USD 9.29 Billion Growth in Wheelchair Accessible Vehicle Converters Market Size - Industry Analysis, Market Trends, Market Growth, Opportunities

NEW YORK, April 13, 2023 /PRNewswire/ -- As per Facts and Factors study, the global wheelchair accessible vehicle converters (WAVCs) market size was worth USD 7.30 billion in 2021 and is estimated to grow to USD 9.29 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.10 % over the forecast period.

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Wheelchair Accessible Vehicle Converters Market: Overview

Due to wheelchair-accessible vehicles, people with physical limitations can drive and board a car with little help from a second person. A modified car has had the inside space expanded to accept a wheelchair and equipped with a wheelchair entrance, such as a motorized lift or wheelchair ramp. A piece of the floor is often lowered during conversions, seating is adjusted to accommodate wheelchairs, and an outdoor access point, such as a ramp with a lift, is added. A power kneeling mechanism is also available to make the ramp's slope less steep. The prevalence of disabilities is rising as the population ages and the number of road incidents increases. In addition, a surge in chronic medical conditions is seen. These elements will likely fuel the wheelchair accessible car converters market's expansion over the anticipated time frame.

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Key Insights:

• As per the analysis shared by our research analyst, the global wheelchair accessible vehicle converters market value is to grow at a CAGR of 4.10 % over the forecast period.
• In terms of revenue, the global wheelchair accessible vehicle converters market size was valued at around USD 7.30 billion in 2021 and is projected to reach USD 9.29 billion by 2028.
• Global demand for wheelchair accessible vehicle converters is anticipated to be driven by the desire for hassle-free commutes and mobility, as well as a rise in safety concerns among families of physically challenged people.
• By entry type, the rear entry category dominated the market in 2021.
• By vehicle type, the vans category dominated the market in 2021.
• North America dominated the global wheelchair accessible vehicle converters market in 2021.

Facts and Factors published the latest report titled "Wheelchair Accessible Vehicle Converters Market Size, Share, Growth Analysis Report By Entry Type (Side Entry, Rear Entry), By Method (Ramps, Lifts), By Vehicle Type (SUVs, Vans, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" into their research database.

Industry Dynamics:

Global Wheelchair Accessible Vehicle Converters Market: Growth Drivers

• Safety concerns for those with physical disabilities and convenient transportation to drive market growth.

The need for hassle-free commutes and transportation, together with an increase in safety concerns among families of physically challenged persons, are predicted to drive the wheelchair accessible vehicle converters market globally. The market wheelchair accessible vehicle converters are predicted to grow due to the increase in disposable income and purchasing power of customers throughout the world. The requirement for many more cars for commuting and patient comfort grows as the healthcare industry expands, which is expected to drive the wheelchair accessible vehicle converter market over the coming years. Globally, the healthcare industry is growing quickly, and governments are offering this industry a variety of subsidies to help it meet the requirements of society. 

Global Wheelchair Accessible Vehicle Converters Market: Restraints

• Mobility limitations hinder the market growth.

One of the most prevalent functional limitations of the worldwide wheelchair accessible vehicle converters market is a limitation of mobility. Patients may have extreme difficulties walking or even climbing stairs. The global wheelchair market accessible vehicle converters is expected to develop as the number of people with functional limitations rises though the means to move otherwise might pose restraints. Increased government financing and subsidies for those with physical and functional disabilities drive the industry.

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Wheelchair Accessible Vehicle Converters Market: Opportunity

• Possibilities resulting from fundraising platforms and SUVs with wheelchair access present market opportunities

Many people with physical disabilities cannot pay the out-of-pocket costs associated with w wheelchair accessible vehicle converters. Market players work with fundraising organizations to help those with unmet medical bills. Companies in the wheelchair accessible vehicle converters sector may boost their credibility credentials by forming strategic collaborations with financing platforms. This element has increased sales of items by dispelling the myth that products for mobility solutions have high conversion costs. Companies are working with automakers to offer handicapped automobiles for those with high incomes.

Global Wheelchair Accessible Vehicle Converters Market: Segmentation

• The global wheelchair accessible vehicle converters market is segregated based on entry type, method, and vehicle type.

Based on entry type, the market is divided into side entry and rear entry. Due to its affordability and other advantages, demand for rear entry wheelchair accessible vehicles is higher than that for side entry wheelchair accessible vehicles in 2021. However, regardless of price, the industry is seeing a tremendous increase in demand for side entry vehicles. Additionally, wheelchair users who are not interested in operating the vehicle choose the rear entry section since it offers greater ease than the side entry design. However, due to the rising number of wheelchair users who choose to drive or choose to sit in the front seat, it is expected that the side entrance configuration category will have the greatest growth rate.

The wheelchair accessible vehicle converters market has been divided into ramp and lifting methods based on technique. Due to its simple operation and affordability, the ramp sector held a sizable portion of the market in 2021. Additionally, the lifting market is growing steadily due to its extremely sophisticated characteristics. Ramp mode has become increasingly popular, partly because of its simplicity of use, high availability, and ability to work in a smaller area. Ramps' compatibility with small-sized automobiles is also anticipated to support demand for them during the projection period. Due to characteristics like slow and safe wheelchair mounting, demand for lift-type access modes is also rising.

The market is classified into SUVs, vans, and others based on vehicle type. In 2021, the vans category was expected to maintain its market dominance. The healthcare industry's growing usage of vans is anticipated to boost the segment's expansion. Vans also offer a lot of height and room for the safe and efficient use of wheelchair accessible vehicle converters. Additionally, the tendency of families of wheelchair users to own vans to prevent hassle-free journeys will fuel market expansion in the ensuing years.

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List of Key Players in Wheelchair Accessible Vehicle Converters Market:

• Kirchoff Mobility
• Freedom Motors USA
• Allied Mobility
• Brotherwood Automobility Limited
• Vantage Mobility International
• Rolex Vans
• AMS Vans
• Autech Japan Inc.
• Universal Motions
• Growings Mobility Group Limited
• G.M. Coachwork Ltd.
• Sirius Automotive Ltd.
• Tripod Mobility

Key questions answered in this report:

• What are the growth rate forecast and market size for WHEELCHAIR ACCESSIBLE VEHICLE CONVERTERS Market?
• What are the key driving factors propelling the WHEELCHAIR ACCESSIBLE VEHICLE CONVERTERS Market forward?
• What are the most important companies in the WHEELCHAIR ACCESSIBLE VEHICLE CONVERTERS Market Industry?
• What segments does the WHEELCHAIR ACCESSIBLE VEHICLE CONVERTERS Market cover?
• How can I receive a free copy of the WHEELCHAIR ACCESSIBLE VEHICLE CONVERTERS Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• North America dominated the wheelchair accessible vehicle converters market in 2021.

North America dominates the wheelchair accessible vehicle converters market in 2021. North America has a significant proportion of wheelchair users. Many areas in the nation are wheelchair accessible due to the region's increased consumer affordability and built infrastructure. The demand for wheelchair accessible vehicle converters among individuals with disabilities for work, education, and recreation has increased, along with financial assistance from governments. Increased consumer affordability and technology improvement are two key factors propelling the market. Additionally, it is predicted that the market will increase during the forecast period due to the rising number of wheelchair users in the area and the government's financial help.

Global Wheelchair Accessible Vehicle Converters Market is segmented as follows:

Wheelchair Accessible Vehicle Converters Market: By Entry Type Outlook (2023-2028)

• Side Entry
• Rear Entry

Wheelchair Accessible Vehicle Converters Market: By Method Outlook (2023-2028)

• Ramps
• Lifts

Wheelchair Accessible Vehicle Converters Market: By Vehicle type Outlook (2023-2028)

• SUVs
• Vans
• Others

Wheelchair Accessible Vehicle Converters Market: By Region Outlook (2023-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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