Albany, NY -- (SBWIRE) -- 09/22/2017 -- 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.
Patients with Mobility Issues to Rise, Fueling Demand
"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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The North America wheelchair accessible vehicle converters market is also being driven by the overall addition of these type of vehicles in the increasingly asked for user-friendly accessible vehicles category. The market is, however, currently being restrained by the high price of these vehicles and the essential components required.
Advancements in Technology to Guide Market's Future
Side entry vehicles have so far been a widely demanded segment in the North America wheelchair accessible vehicle converters market. According to analysts, this segment is also likely to propel the market over the coming years, owing to the increased expenditure on them, fueling the development rate of manufacturers.
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Full Size Vehicles Dominate Demand Volume in North America Market
On the basis of the type of vehicle, the North America wheelchair accessible vehicle converters market has so far been led by full size vehicles, in terms of revenue in 2015. This segment took up over 48% of the market for the year, thanks to a rise in the uptake of wheelchair accessible vehicles as a type of family vehicle. However, over the coming years the overall rise in demand for medium size vehicle is expected to be higher in North America.
The U.S. dominated the North America wheelchair accessible vehicle converters market in 2015 with a share of close to 95% and is expected to remain in the lead for the given forecast period. This might be achieved by the increasing presence of a disabled and geriatric population, the increasing demand for wheelchair accessible vehicles, and a rise in trauma and accident cases. The market growth rate is further enhanced by increased government funding and the rising number of awareness initiatives.
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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