Tuesday, September 11th, 2018 - Fact.MR

Growth of medical and accessible tourism and increasing financial assistance from federal governments have led to a significant awareness regarding wheelchair accessible vehicles (WAVs). In addition, rise in numbers of road traffic crashes and aged population have collectively increased the statistics of long-standing disabled population across the globe, in turn, fuelling the wheelchair accessible vehicle adoption rate.

According to a new report published by Fact.MR, the Asia Pacific wheelchair accessible vehicle market is expected to witness a staggering growth during the forecast period 2017 – 2028. Asia Pacific region remains considerably inaccessible to wheelchair users owing to lack of awareness and accessible infrastructure. However, Hong Kong, Thailand, Myanmar, Vietnam, and Singapore are countries with prominent tourism activities where efforts are underway to increase the accessibility in the transportation sector, thereby creating opportunities for wheelchair accessible vehicle market in Asia Pacific.

Fact.MR foresees the wheelchair accessible vehicle market in Asia Pacific derived from the market forecast for Asia Pacific Excluding Japan (APEJ) and Japan. In addition, in 2017, Uber India launched wheelchair accessible vehicles with the aim to enhance day-to-day travelling options for people with disability.

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According to the Fact.MR report on the wheelchair accessible vehicle market, the global WAV market is expected to grow at a steady CAGR of 5.4% throughout the period of assessment. In the global landscape, the wheelchair accessible vehicle market is marked by prominent trends such as customization, rental services and demand for refurbished wheelchair accessible vehicles. Moreover, design of WAVs has evolved significantly as manufacturers focus on implementing advanced technologies and delivering complete comfort to disabled patients. Favorable government programs, active engagement of leading manufacturers, and availability of handicap accessible public transit buses are few of the prime factors supporting the growth of the wheelchair accessible vehicle market.

However, wheelchair accessible vehicle market is marked by only a handful of key manufacturers, which, in turn, represent week supply chain across the industry. Further, higher production costs and uncertain demand restrict manufacturers from mass production of WAVs. Challenges as such need to be addressed to expand the growth of the wheelchair accessible vehicle market during the review period.

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Keywords

Wheelchair accessible vehicles market, Asia Pacific wheelchair accessible vehicle market, wheelchair accessible vehicle market sales, wheelchair accessible vehicle market demand

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