Motorised Invalid Carriage Market

The market for invalid carriages motorised or mechanically propelled is expected to see positive growth in the coming years, with a projected increase in both volume and value terms. From 2012 to 2022, consumption and production trends remained relatively stable, with certain fluctuations observed in specific years. The largest consumers and importers in 2022 were the United States, China, and India, while China dominated global production and exports. The average import price remained stable in 2022, while export prices saw a slight decline. Overall, the global market for motorised invalid carriages is poised for continued growth in the near future.

Market Forecast

Driven by increasing demand for invalid carriages motorised or mechanically propelled worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 2.5M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.7% for the period from 2022 to 2030, which is projected to bring the market value to $2.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Invalid Carriages Motorised Or Mechanically Propelled

In 2022, approx. 2M units of invalid carriages motorised or mechanically propelled were consumed worldwide; shrinking by -1.7% against the previous year's figure. The total consumption volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Global consumption peaked at 2.2M units in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global motorised invalid carriage market revenue reduced to $1.5B in 2022, waning by -5.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a mild expansion. As a result, consumption reached the peak level of $2B. From 2018 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (320K units), China (220K units) and India (173K units), with a combined 35% share of global consumption. The UK, Belgium, Canada, Japan, the Philippines, Indonesia, Russia, Malaysia, Singapore and Saudi Arabia lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +33.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($232M), the United States ($175M) and Japan ($162M) were the countries with the highest levels of market value in 2022, together accounting for 39% of the global market. China, Belgium, the UK, Canada, Saudi Arabia, Indonesia, Singapore, Malaysia, India and the Philippines lagged somewhat behind, together comprising a further 25%.

Belgium, with a CAGR of +25.8%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of motorised invalid carriage per capita consumption in 2022 were Singapore (9.9 units per 1000 persons), Belgium (8 units per 1000 persons) and the UK (2.1 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Belgium (with a CAGR of +32.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Invalid Carriages Motorised Or Mechanically Propelled

Global motorised invalid carriage production reduced modestly to 1.4M units in 2022, waning by -2% compared with the year before. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by 16%. Over the period under review, global production reached the maximum volume at 1.7M units in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

In value terms, motorised invalid carriage production shrank to $1.5B in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 23%. As a result, production attained the peak level of $2B. From 2018 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

China (807K units) remains the largest motorised invalid carriage producing country worldwide, accounting for 56% of total volume. Moreover, motorised invalid carriage production in China exceeded the figures recorded by the second-largest producer, Taiwan (Chinese) (114K units), sevenfold. Japan (68K units) ranked third in terms of total production with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +1.4%. The remaining producing countries recorded the following average annual rates of production growth: Taiwan (Chinese) (-2.7% per year) and Japan (+0.7% per year).

Imports

World Imports of Invalid Carriages Motorised Or Mechanically Propelled

Global motorised invalid carriage imports reached 1.6M units in 2022, increasing by 13% against 2021. The total import volume increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, motorised invalid carriage imports expanded rapidly to $717M in 2022. The total import value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 14%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

In 2022, the United States (337K units), distantly followed by India (183K units), the UK (154K units), Belgium (106K units), Canada (81K units) and the Philippines (73K units) represented the main importers of invalid carriages motorised or mechanically propelled, together making up 58% of total imports. Malaysia (66K units), Singapore (61K units), Saudi Arabia (57K units), the Netherlands (47K units), Australia (42K units) and France (25K units) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Belgium (with a CAGR of +37.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($181M) constitutes the largest market for imported invalid carriages motorised or mechanically propelled worldwide, comprising 25% of global imports. The second position in the ranking was taken by the UK ($63M), with an 8.7% share of global imports. It was followed by Australia, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value in the United States totaled +3.1%. The remaining importing countries recorded the following average annual rates of imports growth: the UK (+2.6% per year) and Australia (+8.4% per year).

Import Prices By Country

The average motorised invalid carriage import price stood at $444 per unit in 2022, remaining stable against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 23%. As a result, import price attained the peak level of $534 per unit. From 2015 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($1,588 per unit), while the Philippines ($18 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+10.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Invalid Carriages Motorised Or Mechanically Propelled

In 2022, the amount of invalid carriages motorised or mechanically propelled exported worldwide skyrocketed to 1M units, rising by 22% against 2021. Over the period under review, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +56.6% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 52%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, motorised invalid carriage exports soared to $796M in 2022. The total export value increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 22%. Over the period under review, the global exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Exports By Country

China represented the main exporting country with an export of about 588K units, which amounted to 57% of total exports. It was distantly followed by Taiwan (Chinese) (114K units) and Thailand (61K units), together creating a 17% share of total exports. The following exporters - Belgium (43K units), Germany (32K units), the Netherlands (24K units), Poland (23K units), the UK (22K units), the United States (17K units), Vietnam (16K units) and Sweden (16K units) - together made up 19% of total exports.

Exports from China increased at an average annual rate of +5.0% from 2012 to 2022. At the same time, Thailand (+33.6%), Belgium (+30.1%), Poland (+25.0%), Sweden (+7.3%) and Vietnam (+6.8%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +33.6% from 2012-2022. The Netherlands and the UK experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.9%), the United States (-3.0%) and Germany (-4.3%) illustrated a downward trend over the same period. Thailand (+5.5 p.p.), China (+4.9 p.p.), Belgium (+3.7 p.p.) and Poland (+1.8 p.p.) significantly strengthened its position in terms of the global exports, while the United States, Germany and Taiwan (Chinese) saw its share reduced by -1.7%, -4.1% and -8.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($335M) remains the largest motorised invalid carriage supplier worldwide, comprising 42% of global exports. The second position in the ranking was held by Taiwan (Chinese) ($115M), with a 15% share of global exports. It was followed by Germany, with a 7.7% share.

In China, motorised invalid carriage exports expanded at an average annual rate of +7.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+0.4% per year) and Germany (-1.5% per year).

Export Prices By Country

The average motorised invalid carriage export price stood at $777 per unit in 2022, dropping by -3.9% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average export price increased by 26% against the previous year. Over the period under review, the average export prices attained the peak figure at $1,227 per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($2,228 per unit), while Belgium ($114 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+12.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform