The Australia electric wheelchair market is gaining widespread acceptance owing to the need for mobility aids among geriatric and disabled population.
Electric wheelchairs provide independent mobility while conserving energy. These devices feature rechargeable batteries, joystick or other alternative controls, and seating that can be adjusted based on individual requirements.
Australia Electric Wheelchair Market is estimated to be valued at US$ 254.2 million in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Australia electric wheelchair are SUNRISE MEDICAL (US) LLC, KYMCO Healthcare, Invacare Corporation, Invacare Corporation, MEYRA GmbH, Permobil Inc., and Levo AG. These companies offer a variety of products for indoor and outdoor applications as per user needs.
The growing geriatric population suffering from limited mobility due to age-related disabilities and chronic conditions is fueling the demand for electric wheelchairs. According to Australian Bureau of Statistics, over 23% of Australia’s population is anticipated to be aged over 65 years by 2066. This rising pool of elderly population requiring assistance for mobility will drive the electric wheelchair market.
The market players are expanding their overseas operations to capitalize on the growth opportunities in Asia Pacific and Middle Eastern countries. For instance, in June 2024, Invacare Corporation launched its electric wheelchair and scooter products in Saudi Arabia to address the increasing need for mobility assistance devices in the region.
Market Key Trends
One of the key trends gaining traction in the Australia electric wheelchair market is the growing popularity of lightweight foldable electric wheelchairs. These compact devices allow for easy portability and transportation. The lightweight models offer independence to users for outdoor activities. Various players are focusing on developing innovative portable designs by incorporating advances alloys and composite materials to address mobility needs.
Porter’s Analysis
Threat of new entrants: New companies find it difficult to establish themselves in market due to high initial investment requirements and the presence of established brands.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of several component suppliers in the market.
Threat of new substitutes: Development of smart mobility devices poses a threat of substitution.
Competitive rivalry: Market is competitive due to the presence of several global and regional players.
Geographical Regions
The Australia market accounts for a major share of the regional market in terms of value. The growing geriatric population, rising prevalence of mobility disabilities, and increasing healthcare expenditure are the key factors driving the growth of the electric wheelchair market in Australia.
Asia Pacific region is expected to witness the fastest growth during the forecast period. Factors such as rapidly increasing geriatric population, rising incidence of mobility disabilities, increasing healthcare expenditure, growing awareness about mobility devices, and improving healthcare infrastructure are expected to boost the demand for electric wheelchairs in the Asia Pacific region.
What Are The Key Data Covered In This Electric wheelchairs Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Electric wheelchairs’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Electric wheelchairs and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Electric wheelchairs Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Electric wheelchairs vendors
FAQ’s
Q.1 What are the main factors influencing the Electric wheelchairs?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Electric wheelchairs companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Electric wheelchairs’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
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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