The global wheelchair accessible vehicle converters market was valued at around 6.1 billion US dollars in 2022. This figure is projected to increase to approximately 8.6 billion US dollars by 2030, at a compound annual growth rate (CAGR) of approximately 4.5% between 2023 and 2030.
Wheelchair Accessible Vehicle Converters Market: Overview
Wheelchair users have an easier time boarding vehicles if such vehicles are designed to accommodate their needs. It is possible to board a vehicle with a wheelchair and its carrier in a speedy and hassle-free manner by utilizing either a ramp or a wheelchair-carrying lift. The user is able to board the car from their wheelchair using this method without having to exert an excessive amount of effort on. Vehicle converter manufacturers have been devoting a significant amount of time and energy toward the creation of wheelchair-accessible systems that are reliable, secure, and efficient. The market for wheelchair accessible vehicle conversions is growing as a result of a number of different factors, including an increasing population of elderly people, advances in technology, and an increasing number of people with disabilities.
Wheelchair Accessible Vehicle Converters Market: Growth Drivers
Convenience and safety concerns around transportation for those with physical limitations are the primary drivers of industry expansion.
It is projected that the need for hassle-free commuting and transportation, in addition to an increase in safety concerns among families of physically challenged people, will boost global demand for wheelchair accessible car convertors. It is anticipated that the market for wheelchair accessible automobile conversions would grow over the next few years as a result of increased levels of disposable income and consumer power around the globe. The expansion of the healthcare industry will almost certainly result in a sizeable rise in the number of vehicles required for commuting and the comfort of patients. This, in turn, will drive growth in the market for wheelchair-accessible vehicle converters in the years to come. The healthcare industry is rapidly increasing around the world, and governments are offering a variety of subsidies to this industry to assist it in meeting the demands that are being placed on it by society.
Wheelchair Accessible Vehicle Converters Market: Segmentation
The market for wheelchair-accessible car converters can be broken down into distinct submarkets on the basis of the vehicle type, entrance type, end use, and geographical location.
The global market can be broken down into SUV, Van, Bus, and Other segments according to the kind of vehicle being sold. Over the course of the projected period, it is anticipated that the SUV segment would have the majority share of the market. Because of their spacious interiors and their capacity to accommodate wheelchair users along with their caretakers, sport utility vehicles (SUVs) are in high demand for use as wheelchair-accessible cars. In the years to come, it is projected that not only will the demand for sports utility vehicles increase among customers, but that these cars will also be easily available at a variety of price points.
Wheelchair Accessible Vehicle Converters Market: Regional Analysis
North America is expected to dominate the market growth over the forecast period
North America is expected to dominate the wheelchair accessible vehicle converters market during the forecast period. The growth in the region is attributed to the growing geriatric population and rising disabilities among the population. For instance, according to the United States Census Bureau, from 4.9 million (or 4.7% of the total U.S. population) in 1920 to 55.8 million (16.8%) in 2020, there was a growth of 50.9 million in the elderly population. Nearly five times as much as the population as a whole (approximately 200%), this growth rate equates to roughly 1,000%. In addition, according to the data from the CDC, 61 million adults in the United States live with a disability.
Wheelchair Accessible Vehicle Converters Market: Competitive Analysis
The global Wheelchair Accessible Vehicle Converters market is dominated by players like:
Vantage Mobility International
Brotherwood Automobility Limited
Autech Japan Inc.
Freedom Motors USA
Sirius Automotive Ltd.
Growings Mobility Group Limited
G.M. Coachwork Ltd.
The global Wheelchair Accessible Vehicle Converters market is segmented as follows:
By Vehicle Type
By Entry Type
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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