Market Trends of Vehicle for Disabled Industry
This section covers the major market trends shaping the Vehicle For Disabled Market according to our research experts:
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.
