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The Electric Wheelchair Market is estimated to be valued at US$8.71 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Electric wheelchairs are motorized wheelchairs that help people with limited mobility get around independently. They are useful for individuals with conditions such as arthritis, multiple sclerosis, spinal cord injuries, etc. Electric wheelchairs are powered by rechargeable batteries and help users conserve their energy by propelling the wheelchair through levers or joysticks. They offer advantages like mobility, accessibility, comfort, and most importantly, independence by reducing dependence on caregivers. The Global Electric Wheelchair Market offers various types of wheelchairs such as center wheel drive, front wheel drive, rear wheel drive, standing electric wheelchair and others, catering to diverse mobility requirements.
The Global Electric Wheelchair Market is estimated to be valued at US$8.71 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players – Key players operating in the Electric Wheelchair Market are Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd.
Growing demand – Rising prevalence of mobility disabilities worldwide owing to factors like increasing geriatric population, road accidents and chronic diseases is fueling demand for electric wheelchairs. According to WHO, over 110 million people experience significant disabilities globally requiring mobility assistance.
Global expansion – Major market players are expanding their global footprint through strategic collaborations and acquisitions to leverage opportunities in emerging markets of Asia Pacific and Latin America where disability rates are high. For instance, Invacare acquired ArjoHuntleigh medical equipment in 2019 to strengthen its global market position.
Market key trends
One of the key trends witnessed in the Electric Wheelchair Market is the adoption of innovative technologies that are enhancing functionality and experience for users. Technologies like smartphone integration, artificial intelligence, cloud connectivity and 3D printing are being incorporated to develop smarter wheelchairs with advanced driving assistance, obstacle detection, voice commands and customized designs. For example, companies are developing electrically powered wheelchairs integrated with sensors and advanced batteries that allow users to drive and maneuver with ease.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. While there are no major regulations limiting new companies from entering the market, significant capital investments are required to set up manufacturing facilities and compete against established brands.
Bargaining power of buyers: The bargaining power of buyers is high. The market has many global players providing similar products forcing companies to compete on pricing and product differentiation strategies to attract customers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major components like motors, batteries, and frames are sourced from few specialized suppliers globally increasing their bargaining power. However, established players have scale to negotiate better prices.
Threat of new substitutes: The threat of new substitutes is low as electric wheelchairs fill a unique need for mobility assistance with limited options in the substitutes space.
Competitive rivalry: The competitive rivalry is high with presence of global brands continuously investing in new product development and customization to gain market share.
Geographical Regions
In terms of value, North America region dominates the electric wheelchair market holding around 40% share majorly contributed by U.S. owing to supportive policies for disabled people, high healthcare spending, and presence of prominent players.
Asia Pacific region is expected to witness fastest growth during the forecast period aided by increasing healthcare expenditure, large population base, rising incidence of road accidents and injuries, growing geriatric population, and improving infrastructure in countries like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
