North America Wheelchair Accessible Vehicle Converters Market Eventually Reaching to US $3.47 Billion by the End of 2024

According to TMR, the North America wheelchair accessible vehicle converters market was valued at US$1.74 bn in 2015. It is expected to expand at a positive CAGR of 5.30% within a forecast period from 2016 to 2024, eventually reaching US$3.47 bn by the end of 2024. “The growth in the number of disabled patients is currently influencing the North America wheelchair accessible vehicle converters market. In 2015, almost 3.3 mn wheelchair users were already present in North America, a number which is likely to rise over the coming years due to the growth in prevalence of disability of mobility among patients,” states a TMR analyst. The massive geriatric population is a primary proponent of this demographic, followed by the obese and the trauma and accident victims. This, as a result, is likely to fuel the demand for wheelchair accessible vehicle converters further over the forecast period.

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In terms of geography, the market for wheelchair accessible vehicle converters in North America has been segmented into the U.S. and Canada. With a share of nearly 95%, the U.S. led the overall market in 2015. The scenario is expected to remain so over the next few years, thanks to the presence of a large base of disabled population. The rising adoption of wheelchair accessible vehicles, stimulated by the increasing number of awareness initiatives by the manufacturers of vehicle converters, increasing cases of trauma resulting in disability, and the surge in the government funding for wheelchair accessible vehicles are also projected to boost the U.S. market for wheelchair accessible vehicle converters in the years to come.

The report provides market size in terms of US$ Mn for each segment for the period from 2014 to 2024, considering the macro and micro environmental factors. Growth rates for each segment within the North America Wheelchair Accessible Vehicle Converters market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements. A detailed qualitative analysis of factors responsible for driving and restraining market growth and future opportunities has been provided in the market overview section. This section of the report also includes market attractiveness analysis that provides a thorough analysis of the overall competitive scenario in the North America Wheelchair Accessible Vehicle Converters market.

Report Overview, with TOC - https://www.transparencymarketresearch.com/report-toc/16094

The three leading entities in this market – Mobility Ventures LLC., BraunAbility, and Vantage Mobility International – took up over 65% of the North America wheelchair accessible vehicle converters market in 2015. According to Transparency Market Research in its recently published research report, the market featured a moderately fragmented competitive landscape for that year, and is likely to slowly grow more consolidated over time. A majority of the players in this market are highly reliant on bringing out newer and advanced products in the market as a core part of their strategic expansion plans. It is also likely for the leading players to change their focus towards mergers and acquisitions over the coming years.

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