The global 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.
Market Overview:
Electric wheelchairs provide independent mobility to the physically disabled and elderly population who cannot propel a manual wheelchair or have limited ambulation abilities. They are equipped with advanced features such as brake locks, electronic speed controllers, battery indicators, and pressure batteries which provide long-lasting backup. With rising technological advancements, electric wheelchairs now come equipped with lithium-ion batteries, remote controls, anti-tip wheels, lap belts, and tilt systems. These advancements deliver comfort, safety, and independence to the user. Growing geriatric population prone to disabilities and growing preference for lightweight, durable medical equipment are major factors driving the demand for electric wheelchairs globally.
Market key trends:
One of the key trends in the electric wheelchair market is the emergence of customized wheelchairs. Manufacturers are offering customizable options for seat width, backrest height, armrest height and positioning depending on the need and body type of the user. In addition, advanced customized wheelchairs are integrated with Bluetooth technology, voice command controls, and GPS systems for independent outdoor navigation. Another major trend is the introduction of all-terrain electric wheelchairs that provide mobility support over uneven surfaces, ramps and inclines. Lithium-ion batteries are also replacing lead-acid batteries due to their lightweight, longer lifespan and higher energy density. Going forward, innovations in artificial intelligence, sensors and exoskeleton robots are expected to transform wheelchair mobility solutions in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to the high capital requirements and established brand loyalty of customers towards existing key players in the electric wheelchair market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of different varieties of electric wheelchairs at varying price points provided by key players.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers in the market and switching costs are low.
Threat of new substitutes: The threat of new substitutes is low as electric wheelchairs do not have close substitutes that can provide the same functionalities and mobility benefits.
Competitive rivalry: is expected to be high due to the presence of numerous global and regional players competing on the basis of product offerings and pricing.
Key Takeaways
The Global Electric Wheelchair Market Demand is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing incidence of road accidents and diseases requiring mobility assistance.
The Asia Pacific region is expected to be the fastest growing market for electric wheelchairs during the forecast period. This can be attributed to growing aging population, increasing healthcare expenditure, and rising incidence of road accidents in countries such as China and India.
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. Invacare Corporation and Permobil Inc. capture majority market share.
