Albany, NY, March 12, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Electric Wheelchair Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," global electric wheelchair market was valued at USD 1.23 billion in 2013, growing at a CAGR of 19.2% from 2014 to 2020 to account for USD 4.48 billion in 2020.
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The global electric wheelchair market is primarily driven by growing need for effective mobility solutions in various indoor and outdoor applications for growing elderly population. The demand for electric wheelchairs is predominant in countries such as the U.S., the U.K., France, Germany, Japan, China and South Korea. Increase in disposable income and affinity for high-tech products in these countries is also influencing the growth of overall electric wheelchair market.
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Center wheel drive segment held the highest revenue share accounting for more than fifty percent of the overall market in 2013 in terms of mobility. With the increase in number of technologically advanced wheelchairs equipped with gadgets for accessibility and control, the demand for electric wheelchair is observing substantial growth globally. Front wheel drive segment is analyzed to be the second fastest growing segment after center wheel drive electric wheelchairs and are expected to attain a significant growth in the recent future. The front wheel drive electric wheelchairs are expected to grow with a CAGR of 25.3 % over the forecast period from 2014 to 2020.
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Geographically, North America led the Electric Wheelchair Marketin 2014 and the region is expected to continue its dominance throughout the forecast period. The factors responsible for the dominance of the North America are growing elderly population and high disposable income. Moreover, consumer awareness and affinity towards new technology is further contributing to the growth of 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% percent of the global market revenue share.
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The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments in the field of electric wheelchairs market. Major market participants profiled in this report include Invacare Corp., Handicare, Pride Mobility Products Corp., Ottobock Healthcare GmbH, Sunrise Medicals, Drive Medicals Ltd., Hoveround and others.
Electric Wheelchair Market: By geography
- North America
- Asia Pacific
- Rest of the World
Electric Wheelchair Market: By type
- Front Wheel Drive
- Center Wheel Drive
- Rear Wheel Drive
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research