Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 3.56 Billion | USD 8.74 Billion | 10.48% | 2023 |
According to Zion Market Research, the global Electric Wheelchair Market was worth USD 3.56 Billion in 2023. The market is forecast to reach USD 8.74 Billion by 2032, growing at a compound annual growth rate (CAGR) of 10.48% during the forecast period 2024-2032.
The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Electric Wheelchair Market industry over the next decade.
Electric wheelchairs are power mobility devices used to assist persons with physical disabilities or spinal disorders. They are also known as electric-powered wheelchairs (EPW), power chairs, and motorized wheelchairs. They are also utilized by consumers that are suffering from fatigue and cardiovascular diseases. The evolution of these devices has led to stair-climbing and standing wheelchairs. Other features added over the years encompass Wi-Fi, Bluetooth, and remote control of other home-owned devices. High costs associated with electric wheelchairs and unfavorable reimbursement policies may restrain the growth of the market.
Some of the recent trends is the Ottobock company launching a range of its new product, Juvo Power chair, thus diversifying its product portfolio. The Juvo wheelchair is available in two types front-wheel drive and rear-wheel drive, thus improving maneuvering and providing the user with maximum independence.
The COVID-19 pandemic had significantly affected the transport and mobility sector. It had disrupted the -supply channel of wheelchairs to a great extent. Wheelchair operations were halted across several countries owing to strict lockdowns being implemented. Hospitals have witnessed consistent demand owing to a spike in the number of elderly populations getting admitted due to the COVID-19 infection. With the ease of lockdown, companies are expected to resume operations.
There are various factors that influence the growth of the electric industry such as an increase in age is accompanied by a loss or decrease in the functionality of organ systems resulting in dependency on day-to-day activities. For instance, in the case of arthritis, joint pain causes reduced leg and lower body movement, leading to locomotion restriction. According to the World Health Organization (WHO), it is estimated that the world population above 60 years will almost double from 12% to 22% by 2050.
As stated by the United Nations (UN), in 2019, the population of people aged above 60 years was 703 million globally and is expected to reach over 1.5 billion persons in 2050. These factors are expected to boost the growth of the global electric wheelchair market during the forecast period. However, the high costs associated with electric wheelchairs and unfavorable reimbursement policies may restrain the growth of the market. Conversely, product launches and expansions in emerging markets will support the growth of the electric wheelchair market.
Report Attributes | Report Details |
---|---|
Report Name | Electric Wheelchair Market |
Market Size in 2023 | USD 3.56 Billion |
Market Forecast in 2032 | USD 8.74 Billion |
Growth Rate | CAGR of 10.48% |
Number of Pages | 155 |
Key Companies Covered | GF Health Products Inc. (US), Sunrise Medical (Germany), Quantum Rehab (US), Permobil AB (Sweden), Pride Mobility Products Corp (US), Invacare Corporation Drive Medical (US), Ottobock (Germany), Levo AG (Switzerland), Karman Healthcare Inc. (US), Merits Health Products Inc., and Hove round Corporation among others |
Segments Covered | By Product Type, By End User and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
On the basis of end users, the segments are homes, hospitals, and others. Hospitals may exhibit a decent CAGR over the forecast period. Hospitals have adopted electric wheelchairs to assist mobility-ridden patients. This can propel the market by 2022. Hornsby Hospital is one of the first hospitals in Australia to adopt these devices to transport patients from wards to medical imaging stations.
According to products, the market is trifurcated into the center wheel, front wheel, and rear-wheel drive electric wheelchairs. The center-wheel drive is anticipated to dominate the global market over the forecast period due to its capacity to handle steep and uneven terrain. Front-wheel drive is expected to exhibit a robust CAGR due to possessing a better circumference turn drive than center-wheel drive.
Based on geography, North America dominated the wheelchair market in 2020 and accounted for the largest revenue share of 35.2%. This growth is owing to the growing elderly population, increasing adoption of advanced wheelchairs, and growing disabled population. Apart from this, the presence of a large number of market players is also expected to boost the wheelchairs market in the region.
Furthermore, according to our analysis, a lot of small enterprises are coming up with specialized wheelchairs expected to cater to niche audiences. For instance, in January 2020, U.S.-based start-up SEGWAY INC. launched an egg-shaped pod that allows people to sit while they effortlessly cruise around campuses, theme parks, airports, and even cities. This pod can also be used by individuals with wheelchair needs and particularly caters to transportation with a high speed of 24 mph.
In the Asia Pacific, the market is projected to grow fast during the forecast period. The region is backed by large population base countries such as India and China. These countries are witnessing improvements in healthcare facilities and growing government initiatives for offering quality mobility devices.
As stated on multiple occasions, the geriatric population is a key target audience group, the proportion of which is abundant in countries such as Japan. According to an article published in The Japan Times in 2019, over 20.0% of the country’s population is over 65 years old, the highest proportion in the world. By 2030, one in every three people will be 65 or older, and one in five people will be 75-plus years old. The wide base of the aging population in the country is expected to eventually increase the sale of wheelchairs in the coming years. However, the lifestyle being followed within the region may limit the requirement for wheelchairs.
Some of key players in Electric Wheelchair market are-
In May 2017, The Ottobock Company launched a range of its new product, Juvo Power chair, thus diversifying its product portfolio. The Juvo wheelchair is available in two types like front-wheel drive or rear-wheel drive, thus improves maneuvering and provides the user with maximum independence.
In 2019, Permobil, a leading player in advanced medical technology, launched Smart Drive Push Tracker E2, an advanced power assist system for manual wheelchairs. The system significantly increases users' ability to move on uneven surfaces and aids in preventing shoulder strain injuries.
The Electric Wheelchair market is segmented as follows:
By Product Type
By End User
By Region
FrequentlyAsked Questions
There are several elements that affect the expansion of the electric business, such as how dependent people become on daily activities as they get older and their organ systems lose or become less functional.
Electric Wheelchair Market size is set to expand from $ 3.56 Billion in 2023 to $ 8.74 Billion by 2032, with an anticipated CAGR of around 10.48% from 2024 to 2032
The Global Electric Wheelchair Market is anticipated to record a CAGR of nearly 8.1% from 2020 to 2028.
CAGR of around 10.48% from 2024 to 2032
The Global Electric Wheelchair Market is led by players like GF Health Products Inc. (US), Sunrise Medical (Germany), Quantum Rehab (US), Permobil AB (Sweden), Pride Mobility Products Corp (US), Invacare Corporation Drive Medical (US), Ottobock (Germany), Levo AG (Switzerland), Karman Healthcare Inc. (US), Merits Health Products Inc., and Hove round Corporation among others.
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