April 20, 2024
Electric Wheelchair Market

Electric Wheelchair Market Is Estimated To Witness High Growth Owing To Technological Advancements

The Electric Wheelchair Market is estimated to be valued at US$ 7.83 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The electric wheelchair market comprises of powered wheelchairs, which provide independent mobility for physically disabled people. Electric wheelchairs are controlled by battery and can be operated by joystick, chin control or other assistive technologies. These chairs provide independent mobility to users by assisting in daily activities as well as participation in social occasions.

Market Overview:

The electric wheelchair market has witnessed significant growth owing to increasing prevalence of physical disabilities among aging population and road accidents globally. Technological advancements have led to development of innovative models with features such as tilt-in-space, reclining back, elevated seating position and customized seating for improved comfort and positioning. These wheelchairs are also integrated with powered elevating leg rests, powered standing options and power assist for enhanced mobility.

Market key trends:

The market is expected to gain significant growth owing to rising demand for mid-wheel drive electric wheelchairs. Mid-wheel drive chairs offer better stability, manoeuvrability and ground clearance as compared to rear-wheel drive chairs. These chairs provide improved handling on ramps, uneven terrains and outdoors. Growing adoption of innovative technologies such as artificial intelligence and Internet of Things (IoT) integration are also expected to boost the market growth. AI-powered wheelchairs can self-drive through defined spaces and assist user navigation through sensors, voice commands etc. IoT-enabled wheelchairs can leverage data to enhance performance and monitoring through connectivity. Rising product development by key players catering to specific needs of users will further propel the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The electric wheelchair market currently has moderate threat of new entrants due to high R&D and capital costs required to develop innovative technologies for the products. Furthermore, established players have strong brand recognition and distribution channels.
Bargaining power of buyers: Buyers have moderate bargaining power as electric wheelchairs are specialized medical devices with supportive policies and coverage by government and private healthcare payers. However, price sensitivity exists based on product types.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power since components are standardized and suppliers are numerous. However, suppliers of specialized parts have some control over pricing.
Threat of new substitutes: Threat from new substitutes is low as electric wheelchairs are indispensable mobility devices with no close substitutes that can deliver the same functionality.
Competitive rivalry: High due to presence of numerous global and regional players competing on quality, innovation, pricing and delivery.

SWOT Analysis

Strengths: Wide product portfolio and technological advancements to support independent mobility. Established global distribution networks.
Weaknesses: High costs impact affordability. Reliance on reimbursements and funding.
Opportunities: Rising geriatric population drives demand. Supportive government policies boost adoption. Emerging economies open new markets.
Threats: Economic slowdowns impact healthcare spending. Stringent regulations delay product launches.

Key Takeaways

The Global Electric Wheelchair Market Growth  is expected to witness high, exhibiting a CAGR of 11% over the forecast period, due to increasing geriatric population worldwide suffering from limited mobility. The market size for electric wheelchair is projected to reach US$ 20.15 Bn by 2030 from US$ 7.83 Bn in 2023.

Regional analysis: North America dominates the global electric wheelchair market currently, accounting for over 30% share due to supportive reimbursement structure and awareness drives adoption. However, Asia Pacific is expected to witness the fastest growth during the forecast period with a CAGR of over 13%, led by large patient pools in China and India and focus on inclusive infrastructure and assistive technologies.

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. These players are focusing on new product launches and strategic collaborations to expand their market share.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it