New York, May 30, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wheelchair Accessible Vehicle Converter Global Market Report 2023" - https://www.reportlinker.com/p06457634/?utm_source=GNW
, Tripod Mobility, Autech Japan, Inc., Allied Mobility, BraunAbility, and Toyota Motor Corporation.
The global wheelchair accessible vehicle converter market is expected to grow from $7.42 billion in 2022 to $7.88 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wheelchair accessible vehicle converter market is expected to reach $9.57 billion in 2027 at a CAGR of 5%.
The wheelchair-accessible vehicle converter market consists of sales of electric mobility vehicles, minivan-accessible wheelchair vehicles, SUV-accessible wheelchair vehicles, and compact car-accessible wheelchair vehicles.Values in this market are "factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Wheelchair-accessible vehicle converters are the vehicle that has been specially designed to allow the wheelchair user to travel securely and comfortably while seated in their wheelchair.
North America was the largest region in the wheelchair accessible vehicle converter market in 2022. The regions covered in wheelchair-accessible vehicle converter report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main entry points involved in wheelchair-accessible vehicle converter are side entry and rear entry.Side entry refers to an entry that makes it simpler for people with disabilities to enter the vehicle using a wheelchair through one of the sliding doors.
The various modes of entry involved are ramps and lifts which are used for sport utility vehicles, trucks, and others.
The increasing number of the elderly population is expected to propel the growth of the wheelchair-accessible vehicle converter market going forward.The elderly population refers to persons, aged 60 and over.
Elderly people benefit from wheelchair-accessible vehicle conversions, which make living more comfortable for those who have significant difficulties walking or climbing steps.For instance, according to the World Health Organization, a Switzerland-based agency of the United Nations, it is anticipated that the percentage of people over 60 in the world will increase from 12% to 22% between 2015 and 2050.
The number of people 80 or older is anticipated to triple between 2020 and 2050, reaching 426 million. Therefore, the increasing number of the elderly population is driving the growth of the wheelchair-accessible vehicle converter market.
Technological advancements are a key trend gaining popularity in the wheelchair-accessible vehicle converter market.Major companies operating in the wheelchair-accessible vehicle converter market are adopting new technologies to sustain their position in the market.
For instance, in May 2022, Vantage Mobility International, a US-based manufacturer of wheelchair-accessible vehicles launched the first wheelchair-accessible minivan.The special features include a lowing floor conversion that improves accessibility, fuel efficiency, and all-wheel drive capabilities.
The wheelchair user has additional opportunities to drive in a range of locations with more traction and control, even in bad weather.
In Feb 2020, Superior Van & Mobility, a US-based company that provides sales, service, rentals, installations, repairs and maintenance for conversion vans, and wheelchair lifts for vans/vehicles acquired Presidential Conversions for an undisclosed amount.With this acquisition, Superior Van & Mobility will accelerate the supply of new and used wheelchair-accessible cars, mobility seats, hand controls, scooter lifts, and other driving aids for the commercial transportation sector as well as consumers who are physically challenged.
Presidential Conversions is a US-based company focused on moderately priced wheelchair-accessible automobiles, wheelchair lifts, and mobility aids that have been provided for handicapped people.
The countries covered in the wheelchair-accessible vehicle converter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wheelchair-accessible vehicle converter market research report is one of a series of new reports that provides wheelchair-accessible vehicle converter market statistics, including wheelchair-accessible vehicle converter industry global market size, regional shares, competitors with wheelchair-accessible vehicle converter market share, detailed wheelchair accessible vehicle converter market segments, market trends, and opportunities, and any further data you may need to thrive in the wheelchair accessible vehicle converter industry. This wheelchair-accessible vehicle converter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06457634/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
