MRRSE has added a new research report on the "Wheelchair Accessible Vehicle Converters Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024" to its collection.
Albany, NY -- (SBWIRE) -- 12/19/2016 -- North America Wheelchair Accessible Vehicle Converters Market: Snapshot
The growth of the North America wheelchair accessible vehicle (WAV) converters market rests significantly on the Americans with Disabilities Act of 1990. Title II of the act establishes specific regulations for public transport and facilities to be equipped with assistive equipment for people using wheelchairs. This has had a positive impact on the usage of wheelchair accessible vehicle converters. Technological advancements in terms of fuel efficiency and the introduction of electric wheelchair accessible vehicles has also increased the adoption rate of wheelchair accessible vehicles.
The North America WAV converters market was valued at US$781.8 mn in 2015 and is expected to reach US$1.9 bn by 2024. If these values hold true, the market is projected to expand at a CAGR of 11.1% during the forecast period.
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Full-sized Vehicles Garner Leading Share in North America WAV Converters Market
Based on entry modality, the North America wheelchair accessible vehicle converters market has been segmented into lifts, ramps, and transfer seats. The ramp segment accounted for the leading share of 67.7% by revenue in the North America WAV converters market in 2015, followed by the lifts segment. Owing to the ease of use and accessibility offered by ramps, this segment is expected to witness high adoption throughout the forecast period.
On the basis of vehicle type, the market has been segmented into full-sized vehicles, medium-sized vehicles, and small-sized vehicles. Among these, full-sized vehicles held a share of around 73.0% in 2015 in terms of revenue. Full-sized vehicles offer more space to accommodate wheelchairs and caretakers, owing to which, the demand for the same remains high in the North America market.
Large Population Base of People with Disabilities Driving Adoption across U.S. and Canada
On the basis of country, the U.S. is estimated to account for a whopping 88.3% of the revenue generated by the North America wheelchair accessible vehicle converters market by 2024, exhibiting a strong CAGR of 11.2% over the course of the forecast period. Driven by a large disabled population base and the growing number of initiatives by vehicle converters, the U.S. market is expected to witness an increased adoption of WAVs in the coming years. A rising number of car rental agencies providing WAV services is also expected to boost the U.S. market for wheelchair accessible vehicle converters.
By the size of vehicle, full-sized vehicles accounted for the leading share in the U.S. due to a higher adoption rate. Growth in this segment can also be attributed to a significant push from the supply side as several WAV converters offer a strong vehicle portfolio.
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Although Canada accounts for a rather small share in the North America wheelchair accessible vehicle converters market, it is projected to reflect a healthy CAGR of 10.5% through 2024, hinting at the immense potential this market possesses. Growth in the number of people with disabilities in the country is expected to promote the demand for WAVs over the forecast period. According to the Canadian Survey on Disability, in 2012, 81.3% of the disabled population in Canada used assistive devices for mobility.
In Canada, full-sized vehicles hold the dominant share in the wheelchair accessible vehicle converters market owing to large interior space and easy mobility for caregivers. However, an ongoing shift in demand from full-sized vehicles to minivans and medium-sized SUVs among youth is expected to boost the market for medium-sized vehicles over the forecast period.
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Some of the major companies operating in the North America wheelchair accessible vehicle converters market are Toyota Motor Sales, U.S.A., Inc., BraunAbility, Freedom Motors USA, Vantage Mobility Inte