles in the region contributed to the significant share held by the side entry segment of the global market. Rear entry wheelchair accessible vehicles are cost-effective, as compared to side entry ones. Cost of conversion of the vehicle into a side entry accessible vehicle is higher, as the side modification is labor intensive. Rear entry wheelchair accessible vehicles are preferred in Europe, Latin America, Middle East & Africa, and most of Asia Pacific.
Based on mode of entry, the ramps segment held a leading share of the wheelchair accessible converter market. The ramps are available as manual, foldable, and power ramps, and are widely used due to its cost-effective nature and robust design, which enables easy mounting and alighting from the vehicle. The lift mode of entry requires installing the lift into the vehicle body to mount and dismount the wheelchair from the vehicle. Lifts allow more comfortable entry into the vehicle and in limited space. The lift is the new technological advancement in design of the wheelchair accessible vehicle and is anticipated to record high growth during the forecast period.
Regional Analysis of Wheelchair Accessible Vehicle Converter Market
In terms of region, the wheelchair accessible vehicle converter market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America held a prominent share of the global market in 2018. It is anticipated to lead the wheelchair accessible vehicle market during the forecast period, owing to the presence of a large number of wheelchair users in the North America region and active government support to promote mobility demands of people with disability.
Europe held a significant share of the wheelchair accessible vehicle converter market, owing to high demand in the U.K. and Germany. The wheelchair accessible converter market is matured in developed regions and countries such as North America, Europe, Japan, and ANZ.
Prominent players operating in the wheelchair accessible vehicle converter market include Kirchoff Mobility, Brotherwood Automobility Limited, Braun Corp. of Winamac, Ind., Vantage Mobility International, Freedom Motors USA, Rollx Vans, GM Coachwork Ltd., AMS Vans, LLC, Universal Motions, Allied Mobility, Growings Mobility Group Limited, Sirius Automotive Ltd., Autech Japan, Inc., Savaria, and Tripod Mobility.
The Wheelchair Accessible Vehicle Converter market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Wheelchair Accessible Vehicle Converter market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Wheelchair Accessible Vehicle Converter market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Wheelchair Accessible Vehicle Converter market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Wheelchair Accessible Vehicle Converter market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Wheelchair Accessible Vehicle Converter capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Wheelchair Accessible Vehicle Converter by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Wheelchair Accessible Vehicle Converter market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Wheelchair Accessible Vehicle Converter market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Wheelchair Accessible Vehicle Converter market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Wheelchair Accessible Vehicle Converter industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Wheelchair Accessible Vehicle Converter market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Wheelchair Accessible Vehicle Converter market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Wheelchair Accessible Vehicle Converter market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Wheelchair Accessible Vehicle Converter market. These factors have benefited the growth of the global market for Wheelchair Accessible Vehicle Converter. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Wheelchair Accessible Vehicle Converter. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
By Entry Configuration
By Mode of Entry
In this study, the years considered to estimate the market size of Wheelchair Accessible Vehicle Converter are as follows:
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- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: