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Vehicles for Disabled Market Insights by 2027| Key Players: Toyota Motor Corporation (Japan), Vantage Mobility International (US), BraunAbility (US), Revability (US), and Mobility Works (US).

08-09-2019 08:04 AM CET | Tourism, Cars, Traffic

Press release from: MarketsandMarkets

Vehicles for Disabled Market Insights by 2027| Key Players:

According to the new market research report "Vehicles for Disabled Market by Vehicle Type (Adaptive Four-Wheeler, Mobility Scooter), Manufacturer Type (OEM and Third-Party Customization), Entry Mechanism, Entry Configuration, Driving Option, Ownership, and Region - Global Forecast to 2027", published by MarketsandMarkets™, The global Vehicles for Disabled Market is projected to grow from USD 2.6 billion in 2019 to reach USD 6.3 billion by 2027, at a CAGR of 11.7%.

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The growth of Vehicles for Disabled Market is influenced by factors such as the growing population of disabled people, aging population of baby boomers, increasing awareness for mobility solutions provided to disabled people, and government-supported schemes & funding. Technological advancements in mobility solutions for disabled people, increasing rates of knee & spine disorders, and rising accidental rates are some of the major factors driving the growth of vehicles for disabled people. Thus, the Vehicles for Disabled Market is expected to witness significant growth in the future.

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The vehicle for a disabled market in adaptive four-wheeler is led by globally and regionally established players such as Toyota Motor Corporation (Japan), Vantage Mobility International (US), BraunAbility (US), Revability (US), and Mobility Works (US).

North American is expected to lead the global market during the forecast period

North America is expected to be the largest market during the forecast period. The market growth can be attributed to the rising population of aged baby boomers, increase in the sense of self-reliability among disabled people to perform their task, increase in health issues like obesity & arthritis, and several funding schemes and initiatives by governments of respective countries.

In the US, there are various organizations and groups which support the disabled people to provide them easy mobility solutions. This group includes National Mobility Equipment Dealers Association (NMEDA) which is a trade group of companies that sell adaptive driving equipment and National Highway Traffic and Transportation Safety Administration that offers advice on driver training, vehicle selection, and vehicle modification.
In the coming years, North American is likely to grow significantly from the rising demand for user-friendly accessible vehicles due to extensive technological advancements in mobility solutions such as the development of autonomous vehicles for disabled people and advancements in terms of accessibility such as seating, vehicle entry, and driving aids.

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Mobility scooter market is expected to grow at the highest CAGR

Mobility scooters are expected to be the fastest-growing segment within this market. These scooters are power-operated scooter/vehicle or electric scooter which has a seat over three, four/five wheels which are considered as the best solution for mobility of disabled to travel short distances in terms of performing a daily routine task. The market is mainly driven by the aging population in developed countries, an increase in incidences of knee & spine disorders, rising accidental cases, and growing government organizations. Also, the availability of mobility scooters in various style, design & features has increased the attention of consumers towards mobility scooters.

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Asia Pacific: Japan is expected to lead the Asia Pacific market

The Asia Pacific region is estimated to be the highest growing market. The Asia Pacific mainly comprises India, China, Japan, and South Korea. According to the World Health Organization, about 15% of the world population–over a billion people–have some form of disability. Of this population, around 80% live in developing countries.

The Asia Pacific comprises several developing countries which have remained untapped markets for mobility solutions. It is expected that the market penetration will increase in the coming years due to government initiatives to improve healthcare infrastructure, awareness towards mobility needs, and increase in disposable income. Japan to lead the Asia Pacific market due to the rapid developments by the government in the healthcare sector along with the larger aging population.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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