Persistence Market Research analyzes the growth rate projection and forecast factor in its newly examined report titled “Wheelchair and Components Market 2016-2016.” The report consists of overall market approach, target technologies for wheelchair components, positioning strategies and target regions. After detailed research, the Persistence Market Research analyst team has come up with the final report which assessed that the overall global competition in the wheelchair and components market is increasing steadily. The report also examines the various factors that are shaping internal as well as external competition in the market. Various barriers to entry in the industry are analyzed and rated on the basis of their impact. The introduction of advanced technologies such as electronic control drivetrains, artificial intelligence, improved power capacities and multistage gearboxes in wheelchairs have also played a major role in driving the global wheelchair and components market. The study demonstrates market dynamics that are expected to influence the current environment and future status of the global wheelchair and components market over the forecast period.
The report estimates sales figures for the current year. The impact of selected forecast factors and market trends on projections have been mapped while researching the report. The study of the parent market and end user industry trends have also been taken into consideration while examining the global wheelchair and components market.
The report starts with an introduction and key definitions of the global wheelchair and components market. The report then provides a market outlook for 2016–2026 and sets the forecast within the context of the wheelchair and components ecosystem, including the new technological developments as well as new offerings in the worldwide wheelchair and components market. This study discusses key regional trends contributing to the development of the wheelchair and components market globally, as well as analyzes the degree to which drivers are influencing the market in each region.
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view of market players. Key categories of providers covered in the report are wheelchair and component suppliers and customers. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the wheelchair and components market.
The report analyzes the global wheelchair and components market on the basis of application, technology, and region and presents a comprehensive forecast for the period 2016-2024. The market is segmented as follows:
Wheelchair Market, By Application Type
By Technology Type
Composites, By Application Type
When developing the market forecast, the starting point has been a sizing up of the current market, which forms the basis for forecasting how the global wheelchair and components market is anticipated to take shape during the forecast period. Given the characteristics of the market, Persistence Market Research has triangulated the data acquired from various sources and further scrutinized this data using advanced tools to obtain a pertinent qualitative and quantitative analysis of the market. Also, given the ever-fluctuating nature of the global economy, the report has not only presented forecasts in terms of CAGR, but has also analyzed the market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities in the wheelchair and components market globally. The different market segments have also been analyzed in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important to identify the many key trends governing the global wheelchair and components market.
Apart from data collection and validation, the analyst team at Persistence Market Research has taken inputs from government databases, regional manufacturers and primary and secondary data sources. The approximate annual consumption of end use sectors in target geographies has been estimated; however, regional average profitability margins have been excluded from the estimated data collected from distributors. This report on the global wheelchair and components market analyzes historical demand trends, the growth rate of the parent market, and the financial performance of the top companies.
Powered wheelchairs sub segment dominates the global wheelchair and components market
Powered wheelchairs segment in the global wheelchair and components market is expected to remain dominant in terms of both value and volume over 2016–2026. Among all product application segments in the global wheelchair and components market, revenue from the powered wheelchairs segment is projected to lead with a CAGR of 3.8 % during 2016–2026. This segment is expected to remain dominant and is expected to account for more than 20% value share in 2016. This segment is estimated to gain significant market share by 2026 end.
Ease of mobility and development of advanced features expected to boost revenue growth of the powered wheelchairs sub segment
Demand for powered wheelchairs across the globe is expected to increase significantly owing to factors such as ease of mobility and development of advanced features such as service alerts, battery alarms, and much more in powered wheelchairs. Another factor expected to fuel demand for powered wheelchairs over the forecast period is the introduction of affordable and hence easily accessible wheelchairs in developing economies. Apart from these factors, one of the major components which is creating a robust development in the demand for powered wheelchairs is rising spinal cord injuries among elderly people across the globe. Spinal cord injuries in persons aged over 65 years have increased from 88 per million in 2009 to 122 per million in 2014 globally. Growing rate of spinal cord injuries, resulting in disability and mobility issues across the globe has been playing an important role in driving demand for powered wheelchairs. Artificial intelligence, electronic control drivetrains, multistage gearboxes, and improved power capacities in powered wheelchairs are some of the advanced technologies that are expected to drive the global wheelchair and components market in the coming years.
North America region is the supplier of powered wheelchairs to several developing regions
Various manufacturers in the North America region are engaged in producing high-quality wheelchairs with advanced technologies such as the use of sensors in wheelchairs to gauge the surroundings, GPS devices, and motor control software to control wheelchair functioning. Key players operating in the North America wheelchair and components market supply powered wheelchairs to countries across Europe, Asia Pacific and Latin America. The powered wheelchair segment of the North America wheelchair and components market is expected to register relatively higher CAGR in terms of value over the forecast period. Improved wheelchair friendly infrastructure in Latin America is expected to support the growth of the powered wheelchairs segment during the projected period. The powered wheelchairs segment is estimated to represent absolute dollar opportunity of more than US$ 3 Mn in 2016 over 2015 and is anticipated to represent incremental dollar opportunity of more than US$ 70 Mn between 2016 and 2026. An increasing number of favorable government regulations for disabled persons in the region is one of the main factors responsible for driving the growth of the powered wheelchairs segment in Latin America.
Leading market players are innovating their product offerings by introducing high end powered wheelchairs
The various key players across the globe are introducing innovative technologies in order to expand their product portfolio in the powered wheelchairs segment. For instance, U.S. based Pride Mobility Products Corp. launched Q6 Edge 2.0 powered wheelchair, which is a consumer inspired technology that offers users an elevated seating system. The main motive behind offering these innovative and execution driven features is to help the end users in leading an independent lifestyle.
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