The electric wheelchair market size is predicted to surpass around US$ 6.2 billion by 2030 from US$ 3.1 billion in 2020, registering a CAGR of 9.8% from 2021 to 2030.
Electric wheelchair, also known as power wheelchair, motorized wheelchair, or electric-powered wheelchair, is a wheelchair propelled by an electrically based power source, majorly motors and batteries. Electric wheelchair consists of one or more rechargeable batteries. These batteries power motor, which facilitate the movement of wheels, joystick, or ball used to operate the wheelchair.
Increase in ageing population acts as one of the key drivers the electric wheelchair market growth. These power wheelchair have been gaining popularity among individuals above 50 years of age. According to the forecast by the United Nations, the global ageing population is anticipated to grow at a constant rate during the forecast period. Weakness and fall-associated injuries are common among the geriatric population. In 2019, it was estimated by the United Nations that about 9.0% of the global population is in the age group of 65 years and above. In addition, according to a report by the U.S. Census Bureau, it was anticipated that about 17% of the global population is expected to fall in the geriatric age group by 2050. Thus, the demand for electrical wheelchair is expected to increase in hospitals and elderly care homes, owing to the unprecedented increase in geriatric population.
Furthermore, increase in cases of accidents acts as a key growth driver of the electric wheelchair market. This is attributed to the fact that accidents can cause temporary or permanent disabilities. It is cumbersome for caregivers to carry patients to the toilet. According to WHO, 50 million people across the globe suffer from injuries due to road accidents. Electric wheelchair help to safely and comfortably transfer patients from one location to another. Thus, increase in number of accidents is expected to boost the growth of electrical wheelchair market demand in the near future.
Electric wheelchair are costly due to the use of specialized and automated controls. The need to use high-quality materials for manufacturing the final product incurs additional cost, which limit the adoption of the equipment. Furthermore, the procurement of these equipment by consumers and healthcare facilities and other institutions is hampered by factors such as budgetary restrictions, low disposable income, and unavailability of funding from government agencies. Thus, high initial costs of electric wheelchair acts as a key restraint of the global electric wheelchair market.
Increase in demand for electrical wheelchair has led to requirement for technological advances. This is attributed to the fact that the equipment needs to be more durable and sturdy to bear the weight of obese individuals. In addition, technological advances have led to the development of automated movement systems, which reduce manual interventions of caregivers. The patient can easily adjust the wheelchair seat and the equipment is operated using a remote control or automated controls installed in the wheelchair. Furthermore, artificial intelligence-enabled wheelchair are introduced in the market allowing disabled people to control wheelchair though various facial expressions, including raising eyebrows and sticking out tongues. Therefore, need for technological advances in this equipment to improve comfort and safety is expected to provide lucrative opportunities for the engaged stakeholders in the electric wheelchair industry.
The global medical assistance devices industry is impacted profoundly amidst the outbreak of the coronavirus. The outbreak was first witnessed in China resulting in lockdown and ceasing of production activities across the country. The demand for electric wheelchair is expected to slightly taper across the world, owing to supply chain disruptions and implementation of stringent restrictions to follow social distancing & consistent lockdown across the world. Furthermore, resurgence of second wave of coronavirus in Europe is one of the major challenges the industry is expected to face in the upcoming days. Other Asian countries are facing the same predicament. Implementation of stringent lockdown across India, ASEAN, and Australia has resulted in disruption of supply chain and interruption in the production activities.
On the basis of product type, the global electric wheelchair market is segregated into center wheel drive, front wheel drive, rear wheel drive, standing electric wheelchair, and others. The center wheel drive segment leads in terms of market share, owing to small turning radius, light front tires, easy maneuvering through narrow spaces, and better stability of center wheel drive; however, the front wheel drive segment is expected to gain high traction in the upcoming years.
Region wise, North America dominates in terms of share, and is expected to retain its dominance during the forecast period.
Asia-Pacific is anticipated to grow with robust CAGR of 11.9% during the electric wheelchair market forecast period.
Average price of electric wheelchair ranges between $1,500 and $3,500.
Online sales channels are expected to gain prominence in the upcoming years.
The key players profiled in the electric wheelchair market report are OttoBock Healthcare GmbH, Invacare Corporation, Pride Mobility Products Corp, Permobil AB, Sunrise Medical Limited, MEYRA GmbH, Matsunaga Manufactory Co., Ltd., Karma Medical Products Co., Ltd., Miki Kogyosho Co. Ltd., and Nissin Medical Industries Co., Ltd.
Other prominent players analyzed in the electric wheelchair market analysis are Drive Medical Ltd., GF Health Products, Inc., Karman Healthcare, and LEVO AG. Players operating in the industry are consistently launching new products with advanced technologies to meet the increasing customer needs. Significant increase in investments for R&D activities in wireless technology companies facilitates product innovation and development of customized solutions.
The report provides revenue of the global electric wheelchair market for the period 2017–2030, considering 2021 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global market during the forecast period. The global electric wheelchair market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2021 to 2030.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted electric wheelchair market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global electric wheelchair market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global electric wheelchair market.
The report delves into the competitive landscape of the global electric wheelchair market. Key players operating in the global electric wheelchair market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global electric wheelchair market that have been profiled in this report.
The electric wheelchair market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to electric wheelchair market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of electric wheelchair market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new electric wheelchair market. These factors have benefited the growth of the global market for electric wheelchair. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for electric wheelchair.
In this study, the years considered to estimate the market size of electric wheelchair are as follows:
• History Year: 2016-2020
• Base Year: 2020
• Estimated Year: 2021
• Forecast Year 2021 to 2030
Major highlights of report:
• Figures related to sales volume, market remuneration, and segmental shares
• Featuring market dynamics
• Growth prospects and expansion graph
• PROCON study of direct & indirect sales channels
• Profiles of prominent traders, dealer, and distributors in the industry
Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa
• Industry forecasts based on region and at country level
• Data about sales volume recorded, industry share held, and profit margins amassed
• Overall remuneration and estimated growth rate for each regional market
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the electric wheelchair market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the electric wheelchair market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the electric wheelchair market.
Market Segments: This part of the report discusses about product, application and other segments of the electric wheelchair market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.