Growing Aging Population to Fuel Electric Wheelchair Market till 2020

George Klein is considered to be the inventor of the electric wheelchair. Klein worked for the National Research Council of Canada and helped injured veterans during the Second World War. Electric wheelchairs are battery-powered machines that do not need any external human assistance for mobility. Users of electric wheelchairs can control the movement of the chair themselves, using devices such as touch pads and joysticks. These wheelchairs are equipped with multiple functions to help the user perform both outdoor and indoor activities with the least amount of effort.

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Front Wheel Drive Electric Wheelchair Sector to Demonstrate Impressive CAGR

Several types of electric wheelchairs are available in the market. Each type offers a unique functionality designed according to the particular needs of the end user. The global electric wheelchair market is segmented according to product types into front wheel drive, standing, rear wheel drive, center wheel drive, and other electric wheelchairs. The segment of center wheel drive wheelchairs held over 50% of the total market in 2013. On the other hand, the front wheel drive electric wheelchair sector is expected to be the fastest growing product segment, followed by the center wheel drive segment. According to a market research firm based in the U.S., the front wheel drive electric wheelchair market will expand at a 25.3% CAGR during the forecast period of 2014 to 2020.

The global electric wheelchair market is anticipated to display steady growth during the forecast period, at a high CAGR of 19.2%. The market was worth US$1.23 billion in 2013, and is estimated to be worth US$4.48 billion by the end of 2020.

Accelerating Geriatric Population will Fuel Demand for Electric Wheelchairs

One of the primary drivers of the global electric wheelchair market is the increasing aging population around the world. According to the U.S. Department of Health and Human Services, people above the age of 65 represented 12.4% of the total population in 2000, and are expected to represent 19% of the total population by 2030, a phenomenal rise considering the real-life figures represented by the percentages. The rise in disposable income and preference for high-tech products in affluent and technologically advanced countries such as the U.K., the U.S., Japan, China, and France will further fuel the electric wheelchair market, particularly in the regional segments of North America, Asia Pacific and Europe. Additionally, the increasing demand for advanced wheelchairs from the sports industry will contribute to the growth of the electric wheelchair market.

However, the high cost associated with electric wheelchairs will suppress the growth of the market. Due to the diverse functionality and technical sophistication required in their construction, electric wheelchairs tend to be expensive. Moreover, the lack of consumer awareness and absence of proper infrastructure will hamper the market’s expected CAGR.

North America will Dominate Global Electric Wheelchair Market

Geographically, the global electric wheelchair market is segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW). In 2014, North America dominated the electric wheelchair market and will continue to lead the market throughout the forecast period. Europe and Asia Pacific collectively hold a substantial market share of around 40% in the global electric wheelchair market, in terms of market revenue. Demand from the latter stems from growing demand in countries with an expanding healthcare network, such as China, the U.K., France, South Korea, and Japan.

Increasing research and development projects around the world will provide a substantial market opportunity to manufacturers of electric wheelchairs. Some of the top companies in this industry are Invacare Corp., Sunrise Medicals, Pride Mobility Products Corp., Ottobock Healthcare GmbH, Handicare, Permobil Corp., Drive Medicals Ltd., Medort, and Hoveround Corp.

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