Electric Wheelchair Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 04/20/2017 -- In its latest report that analyzes the global electric wheelchair market, Transparency Market Research says that market is poised for a very high double-digit growth rate till 2020. The report, titled, "Electric Wheelchair Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", projects that the market, which accounted for US$1.23 bn in revenue in 2013, will rise to US$4.48 bn by 2020. The market is thus expected to register a CAGR of 19.2% from 2014 through 2020.
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The need for mobility products and services is rising faster than ever before as a sizeable portion of the world's population ages. Many of the older consumers in developed countries, who were born during the baby boom, have considerable earnings at their disposal and are at ease using technologically advanced products to simplify their everyday chores. Electric wheelchairs, being one such product, are witnessing a spike in demand in countries such as the United States, the United Kingdom, Germany, France, China, South Korea, and Japan.
However, for some consumers, the high price tag of electric wheelchairs could lead to the postponement or cancellation of a purchase decision. Thus, bringing feature-rich yet competitively priced electric wheelchairs is a strategy that will pay off well for companies in the global electric wheelchair market. At the same time, many consumers can afford advanced mobility products but aren't aware about the presence of such products on the market and the means to procure them. This lack of awareness could translate to lost opportunities for companies in the electric wheelchair market.
The report divides the electric wheelchair market into sub-markets based on the following criteria: type and geography. By type, the market has been segmented into front wheel drive, rear wheel drive, center wheel drive electric wheelchairs, and standing electric wheelchair. The findings of the report indicate that center wheel drive electric wheelchairs contributed the highest percentage to the market's revenue. This segment held a share of over 50% in the market in 2013. The demand for electric chairs based on a front wheel drive is expected to grow at an encouraging pace, and will come second only to the center wheel drive segment. The front wheel drive segment is poised to exhibit a 25.3 % CAGR from 2014 through 2020.
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Likewise, on the basis of geography, the market has been segmented into the following regions for a more in-depth analysis: North America, Asia Pacific, Europe, and Rest of the World. The market for electric wheelchairs was the largest in North America in 2014, states the report. The demand for electric wheelchairs is expected to rise steadily in countries in the region, thanks essentially to the affluence of elderly consumers here and the overall increase in the elderly population. The North America electric wheelchairs market was trailed by Europe, which was followed by Asia Pacific. Europe and APAC collectively contributed about 40% of the revenue to the global market.
Companies that currently rake in considerable revenue in the global electric wheelchair market are: Sunrise Medical, Invacare Corp., Permobil Corp., Pride Mobility Products Corp, Handicare, Ottobock Healthcare GmbH, Drive Medical Ltd., Medort, and Hoveround Corp.