The global market for electric wheelchair is a highly competitive market, states a new report by Transparency Market Research (TMR). Invacare Corp., Sunrise Medicals, Pride Mobility Products Corp., Permobil Corp., Ottobock Healthcare GmbH, Handicare, Medort, Hoveround Corp., and Drive Medicals Ltd. are some of the leading players fuctional in this market. Researchers at TMR expect the rivalry within the market to intensify in the near future, thanks to the steady influx of capital investments, notes the market study.
As per the research report, the global electric wheelchair market stood at US$1.23 bn in 2013. Expanding at a robust 19.20% CAGR over the period from 2014 to 2020 and reach a value of US$4.48 bn by the end of the period of the forecast.
Front wheel drive electric wheelchair, center wheel drive electric wheelchair, rear wheel drive electric wheelchair, and standing electric wheelchair are the main products available in this market. The center wheel drive electric wheelchair segment has been leading the global market and is expected to continue on the top over the forthcoming years, states the research report.
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North America to Continue to Dominate
In terms of the region, North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America have surfaced as the key regional markets for electric wheelchairs across the world. North America, among these, has been leading the overall market on the grounds of the presence of a number of prominent players and a well-established medical and healthcare infrastructure.
The continuously rising geriatric population and the high disposable income of consumers are also supporting the growth of this regional market. Furthermore, the rise in consumer awareness and their affinity towards new technology is likely to propel the market for electric wheelchair market in North America in the near future, states the research report.
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Increase in Disposable Income to Boost Global Electric Wheelchair Market
“The global market for electric wheelchair is mainly propelled by the increasing requirement for powerful portability arrangements in different indoor and open air applications for developing elderly populace,” says an analyst at TMR. The demand for electric wheelchairs is rising significantly in several economies, such as the U.S., France, the U.K., Germany, Japan, China and South Korea. The increment in disposable income and the preference for cutting edge items is influencing the demand for electric wheelchairs in these nations. On the flip side, the high cost of these wheelchairs may hamper the growth of this market in the years to come, reports the market study.