Electric Wheelchair Market Growing At An Estimated CAGR Of 19.2% Over The Forecast Period From 2014 To 2020.

Global electric wheelchair market was valued at USD 1.23 billion in 2013, growing at an estimated CAGR of 19.2% over the forecast period from 2014 to 2020. Electric wheelchairs are the battery supported wheelchairs which reduce the user’s dependence on any external human assistance for movement. They are electricity powered and are supported with multiple functionalities such as controlling Wi-Fi and Bluetooth operated gadgets, operating smart appliances in a house, and so on. Fuelled by the various technological advancements in several developed and developing countries across the globe, mobility solutions are evolving continuously and gaining popularity worldwide. Electric wheelchairs utilize high end digital technology for providing better performance and efficiency.

The global electric wheelchair market is segmented on the basis of geography which includes North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The RoW region comprises of Middle East, Africa and South America. The global market for electric wheelchairs is primarily driven by growing elderly population and need for effective solutions in various indoor and outdoor applications High degree of technological advancements in developed and developing countries such as the U.S., the U.K., France, Germany, China, Japan, South Korea is also contributing to the growth of electric wheelchair market globally.

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Based on the geographical segmentation, North America accounted for the largest market for electric wheelchairs in 2013 and the region is expected to continue its dominance throughout the forecast period till 2020. The region’s dominance is primarily attributed to the advancements in technology in countries such as the U.S. and Canada. Moreover, consumer awareness and affinity towards new technology is further contributing to the growth of the electric wheelchair market in North America. Europe and Asia Pacific followed North America in the global electric wheelchair market to collectively account for more than 40% of the global market revenue share. The regional market in Europe is primarily driven by increasing mobility solutions productions and increase in disposable income in the region.

Coupled with the rapidly increasing elderly population and improving infrastructural facilities in the Asia Pacific nations, the region is expected to boost demand for the electric wheelchairs significantly over the forecast period from 2014 to 2020. The countries such as China, South Korea, Japan, Australia and India are expected to generate market opportunities over the forecast period. The Rest of the World (RoW) electric wheelchair market is being stimulated by the advancing economies especially in the Middle East and Africa. Moreover, the developing infrastructure and affordability of advanced technological products are expected to offer lucrative opportunities of growth in the region over the forecast period.

The electric wheelchair market is segmented on the basis of product types which include front wheel drive electric wheelchairs, center wheel drive electric wheelchairs, rear wheel drive electric wheelchairs, standing electric wheelchairs and others. Among all, independent mobility solutions with modern technological functionalities for regular indoor and outdoor activities are the primary objective for the electric wheelchair manufacturers. The rear wheel drive electric wheelchairs segment is analyzed to be the second fastest growing electric wheelchair segment after the front wheel drive electric wheelchairs segment in the global market. The standing wheelchair segment is expected to attain a significant growth during the forecast period from 2014 to 2020.

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The major players in the global market for electric wheelchairs have been profiled on the basis of recent developments, business strategies and financial overview among others. The Key players in the global electric wheelchair market profiled in the report include Invacare Corporation, Pride Mobility Products Corporation, Sunrise Medical Ltd., Permobil Corporation, Handicare Group A.B., Drive Medical Ltd., Ottobock Healthcare Deutschland GmbH, Hoveround Corporation and Medort among others.

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