Overview and Scope
Wheelchair-accessible vehicle converters are the vehicle that has been specially designed to allow the wheelchair user to travel securely and comfortably while seated in their wheelchair.
Sizing and Forecast
The wheelchair accessible vehicle converter market size has grown strongly in recent years. It will grow from $7.84 billion in 2023 to $8.3 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to legislation and accessibility regulations, growing aging population, increase in disability awareness, government funding and support, rise of mobility solutions providers.
The wheelchair accessible vehicle converter market size is expected to see strong growth in the next few years. It will grow to $10.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to collaborations with automakers, government incentives for accessibility, demand for inclusive transportation solutions, integration of sustainable practices, focus on user-friendly designs, . Major trends in the forecast period include advancements in vehicle design and technology, regulatory compliance and standards, customization and personalization, rise of electric and hybrid vehicles, integration of assistive technologies, focus on lightweight materials.
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Segmentation & Regional Insights
The wheelchair accessible vehicle converter market covered in this report is segmented –
1) By Entry Point: Side Entry, Rear Entry
2) By Mode Of Entry: Ramps, Lifts
3) By Vehicle Type: Sport Utility Vehicle, Trucks, Other Vehicle Types
North America was the largest region in the wheelchair accessible vehicle converter market in 2023. The regions covered in the wheelchair accessible vehicle converter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing number of the elderly population is expected to propel the growth of the wheelchair-accessible vehicle converter market going forward. The elderly population refers to persons, aged 60 and over. Elderly people benefit from wheelchair-accessible vehicle conversions, which make living more comfortable for those who have significant difficulties walking or climbing steps. For instance, according to the data released by America’s Health Rankings, an organization based in America evaluates health outcomes. In the United States, more than 56 million adults aged 65 and up life, accounting for around 16.9% of the total population. More than 73.1 million older people are expected by 2030 when the last of the baby boomer generation enters old age. Therefore, the increasing number of the elderly population is driving the growth of the wheelchair-accessible vehicle converter market.
Key Industry Players
Major companies operating in the wheelchair-accessible vehicle converter market are focusing on product launches to meet the customer demand. For instance, in May 2021, BraunAbility, an American manufacturer of wheelchair-accessible vans and wheelchair lifts, launched the Toyota Sienna Hybrid, a wheelchair-accessible vehicle. With the launch of the Toyota Sienna Hybrid, BraunAbility solidifies its standing as offering the most options on the market, allowing customers to find a fit for their unique needs. The newest wheelchair-accessible vehicle will retain customer-favourite accessibility features.
The wheelchair accessible vehicle converter market report table of contents includes:
1. Executive Summary
2. Wheelchair Accessible Vehicle Converter Market Characteristics
3. Wheelchair Accessible Vehicle Converter Market Trends And Strategies
4. Wheelchair Accessible Vehicle Converter Market – Macro Economic Scenario
5. Global Wheelchair Accessible Vehicle Converter Market Size and Growth
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31. Global Wheelchair Accessible Vehicle Converter Market Competitive Benchmarking
32. Global Wheelchair Accessible Vehicle Converter Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Wheelchair Accessible Vehicle Converter Market
34. Wheelchair Accessible Vehicle Converter Market Future Outlook and Potential Analysis
35. Appendix
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