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Wheelchair Accessible Vehicle Converter Market Report 2024 - Wheelchair Accessible Vehicle Converter Market Insights, Growth And Demand
Wheelchair Accessible Vehicle Converter Market
According to The Business Research Company's, The wheelchair accessible vehicle converter market size has grown strongly in recent years. It will grow from $7.84 billion in 2023 to $8.3 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to legislation and accessibility regulations, growing aging population, increase in disability awareness, government funding and support, rise of mobility solutions providers.
The wheelchair accessible vehicle converter market size is expected to see strong growth in the next few years. It will grow to $10.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to collaborations with automakers, government incentives for accessibility, demand for inclusive transportation solutions, integration of sustainable practices, focus on user-friendly designs, . Major trends in the forecast period include advancements in vehicle design and technology, regulatory compliance and standards, customization and personalization, rise of electric and hybrid vehicles, integration of assistive technologies, focus on lightweight materials.
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Market Drivers and Trends:
The increasing number of the elderly population is expected to propel the growth of the wheelchair-accessible vehicle converter market going forward. The elderly population refers to persons, aged 60 and over. Elderly people benefit from wheelchair-accessible vehicle conversions, which make living more comfortable for those who have significant difficulties walking or climbing steps. For instance, according to the data released by America's Health Rankings, an organization based in America evaluates health outcomes. In the United States, more than 56 million adults aged 65 and up life, accounting for around 16.9% of the total population. More than 73.1 million older people are expected by 2030 when the last of the baby boomer generation enters old age. Therefore, the increasing number of the elderly population is driving the growth of the wheelchair-accessible vehicle converter market.
Technological advancements are a key trend gaining popularity in the wheelchair-accessible vehicle converter market. Major companies operating in the wheelchair-accessible vehicle converter market are adopting new technologies to sustain their position in the market. For instance, in May 2022, Vantage Mobility International, a US-based manufacturer of wheelchair-accessible vehicles launched the first wheelchair-accessible minivan. The special features include a lowing floor conversion that improves accessibility, fuel efficiency, and all-wheel drive capabilities. The wheelchair user has additional opportunities to drive in a range of locations with more traction and control, even in bad weather.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Freedom Motors USA LLC; Brotherhood Automobility Limited; Vantage Mobility International; Rollx Vans LLC; AMS Vans Inc.; Universal Motions; Growings Mobility Group Limited; General Motors Company; Sirius Automotive Ltd.; Tripod Mobility; Autech Japan Inc.; Allied Mobility; BraunAbility Inc.; Toyota Motor Corporation; Vendor-managed inventory; 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; Fiat Doblò; Renault Kangoo; Kia Sedona; Ford Motor Company
Wheelchair Accessible Vehicle Converter Market 2024 Key Insights:
• The wheelchair accessible vehicle converter market will grow to $10.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Rising Elderly Population Boosts Demand For Wheelchair-Accessible Vehicle Converters
• Innovative Wheelchair-Accessible Minivan With Lowered Floor Conversion And All-Wheel Drive
• North America was the largest region in the wheelchair accessible vehicle converter market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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