Vehicle for Disabled Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Vehicle for disabled Market is anticipated to register a CAGR of about 10 %, during the forecast period (2020 - 2025).

Key Highlights

• The major factors that will drive the market growth during the forecast period include increase in the population of disabled and aged people, road accidents which cause disabilities, and government initiatives to empower these people with employment and financial aids.
• The population of disabled people in the world is around 1 billion which is expected to go up during the forecast period, due to the increasing road accidents and other accidents.
• In India alone, in the year 2018, the number of road accidents reported were around 467,000 cases.
• Due to the Covid-19 situation, the economic activities have come to a standstill. Many people are expected to lose their jobs or receive less salary. This will affect the demand side of the automotive for some time during the forecast period. But this situation is expected to become normal very shortly after the situation comes to be under control.

Key Market Trends

Two-Wheeler Segment is expected to be the Market Leader

Among vehicle types, the two-wheeler segment is expected to be the market leader during the forecast period. Two-wheelers are modified for the use of disabled persons by adding attachments to provide support. With the developments in a mobility scooter, which can be used for indoor and outdoor movements as they operate with a safe speed of 8-12 Kmph. Many mobility scooter manufacturers are investing in research & developments to bring out more innovative products to attract disabled people. There have been various advancements in the market to make mobility scooters more efficient. For instance, in March 2019, Aurrigo, a UK-based autonomous vehicle specialist began testing self-driving mobility solutions for the blind and disabled. This product can go up to a speed of 15 mph in an off-road environment. The product will have a larger target audience as most of the manufacturers are providing mobility solutions for those who cannot walk but have proper eyesight. This product is expected to serve better for the people who are both visually impaired and physically disabled

Asia-Pacific Likely to Capture Major Market

The region is expected to exhibit the highest growth rate during the forecast period. Owing to the increasing average age of the population in countries like Japan and China. The region has the largest population share in the world and with the old age group contributed to the majority of people. The government is taking care of the situation by providing amenities and infrastructure for the people so that they can commute easily. For instance, building ramps in all government offices and buildings so that the vehicles of disabled people can easily be moved around. The government is also providing financial aids for people who want to buy vehicles for the disabled by allowing them easy finance options and lower interest rates on loans, no toll tax while traveling between the cities or countries in the region. These initiatives are encouraging people to buy vehicles for disabled which in turn creating a potential demand in the market.

Competitive Landscape

The competition in the market is moderate currently but in the future the competition is likely to increase as independent entity companies, which redesign the vehicle structure, have been widely developing these vehicles currently, but in the coming years, even the popular automakers planning to capture this market demand. For instance:

In July 2019, Nissan introduced Versa Go for people with disability in Mexico. With this product, the OEM manufacturer became first to come up with a mobility option for people with disability in the region.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support