Analysts at TMR estimate the wheelchair accessible vehicle converter market to reach the valuation of US$ 13.84 Bn by 2031. The large population with functional disabilities who are restricted on wheelchair for movement primarily fuels the expansion of the wheelchair accessible vehicle converter market. This population needs special access equipment for wheelchair to be loaded and fit into the design of passenger vehicles.
A large elderly population that suffers from various orthopedic conditions faces challenges of limited mobility on wheelchairs. This is leading to the rising adoption of cost-effective wheelchair-friendly supporting platform for access to passenger vehicles.
North America is a key region in the wheelchair accessible vehicle converter market. Large population of wheelchair users, high purchasing power, and developed infrastructure that supports use of wheelchairs fuel the expansion of the wheelchair accessible converter market in the region. Governments supporting demand for mobility of disabled individuals for everyday functioning in jobs, education, and sports cements the growth of the wheelchair accessible vehicle converter market in the region.
Wheelchair Accessible Vehicle Converter Market – Key Findings of Report
- High incidence of trauma-related unexpected disabilities that requires mobility support for everyday functioning of affected individuals boosts the wheelchair accessible vehicle converter market
- R&D and collaborations undertaken by passenger car manufacturers to introduce novel solutions for wheelchairs users are benefitting the expansion of the wheelchair accessible vehicle converter market. Wheelchair accessible vehicle converter manufacturers are collaborating with manufacturers of sports utility vehicle (SUVs) and other classes of passenger vehicles to develop vehicles with access ramp and room designed for wheelchairs.
- Initiatives undertaken by small- and medium-sized manufacturers of wheelchair accessible vehicle converters to foray into distribution to strengthen supply chains in regions with high growth potential are favorable for the growth of the wheelchair accessible vehicle converter market
- Introduction of special service from cab operators such as Uber Cabs for disabled individuals is creating new frontiers in the wheelchair accessible vehicle converter market. UberAccess service launched by Uber Cabs in India provides vehicles with high roof and wheelchair accessibility for individuals who are restricted on wheelchairs.
- Increasing government subsidies for ventures to support the mobility of physically challenged individuals assists the growth of the wheelchair accessible vehicle converter market. Governments in economically developed countries offer tax incentives for passenger vehicle manufacturers that design special vehicles to fit wheelchairs.
- The ramp method segment led the wheelchair accessible vehicle converter market vis-à-vis volume and revenue. This is due to the cost-effective and easy attach of ramp for wheelchair to be loaded in the vehicle.