The electric wheelchair market comprises powered wheelchairs that aid mobility for people with disabilities or limited mobility. Technological advancements in lithium-ion batteries have significantly improved the battery backup of electric wheelchairs. Lithium-ion batteries offer higher energy density, faster charging capabilities, and longer lives compared to lead-acid batteries commonly used in electric wheelchairs. Advancements in battery technology have augmented the battery range per single charge of electric wheelchairs, enhancing their viability. 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 key players are focusing on developing advanced products with new technologies and engaging in mergers and acquisitions to strengthen their market position.
The rising geriatric population, increasing cases of road accidents and paralysis, and growing number of obese people are driving the demand for electric wheelchairs. Furthermore, increasing healthcare expenditure and rising disposable incomes in developing nations are expected to create new opportunities in the market. Technological advancements like battery improvements, lightweight chassis, and intuitive joysticks have augmented the functionality of electric wheelchairs.
Market Drivers
Growing geriatric population worldwide and the increasing incidence of disabilities are key drivers propelling the electric wheelchair market growth. As per the UN’s World Population Prospects report, the number of people aged 65 years or above is projected to grow from 727 million in 2020 to 1.5 billion by 2050. Elderly people are more prone to mobility issues, arthritis, and other disabilities, fueling the demand for mobility assistance products like electric wheelchairs. Additionally, rising cases of Road Traffic Accidents (RTAs) and other causes leading to paralysis have boosted the need for electric wheelchairs for mobility.
Current Challenges in Electric Wheelchair Market
Growing emphasis on home healthcare is boosting sales of electric wheelchairs. However, high costs associated with electric wheelchairs remains a key challenge for widespread adoption. Manual wheelchairs are much more affordable option for those with limited mobility needs or financial resources. Additionally, limited reimbursement policies for electric wheelchairs further restricts their adoption. Lack of standardization in regulations related to electric wheelchairs across countries also acts as a roadblock. Manufacturers face challenges related to ensuring product compliance. Moreover, lack of awareness about innovations and benefits of electric wheelchairs among populations in rural areas of developing nations hinders market growth.
SWOT Analysis
Strength: Robust product offering from major players; wide range of customizable features facilitates independent mobility.
Weakness: High product and maintenance costs; bulkiness of batteries limits mobility.
Opportunity: Expanding elderly population drives demand; innovations to reduce weight and improve portability.
Threats: Manual wheelchairs as cheaper substitutes; stringent regulatory framework delays new product approvals.
Geographical Regions
In terms of value, North America holds the largest share in electric wheelchair market, followed by Europe. This can be attributed to increasing healthcare expenditure and favorable reimbursement policies for assistive devices in countries like US and Germany.
Asia Pacific electric wheelchair market is poised to grow at fastest rate during forecast period. This can be ascribed to rising medical tourism, growing senior citizen population, increasing disabilities due to accidents and improving economic conditions. Nations like China and India are emerging as major production and export hubs owing to availability of cheap labor and raw materials.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
