The electric wheelchair market has witnessed significant growth over the past few years owing to the growing geriatric population and rising prevalence of illnesses such as multiple sclerosis, spinal cord injury, and cerebral palsy resulting in disability. Electric wheelchairs help the disabled to move independently indoors and outdoors through rechargeable batteries. These chairs have ergonomic seating options, cushions, stability, customized speed control, and maneuverability which make them highly preferred among end-users. The global electric wheelchair market is estimated to be valued at US$ 8.71 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period of 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. These players are focused on developing innovative product features for convenience and comfort of end-users.
The demand for electric wheelchairs is growing significantly owing to the rising geriatric population globally along with growing cases of paralysis, obesity and other health conditions resulting in reduced mobility. According to WHO, by 2050, the world's population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. This vast pool of aging population is expected to drive the electric wheelchair market.
Technological advancements have promoted the development of intelligent and automated wheelchairs. Companies are focused on incorporating features such as Wi-Fi connectivity, digital displays, automatic parking brakes, stair climbing abilities, obstacle detection, and other features for ease of use. Such innovations allow users to operate wheelchairs with minimal manual assistance and improve comfort.
Market Trends
1. Growing adoption of lightweight chairs: With advancements, manufacturers are focusing on developing lightweight yet durable frames by utilizing carbon fiber, magnesium and aluminum which offer better maneuverability and portability for users.
2. Integration of IoT and assisted technologies: Market players are integrating IoT, artificial intelligence, and assisted technologies to develop smart electric wheelchairs with features such as intuitive voice commands, gesture controls, automated driving, indoor location tracking and navigation.
Market Opportunities
1. Emerging markets: Large untapped populations in developing regions of Asia Pacific, Latin America, Middle East and Africa present lucrative growth opportunities for market players.
2. Accessibility in public places: Initiatives by governments toward enforcing accessibility laws and provisions of barrier-free infrastructure in public places will further drive the demand. Growing disability population necessitates promoting inclusive public spaces.
Fastest Growing Region in the Electric Wheelchair Market
Asia Pacific region is poised to be the fastest growing region in the electric wheelchair market during the forecast period. Factors such as the presence of developing nations with large patient pools such as India and China, rising medical expenditures, increasing cases of orthopedic and neurological disorders, growing awareness about personal mobility devices, and improving accessibility are driving the market in Asia Pacific. Furthermore, supportive regulatory guidelines, developing healthcare infrastructure, growing medical tourism industry and expanding base of local manufacturers are aiding market growth. Advancements in technology and the influx of international brands have also increased product availability. The Asia Pacific region is anticipated to offer lucrative opportunities for electric wheelchair manufacturers globally.
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