The North America wheelchair accessible vehicle converters market is competitive in nature with a few players holding a major share, states a new research report by Transparency Market Research. BraunAbility, Mobility Ventures LLC., and Vantage Mobility International are the prominent players operating in the market. In 2015, these three players accounted for more than 65% of the overall market share and are expected that these players will retain their leading position throughout the forecast period.
The leading players are focusing on innovations and technological developments in order to attract new customers and enhance their products and services. In addition to this, the increasing number of collaborations and mergers and acquisitions are anticipated to encourage the growth of the wheelchair accessible vehicle converters market in North America in the coming years.
According to the research study by Transparency Market Research, in 2015, the North America market for wheelchair accessible vehicle converters was worth US$1.74 bn and is likely to reach a value of US$3.47 bn by the end of 2024. Furthermore, the market is estimated to register a healthy 5.30% CAGR between 2016 and 2024.
Rise in Number of Disabled Patients to Accelerate Growth
A substantial rise in the number of disabled patients in North America is estimated to accelerate the growth of the market in the coming years. The rising awareness among patients regarding the availability of wheelchair accessible vehicle converters is likely to drive the overall market.
In addition, the increasing geriatric population and the rising purchasing power of consumers are further projected to boost market growth throughout the forecast period. On the other hand, the high cost of these products is expected to restrict the growth of the North America wheelchair accessible vehicle converters market throughout the forecast period.
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North America Wheelchair Accessible Vehicle Converters Market: Segmentation
Based on vehicle type, the North America Wheelchair Accessible Vehicle Converters market has been segmented into full size vehicle, medium size vehicle and small size vehicle. The market has been further studied from the point of view of major entry modality. Based on entry modality, the market has been categorized into ramps and lifts. On the basis of entry mode, the market has been segmented into side entry and rear entry.
The report also profiles major players in the Wheelchair Accessible Vehicle Converters market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments.
Companies Mentioned in the Research Report
Key companies profiled in the report include Toyota Motor Sales, U.S.A., Inc., BraunAbility, Freedom Motors USA, Vantage Mobility International and Mobility Ventures LLC.