Electric Wheelchair market set to grow to $4.48 billion by 2020
In a new report from Transparency Market Research, the global electric wheelchair market has been valued at USD 1.23 billion in 2013, and set to grow at a compound annual growth rate of 19.2% from 2014 to 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 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.
In the report, the global electric wheelchair market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). This market 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.
Geographically, North America led the electric wheelchair market in 2014 and the region is expected to continue its dominance throughout the forecast period. The region’s dominance is due to advancement 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 forty percent of the global market revenue share.
Front wheel drive segment is analysed to be the second fastest growing electric wheelchair segment after centre wheel drive electric wheelchairs and are expected to attain a significant growth in the coming years.
For more details of the report, go to www.transparencymarketresearch.com/electric-wheelchair-market.html