The Expected Global Growth of Electric Wheelchair Market
Sep 16, 2015
The electric wheelchair is a product experiencing rapid popularity and sales growth in countries around the world. This is the consensus provided in an analysis report published by Transparency Market Research in July, 2015. The report is titled Electric Wheelchair Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020. The report analyzes medical, economic, and geographical factors, which are influencing the growth of the electric wheelchair market.
According to the report, the global electric wheelchair market is expected to observe a steady growth rate from 2014-2020 at a very high CAGR. The reasons for the growth include:
- Varied Product Types: The market has been segregated based on product type. Sports wheelchairs are the main products that are heralding the growth. Ergonomic wheelchairs for the general public are the next popular products. Pediatric wheelchairs provided by hospitals come next. Finally, the last type is wheelchairs used to act as transport vehicles for the elderly.
- Sports: The sports industry has recently seen an increased participation of physically challenged people. They participate in indoor as well as outdoor sport activities using wheelchairs. Thus, a major share of the electric wheelchair market comes from the global sports industry.
- Health: The primary reason for the growth in the electric wheelchair is the growing number of physically challenged and elderly people. Obesity is also a major problem faced by many people, preventing them from walking or putting pressure on their feet. Due to their ill states of health, they are dependent on wheelchairs to perform regular tasks.
New Developments and Problems
The report also provides details of technological advancements that are taking place in the electric wheelchair industry. Manufacturers are now designing and producing new and customized products, which provide improved functionalities and performance efficiencies.
The wheelchair market is expected to grow in countries where residents have high disposable income. These include the UK, US, Canada, France, Germany, Italy, and Japan. The report also mentions that developing countries such as Brazil, China, India, and Indonesia among others will add to the demand for electric wheelchairs.
Challenges faced by the Wheelchair Manufacturing Industry
However, despite the growth prospects, there are also a few challenges the industry is facing. The two main challenges are improper infrastructure, and a general lack of awareness. Many people do not understand the benefits of using an electric wheelchair. Also, hospitals and clinics in developing countries may not have the physical and financial infrastructure to bring in more wheelchairs for patients.
However, it is expected that the impacts of the previously mentioned factors will reduce during the report’s forecast time period. Overall, manufacturers and distributors will have an opportunity to adapt their strategies to the new developments. Thus, they will be in a strong position to support the growth of the electric wheelchair market.