The global electric wheelchairs market is a consolidated one, with the top five players holding more than 60% of the market in 2013. These key players are Permobil Corp., Invacare Corp., Pride Mobility Products Corp., Sunrise Medical, and Drive Medical Ltd. Out of these, Permobil Corp. was the largest shareholder in the electric wheelchair market.
The global market for electric wheelchair is expected to expand at a robust CAGR of 19.2% from 2014 to 2020 to reach a valuation of US$4.48 bn by 2020.
Rear Wheel Drive Wheelchair to Exhibit Prominent Growth Rate
The use of electric wheelchairs is not just limited to people with traditional mobility impairments but extends to those with cardiovascular conditions as well. The global market for electric wheelchairs is segmented on the basis of product types into front wheel drive, center wheel drive, rear wheel drive, standing electric wheelchairs, and others. Center wheel drive chair has been a major contributor to the market. Though the market share of this segment is expected to decline through 2020, the demand for the same will continue to remain high. The rear wheel drive wheelchair segment is anticipated to witness significant growth during the forecast period due to the increasing demand for speed in wheelchair mobility around the world. Front wheel drive electric wheelchairs are also poised to achieve considerable growth due to the increase in demand for outdoor utility of electric wheelchairs.
Geographically, the report segments the global market for electric wheelchairs into North America, Europe, Asia Pacific, and Rest of the World. North America dominates the market in terms of overall sales, followed by Europe. The growth in North America is attributed to a rising elderly population and technological developments. The Europe market is primarily driven by increasing mobility solutions productions and an increase in disposable income in the region.
Increasing Elderly Population Propelling Demand
Rising geriatric population is the foremost driver in the global market for electric wheelchair as they are most susceptible to mobility disorders. The National Institute of Health and Aging (NIH) has been projected that the global population of geriatrics (aged 65 and over) will rise to 1.6 bn by 2050, which will sustain the demand for electric wheelchairs. Moreover, increased disposable income has enhanced the lifestyles of people in both developed and developing nations such as the U.S., the U.K., Germany, France, Japan, and India. Hence, the electric wheelchair industry has grown in these regions.
Government subsidies and medical grants in the U.S. and the U.K also act as catalysts to the electric wheelchairs market. The report reveals that there has been significant growth in the demand for advanced wheelchairs for sportspersons and athletes with physical disabilities. Sports such as electric football, electric hockey, wheelchair tennis, wheelchair dancing, and wheelchair curling require highly advanced and secure electric wheelchairs to help players perform well.
High Cost of Electric Wheelchairs Restraining Growth
Electric wheelchairs are profoundly costly. Without considerable disposable income and government subsidies, these are difficult for end users to afford. The report observes this as the most prominent restraint. However, its impact is expected to reduce over the years. Additionally, factors such as the lack of awareness and moderate healthcare infrastructure in most countries also curtail the demand for electric wheelchairs.
“There are several untapped markets in developing nations such as India and Russia, which presents immense scope for growth,” the author of the report states. Also, numerous research initiatives are being undertaken by various companies worldwide to develop electric wheelchairs into more versatile products, which will present opportunities for players in the electric wheelchair market, both in developed and developing nations.
The information presented in this review is based on a Transparency Market Research report, titled, “Electric Wheelchair Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014–2020.”
Key Segments of the Electric Wheelchair Market
Global Electric Wheelchair Market: By Product Types
Global Electric Wheelchair Market: By Geography
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