Wheelchair Accessible Vehicle Market Rapid Growth with Huge Application Scope by 2028

From: Fact Market Research
Published: Thu Aug 01 2019


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. 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.

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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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.

Wheelchair accessible vehicles include entry mechanisms such as ramps and lifts depending upon customer requirement. Wheelchair accessible vehicle with ramp as an entry mechanism has witnessed increased acceptance owing to its affordability, easy installation and fuel efficiency. Moreover, ramps use less storage space as compared to lifts. Ramps are generally used in small vans given their ultra-light weight and extreme durability. On the other hand, lifts are a second preference among users that consider this type of entry mechanism for full size conversion vans and are an idea option when limitations of space would reduce the functionality of ramps. Albeit their ease in operation and convenience, lifts are expected to trail ramps with respect to demand in the wheelchair accessible vehicle market.

High cost of production and price intensive nature of wheelchair accessible vehicles continue to be a growth limiting aspect of the market worldwide. That said, the trend of "on-rent" wheelchair accessible vehicles has prevailed as a new growth propeller, embossing a positive impact on its market across various countries in the globe. Various dealers operating in wheelchair accessible vehicle market have started renting wheelchair accessible vehicles with additional features such as secure wheelchair tie downs, powered ramp as a safety backup and high fuel capacity to reduce stoppages. Affordable and easy trend of wheelchair accessible vehicles renting services has increased the convenient quotient for medical facilities in case of emergencies as well as general public, consequently shaping the demand for wheelchair accessible vehicles worldwide.

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