Wheelchair Accessible Vehicle Industry is projected to expand at a steady CAGR of 5.4% by the forecast period 2028 - States Fact.MR
Largely pushed by increasing road accidents, wheelchair accessible vehicles are witnessing upward growth trend, as manufacturers are investing in research and development to manufacture enhanced product counterparts to cater to the increasing requirement.
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With availability of different sizes, wheelchair accessible vehicles are being used for personal use as well as medical and public transportation, which is expected to support the growth of wheelchair accessible vehicle market during the period of forecast.
Fact.MR has compiled several intrinsic aspects associated with wheelchair accessible vehicle in a new intelligence report and has provided future projections of wheelchair accessible vehicle market along with growth prospects across various regions during the assessment period, 2018-2028.
According to the intelligence report, the wheelchair accessible vehicle market is projected to expand at a steady pace and its growing demand is expected to translate into sales crossing US$ 6 billion by end of the period of assessment (2028).
This growth is led by increasing demand for hi-tech wheelchair accessible vehicles, growing medical tourism and assistance from governments across countries.
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Furthermore, wheelchair accessible vehicles are expected to witness increased adoption in developing countries of North America and Europe, with an increased demand in emerging economies of Asia Pacific excluding Japan (APEJ) region.
Wheelchair Accessible Vehicle Market: Side Entry to Provide a Large Impetus for Growth
Given its advantage with respect to storage space, the demand for a wheelchair accessible vehicle with side entry is expected to increase in the coming years.
With a side entry, the user has the option of leaving the vehicle in a forward position as opposed to backing out, and it also allows more head room for people.
Moreover, side entry does not block away the trunk space, which increases its usability as it facilitates better storage along with its use as a carrier for the disabled.
The report analyses that sales of wheelchair accessible vehicle with a side entry surpassed those of wheelchair accessible vehicle with rear entry and the former is expected to retain its status quo throughout the period of assessment.
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Wheelchair Accessible Vehicle Market: Refurbished More Favored than New
The wheelchair accessible vehicle market is strongly impacted with sales of new and refurbished wheelchair accessible vehicles. With a high initial cost of wheelchair accessible vehicle, it has become challenging for manufacturers as they are likely to face customer reluctance with respect to purchasing.
Price intensive nature of wheelchair accessible vehicle has confined its purchase to a limited customer base. However, refurbishing of old wheelchair accessible vehicle significantly reduces the overall pricing of the product, which is likely to push its demand and sales during the forecast period.
Furthermore, the concept of customization has proliferated into the automotive world, with wheelchair accessible vehicle being no exception. Instead of purchasing a new wheelchair accessible vehicle, customers are more inclined towards converting their minivans or SUVs and small cars into wheelchair accessible vehicles.
This factor fuelled sales of refurbished wheelchair accessible vehicle in the past years and is likely to continue with this trend during the entire review period.
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