The North America wheelchair accessible vehicle (WAV) converters market is highly consolidated, with the top three players accounting for over 65.0% in 2015. Transparency Market Research (TMR) notes that these leading companies—BraunAbility, Vantage Mobility International, and Mobility Ventures LLC—are actively consolidating their distribution networks and developing a steady sales force, including a robust aftersales service, to strengthen their market shares across different countries of North America. These companies, along with other prominent WAV taxi service providers, are focusing on creating awareness programs on the availability of the wheelchair accessible vehicles to meet the transport needs of large number of people living with disability. These factors boost the adoption of the WAV converters along the forecast period.
Leading transportation providers in major nations are finding ways to capitalize on the exciting opportunities in the market through the introduction of WAV taxi services. The North America WAV converters market was valued at US$781.8 mn in 2015 and is forecast to reach US$1.9 bn by 2024; the market is anticipated to rise at a CAGR of 11.1% during the period 2016 – 2024.
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Large Population Base with Disability in the U.S. to Provide Impetus to Market
On the basis of size of the vehicle, the North America wheelchair accessible vehicle converters market is segmented into full-size, medium-size, and small-size vehicles. Full-sized vehicles form the dominant segment and are expected to occupy 73.1% share in the wheelchair accessible vehicle converters market by 2024. The growth of the segment is driven by the availability of large space to accommodate wheelchairs and increased convenience to caretakers due to more space in the vehicle.
On the basis of country, the North America wheelchair accessible vehicle converters market is segmented into the U.S. and Canada. The U.S., with a large number of disabled people, offers wheelchair accessible vehicle converters ample growth opportunities. The country is poised to contribute an impressive share of the 88.3% of the revenue generated by the wheelchair accessible vehicle converters market in the North America by 2024. Increasing number of car rental agencies keen on providing affordable WAV services is expected to boost the wheelchair accessible vehicle converters market in the U.S.
Technology Advancements and Modifications by WAV Manufacturers to Drive Market Growth
Large prevalence of people with disabilities in North America is a primary factor fuelling the growth of the market. A study published by the Centers for Disease Control and Prevention (CDC) finds that one out of every five adults in the U.S. has a disability with the most common functional disability type being mobility limitation. Technological advancements for better fuel efficiency and the advent of electric wheelchair accessible vehicles have in turn stimulated the demand for wheelchair accessible vehicle converters.
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Wheelchair accessible vehicle taxi services are increasingly focused on providing enhanced accessibility options for the people with disability. In addition, WAV manufacturers are actively engaged in integrating related technologies with their products to make the service of WAV providers more accessible and friendly. The introduction of preemptive accommodations is one such example, wherein WAV manufacturing companies have partnered with parking authorities to make preemptive accommodations in various cities easier and convenient. The people who need WAV services are duly notified regarding the availability of parking spaces.
However, the high cost of availing wheelchair accessible vehicles is likely to act as a significant deterrent to the growth of the North America wheelchair accessible vehicle converters market. On the other hand, WAV converters focus on including a wide range of mobility adaptions in segments such as lifts and ramp and offer a variety of customizations to gain a competitive edge over others.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Wheelchair Accessible Vehicle Converters Market – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.