The North America wheelchair accessible vehicle (WAV) converters market is consolidated, with the top three players – BraunAbility, Vantage Mobility International, and Mobility Ventures LLC – accounting for over 65% in 2015. Transparency Market Research has observed that WAV manufacturers and vehicle converters are increasingly focusing on strengthening their distribution networks, developing a steady sales force, and conducting awareness programs in order to increase the adoption of WAVs over the forecast period.
Transportation companies are also looking to capitalize on the opportunities presented by this market through WAV taxi services. For instance, in July 2015, Uber Technologies, Inc. announced the launch of UberACCESS, which provides mobility vehicles for disabled customers. Wheelchair accessible vehicle taxi services are gaining traction in the U.S. and this is expected to give the WAV converters market a considerable boost in the coming years.
The value of the North America wheelchair accessible vehicle converters market was pegged at US$781.8 mn in 2015 and is expected to reach US$1.9 bn by 2024, registering a CAGR of 11.1% therein.
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By Entry Modality, Ramps Present Most Lucrative Opportunities for Players
On the basis of size of vehicle, full-sized vehicles are expected to account for a 73.1% share in the wheelchair accessible vehicle converters market by 2024. Small-sized vehicles, on the other hand, form the most attractive segment. This segment is projected to expand at a strong CAGR of 11.4% from 2016 to 2024.
By entry modality, ramps form the leading segment of the wheelchair accessible vehicle converters market in North America and this segment is anticipated to exhibit high growth through the forecast period.
From a geographical standpoint, the U.S. market is estimated to account for an 88.3% revenue share by 2024, emerging as the clear leader in the North America wheelchair accessible vehicle converters market. The U.S. is also projected to be the most lucrative segment by 2024.
Introduction of Preemptive Accommodations by WAV Manufacturers a Key Marketing Strategy
One of the key factors driving the North America market for wheelchair accessible vehicle converters is the significant prevalence of people with disabilities. A recent study published by the Centers for Disease Control and Prevention (CDC) states that one out of every five adults in the U.S. has a disability. This translates to roughly 53 million adults currently living with some form of disability. Disabled World, an independent news portal, reveals that an estimated 6.8 million community-resident Americans use mobility assistive devices, of which, at least 1.7 million individuals are wheelchair or scooter riders. “With the number of people living from disabilities on the rise, the demand for wheelchair accessible vehicle converters is bound to grow,” the TMR analyst states.
Looking to increase the adoption rate of wheelchair accessible vehicles and offer more benefits to customers, WAV manufacturers are focusing on integrating advanced technologies with their products. The introduction of preemptive accommodations is one such example, wherein WAV manufacturing companies are partnering with parking authorities in major cities to notify WAV users regarding the availability of parking spaces. Developments such as these are sure to boost the wheelchair accessible vehicle converters market in North America.
On the flip side, the high cost of wheelchair accessible vehicles and low awareness among potential customers are expected to significantly hamper the adoption rate of mobility vehicles, thereby hurting the wheelchair accessible vehicle converters market in North America.
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