April 20, 2024

Electric Wheelchair Market is Estimated to Witness High Growth Owing to Technological Advancements in Mobility Solutions

The electric wheelchair market provides mobility to people with disabilities, chronic illnesses or temporary injuries. Battery powered electric wheelchairs have rechargeable batteries and offer convenient maneuverability for users through joystick controls. They provide easier mobility indoors and outdoors on different terrains compared to manual wheelchairs. The global demand for electric wheelchairs is growing due to rising geriatric population, increasing prevalence of mobility impairments and technological advancements in accessibility solutions.

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 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.

The electric wheelchair market provides significant opportunities for disabled access infrastructures in public places, healthcare facilities, transportation systems and urban planning. Technological developments are increasing control options, customization, connectivity features and driving range of electric wheelchairs.

Advancements in lithium-ion batteries, positioning sensors, artificial intelligence and 3D printing are enhancing functionality, comfort and autonomous driving capabilities of electric wheelchairs.

Market Drivers
Growing elderly population suffering from age-related disabilities and chronic illnesses is a key driver boosting demand for electric wheelchairs. According to the UN, the number of people aged 60 years and above is expected to double by 2050. Additionally, rising incidents of road accidents and veterans with mobility impairments are contributing to the electric wheelchair market growth. Stringent regulations mandating accessibility solutions and rising healthcare investments also promote the adoption of electric wheelchairs.

Challenges in Electric Wheelchair Market

The electric wheelchair market faces several challenges such as high costs of powered wheelchairs, inadequate insurance coverage and lack of accessories. Electric wheelchairs are generally more expensive than manual ones due to their complex mechanics and rechargeable batteries. The costs can range from $3000 to $10000 depending on features. This high upfront expense poses a barrier for many customers. Insurance coverage for powered wheelchairs is also lacking in some countries. Not all insurance plans provide financial support for purchasing or repairing an electric wheelchair. This financial burden falls on individuals. There is also a lack of customized accessories like ramps, lifts and safety equipment tailored for electric wheelchairs. This limits wheelchair accessibility and user comfort. Overall, costs, insurance and lack of supporting accessories create challenges for broader adoption of electric wheelchairs.

SWOT Analysis
Strength: Electric wheelchairs provide independent mobility for disabled individuals. They have seating adjustments, reclined backs for comfort and terrain-climbing capabilities.
Weakness: High costs of electric wheelchairs and batteries. Regular maintenance and repairs are also expensive.
Opportunity: Growing geriatric population globally is driving demand for mobility aids. Rising disability prevalence rates also present market opportunities.
Threats: Stringent regulations for product approvals delay new product launches. Reimbursement cuts in insurance coverage can impact sales.

Geographical Regions
In terms of value, the North American region dominates the electric wheelchair market currently accounting for over 40% share globally. This is due to rising healthcare expenditure, disability rates, insurance coverage and availability of innovative products. Asia Pacific region is expected to be the fastest growing market during the forecast period. This is attributed to factors like growing senior citizen population, increasing obesity levels, improvements in medical technology infrastructure and rising incomes in developing nations.

The European region also captures a significant market share for electric wheelchairs. Major countries include Germany, UK, France, Italy and Russia. Comprehensive disability welfare systems and availability of national health services have aided market growth in Europe. However, stringent regulatory mandates have slowed new product approvals affecting sales.

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