A new Transparency Market Research report on global electric wheelchairs predicts double-digit growth by 2020.

Per the report, the global electric wheelchair market accounted for $1.23 billion in revenue in 2013, but is predicted to rise to $4.48 billion by 2020. It is also expected to register a CAGR of 19.2% from 2014 through 2020, states a media release from Transparency Market Research.

Center wheel drive electric wheelchairs held more than a 50% market share in 2013. The demand for front wheel drive electric wheelchairs is expected to grow at an encouraging pace, and is poised to exhibit a 25.3% CAGR from 2014 through 2020, per the report.

The need for mobility products, such as electric wheelchairs, could increase as the population ages, the report predicts. However, their high price tag may lead to a postponement or cancellation of a purchase decision. Thus, bringing feature-rich but competitively priced electronic wheelchairs to market may be a good business strategy, according to the report.

For more information, visit Transparency Market Research.

[Source(s): Transparency Market Research, PR Newswire]