Wheelchair Accessible Vehicle Market Scenario Highlighting Factors by 2028
Wheelchair Accessible Vehicle Market is projected to expand at a steady CAGR of 5.4% throughout the period of assessment with respect to value, 2018-2028
[ClickPress, Fri Mar 08 2019] In order to study the various trends and patterns prevailing in the concerned market, FactMR has included a new report titled “Wheelchair Accessible Vehicle Market Scenario Highlighting Major Drivers & Trends by 2028” to its wide online database including upcoming trends and growth factors. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. The report studies the wheelchair accessible vehicle market worldwide, especially in North America, Europe, Southeast Asia, India and Other Regions with production, size, growth, revenue, consumption, import and export in these regions.
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Medical tourism continues to influence the adoption of wheelchair accessible vehicles coupled with financial assistance from federal governments. Furthermore, demand for wheelchair accessible vehicles has also been impacted with growing road accidents worldwide. According to World Health Organization (WHO) analysis, road accidents are one of the leading causes of mortalities and disabilities. The wheelchair accessible vehicle market has also been influenced by new design features and developments incorporated by manufacturers in order to diversify their product offerings.
Furthermore, while medical transportation has given significant traction to adoption of wheelchair accessible vehicles, the wheelchair accessible vehicle market is also fueled with increasing demand for wheelchair accessible vehicles for personal use that largely includes transportation of disabled or aged people. Albeit a steady growth, the wheelchair accessible vehicle market is consolidated given a handful of wheelchair accessible vehicles manufacturers that is likely to impact the demand and supply scenario worldwide.
Understanding key aspects of the wheelchair accessible vehicle market, FactMR has come up with a new research report that comprehensively describes vital factors influencing growth, both in a negative and in a positive manner. According to the research report on wheelchair accessible vehicle market, it is projected to expand at a steady CAGR of 5.4% throughout the period of assessment with respect to value, 2018-2028. The report also reveals that sales of wheelchair accessible vehicles continue to remain concentrated in developed countries of North America and Europe. That said, North America is expected to reflect a higher market attractiveness with respect to adoption of wheelchair accessible vehicles during the assessment period.
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On the contrary, full size wheelchair accessible vehicles are witnessing demand from medical facilities and public transportation. Full size wheelchair accessible vehicles such as vans and buses are expected to gain ground given their high transportation capacities and boot space. However, full size wheelchair accessible vehicles are beset by challenges associated with fuel and operational efficiency and maneuverability, which has a limiting impact on the sales of full size wheelchair accessible vehicles and as a consequence on the overall market during the period of forecast.
Consolidated wheelchair accessible vehicle market is expected to face a huge challenge with respect to supply and demand scenario, as the overall market represents only a handful of wheelchair accessible vehicles manufacturers. Wheelchair accessible vehicles manufacturing involves various stages along with involvement of trained personnel. That said, the cost of production of wheelchair accessible vehicles is relatively higher than standard vehicles, making them price intensive.
High cost of production and price intensive nature of wheelchair accessible vehicles continue to be a growth limiting aspect of the market worldwide. That said, the trend of “on-rent” wheelchair accessible vehicles has prevailed as a new growth propeller, embossing a positive impact on its market across various countries in the globe. Various dealers operating in wheelchair accessible vehicle market have started renting wheelchair accessible vehicles with additional features such as secure wheelchair tie downs, powered ramp as a safety backup and high fuel capacity to reduce stoppages. Affordable and easy trend of wheelchair accessible vehicles renting services has increased the convenient quotient for medical facilities in case of emergencies as well as general public, consequently shaping the demand for wheelchair accessible vehicles worldwide.
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