Market Leader - Vehicles for Disabled Market
The vehicles for disabled market is expected to grow from USD 2.6 billion in 2019 to reach USD 6.3 billion by 2027, growing at a CAGR of 11.7%. The growing population of aged & disabled people, along with various government schemes for disabled people is the major factors responsible for the expected growth in this market.
Many companies globally are investing in new product developments, research and developments, merger & acquisitions, and partnerships to establish themselves strongly in this growing market. In 2017, at the Tokyo Motor Show, Toyota showcased its purpose-made Concept-i Ride vehicle with features like providing gull-wing doors for easy ingress and egress and space behind the single seat for wheelchair storage. Instead of using pedals, the vehicle is controlled through joysticks. The autonomous vehicle showcased by Toyota is the outcome of the company’s substantial investment in research & development, and it has broadened the scope of new mobility solutions for disabled people.
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Mobility scooter is estimated to be the most widely used vehicle type accounting for the highest market share in 2018. These scooters are driven electrically, which are operated on battery and are offered in different variations ranging from three wheels to five wheels. Mobility scooters act as an alternative to wheelchairs. However, the higher cost as compared to wheelchairs is expected to hinder the growth of this market segment. At the same time, the involvement of several governments has made mobility scooters cost-effective through various schemes offered to disabled persons. Mobility scooters provide several features missing in traditional wheelchairs such as comfort, ease of use, and style, which further boosts the attractiveness of the mobility scooter market.
Asia Pacific is estimated to be the fastest-growing market during the forecast period. Japan is the largest market for such vehicles as the country grapples with a relatively aged population as well as a robust social security framework. Rest of Asia Pacific is an emerging market as the product penetration is increasing in this region, especially for mobility scooters due to the increase in road accidents and the resulting growth in the population of disabled people. Also, the market has remained untapped due to lack of healthcare infrastructure in this region. As governments take more interest in providing infrastructure and mobility solutions to such people in this region, it is expected that the Asia Pacific market will experience strong growth during the forecast period.
North America is the largest market of vehicles for disabled in the world. This market has witnessed rapid year-on-year growth in the region. It comprises most developed economies in the world, such as the US and Canada. Extensive technological advancements and government policies adopted by these countries fuel the demand for such vehicles. Increase in aged population of Baby Boomers, sense of independence in disabled people, high awareness about the mobility solutions along with growth in various orthopedic surgeries is leading the demand for such vehicles in this region.
Related Reports:
Vehicles for Disabled Market by Vehicle Type (Adaptive Four-Wheeler, Mobility Scooter), Manufacturer Type (OEM and Third-Party Customization), Entry Mechanism, Entry Configuration, Driving Option, Ownership, and Region - Global Forecast to 2027
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