Wheelchair Accessible Vehicle Converters Market Shows Strong Growth Prospects owing to Rise in Number of Disabled13 Apr 2016
The World Bank recons that more than a billion people worldwide are living with one form of disability or another. That represents about 15% of the world’s population. Moreover, of the total number of disabled people in the world, an estimated 110 mn to 190 mn people suffer from significant disability. This has created a massive market for wheelchair-accessible vehicle converters or WAVs to ensure that the disable are able to board vehicles and their ability to travel is not compromised. According to a report by Transparency Market Research, titled, ‘Wheelchair Accessible Vehicle Converters Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020,’ the market will exhibit strong growth until 2020.
The report states that from the regional standpoint, Europe and North America collectively dominate the global WAVs market because of a great degree of sensitization toward the needs of the disabled and the availability of advanced technologies to modify regular vehicles into wheelchair accessible vehicle converters. A rise in the number of orthopedic surgeries conducted every year will also be responsible for the growth of the global wheelchair accessible vehicle converters market.
As per the findings of the report, the global wheelchair accessible vehicle converters market will also benefit from the rising number of road accidents, which cause the number of people suffering from disabilities to increase. The Worth Health Organization, for instance, estimates that the number of fatalities occurring from road accidents stand at nearly 1.24 mn every year.
According to a TMR analyst, “The Asian market for WAVs currently looks attractive and carries untapped opportunities. Asia Pacific will continue to remain an emerging market over the next four years and growth will chiefly stem from the increasing healthcare expenditure in the region.” The report also studies the growth prospects shown by the Rest of the World.
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A key restraint on the market’s growth is that many countries are still lacking in terms of favorable reimbursement policies and thus do not provide a conducive environment for the growth of the wheelchair accessible vehicle converters market.
Among the key names in the global wheelchair accessible vehicle converters market are: Fiat Doblo, Kia Sedona, Grand Voyager, Renault Kangoo, Skoda Roomster, and Peugeot Bipper.
The report provides a complete analysis of the factors that will both restrain and encourage growth. It also states which areas within the wheelchair accessible vehicle converters market will offer the highest return on investment. For a deeper, more systematic study of the wheelchair accessible vehicle converters market, the report also conducts a Porter’s five forces analysis that covers the future bargaining power of consumers, suppliers, competitors, and threats resulting from the availability of alternatives.