Electric Wheelchair Market Is Estimated To Witness High Growth Owing To Increasing Demand for Mobility Assistance Devices
The Global Electric Wheelchair Market is estimated to be valued at US$ 6,387.3 Mn in 2023 and is expected to exhibit a CAGR of 10.7% over the forecast period 2023 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric wheelchairs are battery-powered mobility assistance devices designed for individuals with limited mobility. These wheelchairs provide convenience and independence to the users by allowing them to move freely without the need for physical assistance. Electric wheelchairs offer various advantages such as ease of use, better maneuverability, adjustable seating options, and enhanced comfort. The growing geriatric population, increasing prevalence of disabilities, and rising awareness about the benefits of mobility assistance devices are driving the demand for electric wheelchairs in the market.
Market Key Trends:
One key trend observed in the electric wheelchair market is the advancements in technology. Manufacturers are constantly investing in research and development to improve the design and functionality of electric wheelchairs. The integration of sensors, AI algorithms, and IoT connectivity has led to the development of smart electric wheelchairs that offer enhanced safety and convenience to the users. These advanced features include obstacle detection and avoidance, voice control, GPS tracking, and remote monitoring. Additionally, lightweight and foldable electric wheelchairs are gaining popularity among consumers as they are easy to transport and store. The technological advancements and innovative product offerings are expected to drive the growth of the electric wheelchair market during the forecast period.
PEST Analysis:
Political: The political environment plays a significant role in the electric wheelchair market. Government regulations and policies regarding healthcare, accessibility, and disability rights impact the demand for electric wheelchairs. For example, government initiatives to improve accessibility in public spaces and provide financial assistance to individuals with disabilities can drive the market growth.
Economic: The economic factor affects the purchasing power of individuals and healthcare expenditure, which influences the electric wheelchair market. Economic growth, disposable income, and healthcare infrastructure development impact the demand for electric wheelchairs. Rising healthcare expenditure, coupled with the increasing geriatric population, is expected to drive market growth.
Social: Social factors such as changing demographics and lifestyle trends impact the electric wheelchair market. The aging population and the prevalence of chronic diseases contribute to the growing demand for electric wheelchairs. Moreover, changing social attitudes towards disability and increasing awareness about accessibility rights create favorable market conditions.
Technological: Technological advancements play a vital role in the electric wheelchair market. Improvements in battery technology, control systems, and material innovation have led to the development of more efficient and user-friendly electric wheelchairs. Integration of smart features like connectivity and sensors enhances the overall user experience and safety.
Key Takeaways:
The Global Electric Wheelchair Market is expected to witness high growth, exhibiting a CAGR of 10.7% over the forecast period. This growth can be attributed to increasing healthcare expenditure, a growing aging population, and government initiatives to improve accessibility.
Regionally, North America is expected to be the fastest-growing and dominating region in the electric wheelchair market. Factors such as well-established healthcare infrastructure, favorable government policies, and high disposable income contribute to the market's growth in this region. The presence of key players like Invacare Corporation, Sunrise Medical (US) LLC, and Permobil Inc. further strengthens the market in North America.
Key players operating in the electric wheelchair market include 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 key players continue to innovate and introduce technologically advanced electric wheelchairs to cater to the increasing demand.