Wheelchair Accessible Vehicle Converters Market Size, Share, Growth, Forecast 2030

Wheelchair Accessible Vehicle Converters Industry Prospective:

The global wheelchair accessible vehicle converters market size was worth around USD 6.1 billion in 2022 and is predicted to grow to around USD 8.6 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.5% between 2023 and 2030.          

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Wheelchair Accessible Vehicle Converters Market: Overview

Vehicles that are wheelchair accessible make it simple for wheelchair users to board. A ramp or wheelchair carrying lift can be used to quickly and conveniently board a vehicle with the wheelchair and its carrier. With this technique, the user can board the car from their wheelchair without having to strain themselves too much. Manufacturers of vehicle converters have been putting a lot of effort into developing robust, secure, and effective wheelchair-accessible systems. The market for wheelchair accessible vehicle conversions is expanding as a result of a variety of factors, such as the rising elderly population, technological improvements, and the increasing number of people with disabilities.

Key Insights

• As per the analysis shared by our research analyst, the global Wheelchair Accessible Vehicle Converters market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2023-2030).
• In terms of revenue, the global Wheelchair Accessible Vehicle Converters market size was valued at around USD 6.1 billion in 2022 and is projected to reach USD 8.6 billion, by 2030.
• The growing number of road accidents and the rising geriatric population drive the wheelchair accessible vehicle converters market growth over the forecast period.
• Based on the vehicle type, the SUV segment is expected to dominate the market over the forecast period.
• Based on the end-use, the personal segment is expected to dominate the market during the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Wheelchair Accessible Vehicle Converters Market: Growth Drivers

Transportation convenience and safety issues for those with physical limitation drives market growth

Worldwide demand for wheelchair accessible car convertors is anticipated to be driven by the desire for hassle-free commuting and transportation as well as a rise in safety concerns among families of physically challenged people. Due to rising disposable income and consumer power globally, the market for wheelchair accessible car converters is expected to expand. As the healthcare sector develops, there will likely be a significant increase in the number of vehicles needed for commuting and patient comfort, which will propel the wheelchair accessible vehicle converter market in the years to come. Globally, the healthcare sector is expanding swiftly, and governments are providing this sector with a range of subsidies to assist it in fulfilling societal demands.

Wheelchair Accessible Vehicle Converters Market: Restraints

Mobility limitations hinder market growth

Mobility restrictions are one of the most common functional limitations in the wheelchair accessible vehicle converters market globally. Extremely difficult walking or even stair climbing may be experienced by patients. As the number of persons with functional restrictions increases, the need for wheelchair-accessible car conversions is anticipated to grow, though there may be constraints on alternative transportation options.

Wheelchair Accessible Vehicle Converters Market: Opportunities

The growing geriatric population offers a lucrative opportunity for market growth

The growing geriatric population is expected to drive the wheelchair accessible vehicle converters industry growth over the forecast period. For instance, according to the World Health Organization, one in six individuals on the planet will be 60 or older by 2030. By this point, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of individuals in the world who are 60 or older will double (to 2.1 billion) by 2050. Between 2020 and 2050, the number of people 80 or older is projected to treble, reaching 426 million. In addition, as per the National Institutes of Health, the number of people over 65 in the globe is still increasing quickly. 617 million individuals, or 8.5% of the world's population, are over the age of 65. By 2050 (1.6 billion), this number is expected to increase to about 17 percent of the world's population.

Wheelchair Accessible Vehicle Converters Market: Challenges

Cost and affordability pose a major challenge to market growth

The high expense of converting vehicles to be wheelchair accessible is one of the biggest obstacles for the wheelchair accessible vehicle converters market. A car may become costly for many people and organizations because of the modifications and specialist equipment needed for accessibility. This problem may be made worse by conversions' inadequate insurance coverage. Thus, posing a major challenge for the market expansion during the forecast period.

Wheelchair Accessible Vehicle Converters Market: Segmentation

The global Wheelchair Accessible Vehicle Converters industry is segmented based on vehicle type, entry type, end-use, and region.

Based on the vehicle type, the global market is bifurcated into SUV, Van, Bus, and Others. The SUV segment is expected to dominate the market over the forecast period. SUVs are in great demand as wheelchair accessible vehicles due to their roominess and ability to accommodate both those with mobility issues and their caregivers. Sports utility vehicles are also anticipated to gain in popularity among consumers and to be readily available at a range of pricing points in the years to come. On the other hand, the Van segment is expected to capture a significant market share over the forecast period. Vans are the best option for individuals with disabilities who need more space for mobility equipment or several passengers since they offer greater capacity and flexibility for wheelchair adaptations than other vehicle types. The increased demand for custom van conversions and the abundance of customization options are both expected to contribute to the segment's growth.

Based on the entry type, the global wheelchair accessible vehicle converters market is bifurcated into Ramp, Lift, and Transfer Seat.

Based on the end-use, the global wheelchair accessible vehicle converters industry is divided into personal and commercial. The personal segment is expected to dominate the market during the forecast period. This is because more and more elderly people, individuals with disabilities, and those who provide care for them are using wheelchair-accessible vehicles for personal transportation. Another reason increasing demand for wheelchair-accessible vehicles is the aging population, which has higher mobility needs. Due to increased disposable income levels and the availability of government-funded programs for purchasing wheelchair accessible automobiles, it is also projected that the sector would experience a rise in demand for personal end-use.

Wheelchair Accessible Vehicle Converters Market: Report Scope

Wheelchair Accessible Vehicle Converters Market: Regional Analysis

North America is expected to dominate the market growth over the forecast period

North America is expected to dominate the wheelchair accessible vehicle converters market during the forecast period. The growth in the region is attributed to the growing geriatric population and rising disabilities among the population. For instance, according to the United States Census Bureau, from 4.9 million (or 4.7% of the total U.S. population) in 1920 to 55.8 million (16.8%) in 2020, there was a growth of 50.9 million in the elderly population. Nearly five times as much as the population as a whole (approximately 200%), this growth rate equates to roughly 1,000%. In addition, according to the data from the CDC, 61 million adults in the United States live with a disability. Thus, the aforementioned stats drive the market growth during the forecast period.

The Asia Pacific is expected to grow at the highest CAGR over the forecast period. In emerging countries like India and China, where the middle class is growing, social values are shifting, and accessibility and inclusion are becoming more and more important, the demand for wheelchair accessible vehicles is rising. The growth of the healthcare industry, the development of the infrastructure, and urbanization in these countries offer opportunities for market participants to profit from the escalating need for wheelchair accessible transportation options.

Wheelchair Accessible Vehicle Converters Market: Competitive Analysis

The global Wheelchair Accessible Vehicle Converters market is dominated by players like:

• Rolex Vans
• Kirchoff Mobility
• AMS Vans
• Vantage Mobility International
• Brotherwood Automobility Limited
• Autech Japan Inc.
• Allied Mobility
• Freedom Motors USA
• Tripod Mobility
• Universal Motions
• Sirius Automotive Ltd.
• Growings Mobility Group Limited
• G.M. Coachwork Ltd.

The global Wheelchair Accessible Vehicle Converters market is segmented as follows:

By Vehicle Type

• SUV
• Van
• Bus
• Others

By Entry Type

• Ramp
• Lift
• Transfer Seat

By End-Use

• Personal
• Commercial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa