Global Wheelchair Accessible Vehicle Market Steady Growth to be Witnessed Till 2028
According to the research report on wheelchair accessible vehicle market, it is projected to expand at a steady CAGR of 5.4% throughout the period of 2018-2028.
[UKPRwire, Fri Nov 30 2018] Medical tourism continues to influence the adoption of wheelchair accessible vehicles coupled with financial assistance from federal governments. Furthermore, demand for wheelchair accessible vehicles has also been impacted with growing road accidents worldwide. According to World Health Organization (WHO) analysis, road accidents are one of the leading causes of mortalities and disabilities. The wheelchair accessible vehicle market has also been influenced by new design features and developments incorporated by manufacturers in order to diversify their product offerings.
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Furthermore, while medical transportation has given significant traction to adoption of wheelchair accessible vehicles, the Wheelchair Accessible Vehicle Market Growth is also fueled with increasing demand for wheelchair accessible vehicles for personal use that largely includes transportation of disabled or aged people. Albeit a steady growth, the wheelchair accessible vehicle market is consolidated given a handful of wheelchair accessible vehicles manufacturers that is likely to impact the demand and supply scenario worldwide.
Understanding key aspects of the wheelchair accessible vehicle market, Fact.MR has come up with a new research report that comprehensively describes vital factors influencing growth, both in a negative and in a positive manner. According to the research report on wheelchair accessible vehicle market, it is projected to expand at a steady CAGR of 5.4% throughout the period of assessment with respect to value, 2018-2028. The report also reveals that sales of wheelchair accessible vehicles continue to remain concentrated in developed countries of North America and Europe. That said, North America is expected to reflect a higher market attractiveness with respect to adoption of wheelchair accessible vehicles during the assessment period.
Wheelchair Accessible Vehicle Market: Small Yet Big
Wheelchair accessible vehicles come in varying sizes from small cars to full sized vans. Of these, the small wheelchair accessible vehicles have gained higher traction since the past couple of years, given their various benefits revolving around pricing, running costs and maneuverability. As compared to full sized wheelchair accessible vehicles, small counterparts are fairly priced offering similar operational efficiency and convenience. Moreover, small wheelchair accessible vehicles are economical in terms of fuel consumption and overall running costs and are also easy to maneuver owing to less space requirement. Furthermore, adoption of small wheelchair accessible vehicles such as small minivans and passenger cars are gaining increasing traction for personal use as well as in medical transportation. These aspects have boosted the growth in adoption of small size wheelchair accessible vehicles, in turn driving sales of small size equivalents during the period of assessment.
On the contrary, full size wheelchair accessible vehicles are witnessing demand from medical facilities and public transportation. Full size wheelchair accessible vehicles such as vans and buses are expected to gain ground given their high transportation capacities and boot space. However, full size wheelchair accessible vehicles are beset by challenges associated with fuel and operational efficiency and maneuverability, which has a limiting impact on the sales of full size wheelchair accessible vehicles and as a consequence on the overall market during the period of forecast.
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Wheelchair Accessible Vehicle Market: Consolidation and Cost – A Major Challenge
Consolidated wheelchair accessible vehicle market is expected to face a huge challenge with respect to supply and demand scenario, as the overall market represents only a handful of wheelchair accessible vehicles manufacturers. Wheelchair accessible vehicles manufacturing involves various stages along with involvement of trained personnel. That said, the cost of production of wheelchair accessible vehicles is relatively higher than standard vehicles, making them price intensive. This is expected to pose challenges with respect to adoption of wheelchair accessible vehicles, in turn restraining the growth of the wheelchair accessible vehicle market.
Wheelchair Accessible Vehicle Market: Lucrativeness of North America to Yield Super Growth
According to United States Census Bureau, around 20 percent of people in the US (about 2.35 million) are suffering from disabilities. This has translated into increasing adoption of wheelchair accessible vehicles in the region, with a large concentration in United States, given its favorable transportation infrastructure. Moreover, increased government support coupled with presence of large players in the country have facilitated growth in demand and adoption of wheelchair accessible vehicles, making North America a lucrative market with respect to sales volume of wheelchair accessible vehicles during the period of forecast.
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