How Has The Wheelchair Accessible Vehicle Converter Market Size Evolved In Recent Years?
The wheelchair accessible vehicle converter market has seen considerable growth due to a variety of factors.
• In recent times, there has been a notable surge in the market size of wheelchair accessible vehicle converters. This market is projected to expand from the value of $8.08 billion in 2024 to an estimated $8.5 billion by 2025, with a compound annual growth rate (CAGR) of 5.1%. Various factors have contributed to this growth in the historic period including the introduction of legislation and accessibility regulations, the rise in the elderly population, an increased awareness around disabilities, government financial aid and support along with the emergence of mobility solutions providers.
What Does Future Hold for The Wheelchair Accessible Vehicle Converter Market Size In The Coming Years?
The Wheelchair Accessible Vehicle Converter market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the market for wheelchair accessible vehicle converters is anticipated to experience significant expansion, reaching a valuation of $11.04 billion in 2029 with a compound annual growth rate (CAGR) of 6.8%.
This surge during the forecast timeline is due to factors such as partnerships with car manufacturers, government accessibility schemes, the need for inclusive transportation services, the implementation of environmentally friendly practices and the emphasis on user-friendly designs. Expected trends within this period are progress in vehicle design and mechanics, meeting regulatory requirements and standards, offering customization and personalization, the rising popularity of electric and hybrid vehicles, the inclusion of assistive technologies, and the use of lightweight materials.
What Are The Primary Growth Drivers In The Wheelchair Accessible Vehicle Converter Market?
The surge in the elderly population is seen as a key factor propelling the expansion of the wheelchair-accessible vehicle converter market. This term refers to those who are 60 years of age and older. These individuals can greatly utilize and benefit from wheelchair-accessible vehicle modifications, which enhance their quality of life, particularly if they face considerable struggles with walking or scaling stairs. For instance, figures from the Population Reference Bureau (PRB), a nonprofit organization in the United States, indicate that they anticipate the number of Americans aged 65 and over will rise from 58 million in 2022 to 82 million in 2050 (an increase of 47%); and their percentage of the total population will also increase from 17% to 23% in January 2024. Consequently, this growth in the elderly populace is fueling the upswing in the wheelchair-accessible vehicle converter market.
What Is The Segmentation Of The Global Wheelchair Accessible Vehicle Converter Market?
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
Subsegments:
1) By Side Entry: Side Entry Minivans, Side Entry SUVs, Custom Side Entry Conversions
2) By Rear Entry: Rear Entry Minivans, Rear Entry Vans, Custom Rear Entry Conversions
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What Emerging Trends Are Shaping The Wheelchair Accessible Vehicle Converter Market Landscape?
The rise of technological innovations is a noteworthy trend catching momentum in the market of wheelchair-accessible vehicle converters. To maintain their competitiveness, prominent companies in this market are integrating new technologies. As an illustration, Vantage Mobility International, an American manufacturer of wheelchair-accessible vehicles, introduced the first-ever wheelchair-accessible minivan in May 2022. This vehicle boasts unique features such as a lowered floor conversion to boost accessibility, enhanced fuel efficiency, and all-wheel drive capabilities. This offers users of wheelchairs expanded possibilities to drive in various locations with greater traction and control, regardless of weather conditions.
Who Are the Key Players In The Wheelchair Accessible Vehicle Converter Market?
Major companies operating in the wheelchair accessible vehicle converter market include:
• Freedom Motors USA LLC
• Brotherhood Automobility Limited
• Vantage Mobility International
• Rollx Vans LLC
• AMS Vans Inc.
• Growings Mobility Group Limited
• General Motors Company
• Sirius Automotive Ltd.
• Tripod Mobility
• Autech Japan Inc.
• Allied Mobility
• BraunAbility Inc.
• Toyota Motor Corporation
• Ricon Incorporated
• Independent Mobility Solutions LLC
• Nor Cal Vans LLC
• Kirchhoff Mobility
• ATConversions
• Advanced Mobility
• North American Mobility Solutions
• Sidewinder Conversions & Mobility Ltd.
• Taxi & Bus Conversion Ltd.
• Parfit Limited
• Mobility Ventures LLC
• Ford Motor Company
What Are The Regional Insights Into The Wheelchair Accessible Vehicle Converter Market?
North America was the largest region in the wheelchair accessible vehicle converter market in 2024. 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
