Electric Wheelchair Market Snapshot
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The electric wheelchair market is valued at USD 2.9 billion in 2020, and it is expected to reach USD 5.8 billion. The electric wheelchair market is expected to exhibit a growth rate of nearly 9.7% during the forecast period 2021-2026.
Although the COVID-19 pandemic created disturbances across all industries, it positively impacted the electric wheelchair market. The electric wheelchair market witnessed significant growth during the coronavirus outbreak. Many hospitals and health institutes are flooded with people infected with the virus. Thus, the demand for electric wheelchairs increased in 2020. The market is further expected to grow in the forecast period.
The market is primarily driven by factors like the aging population in developed countries, the increase in people's spending power, and the latest technological innovations in wheelchairs in the forecast period, 2021-2026.
Scope of the Report
The electric wheelchair market covers the latest trends and technological developments in the electric wheelchair market.
The electric wheelchair market has been segmented by type, end user, and geography.
By type, the market is segmented into front-wheel drive, center wheel drive, rear-wheel drive, and standing electric wheelchair.
By end user, the market is segmented by personal, hospitals, and sports conditioning. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa.
|Front Wheel Drive|
|Center Wheel Drive|
|Rear Wheel Drive|
|Standing Electric Wheelchair|
Key Market Trends
Aging World Population is Driving the Market
The United Nations estimates that by 2030, with a ratio of 1.04 to 1, the elderly population will outnumber children. Economic development in countries like India created many work opportunities for the younger population, which is unable to care for the elderly. Both younger people who work hard and older persons who lack upper body strength find manual wheelchairs exhausting.
According to the World Health Organization, 50 million people are injured every year due to vehicle accidents around the world. Electric wheelchairs aid in the safe and comfortable movement of patients from one area to another. Thus, the increase in accidents is likely to raise the demand for electric wheelchairs over the forecast period.
World Bank reported that around 1 billion individuals, or 15% of the global population, suffer from some impairment, with over 20% of these 1 billion people suffering from major disabilities. Electric wheelchairs are used not just by persons who are disabled due to an injury but also by those who suffer from cardiovascular and respiratory ailments such as asthma and are unable to go longer distances.
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Asia Pacific to Exhibit the Highest Growth Rate
China and India are the two most populated countries in the Asia-Pacific. With over 241 million Chinese individuals over the age of 60, China is considered an aging economy. Moreover, China produces roughly 75% of the world's electric wheelchairs, owing to the aluminum production hubs and major players operating in the country.
In road accidents, India ranks first out of all countries. According to the Ministry of Road Transportation and Highways, 449,002 accidents occurred in India during 2019, leading to 151,113 deaths and 451,361 injuries.
North America is expected to follow Asia-Pacific during the forecast period, owing to the increased investment capacity, improved technical support, and less stringent government rules.
Europe follows North America in terms of growth. Thus, the European market is predicted to grow at a healthy rate during the forecast period.
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The market for an electric wheelchair is a moderately fragmented one, with players, such as OttoBock Healthcare GmbH, Invacare Corporation, and Permobil AB, dominating the market.
To provide additional comfort to the patients, players are working on the design and ergonomics of the wheelchair.
Concepts, such as standing wheelchairs, self-driving wheelchairs with visual sensors to detect impediments, and lightweight electric wheelchairs constructed of carbon fiber, are likely to boost the market. For instance,
- In January 2021, Invacare Corporation and its subsidiary, Alber USA LLC, announced the introduction of their next generation of power assist devices, e-motion® (M25). The Alber e-motion power assist for manual wheelchairs is a push rim activated device that features wheels with a powerful in-hub motor and lithium-ion batteries.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 End Users
5.1.3 Sport Conditioning
5.2.1 Front Wheel Drive
5.2.2 Center Wheel Drive
5.2.3 Rear Wheel Drive
5.2.4 Standing Electric Wheelchair
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.3.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Sunrise Medical Limited
6.2.2 Invacare Corporation
6.2.3 Permobil AB
6.2.4 OttoBock Healthcare
6.2.5 Pride Mobility Products Corp.
6.2.6 Drive Medical Ltd
6.2.7 LEVO Ag
6.2.8 MEYRA GmbH
6.2.9 Karman Healthcare
6.2.10 GF Health Products
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Electric Wheelchair Market market is studied from 2018 - 2026.
What is the growth rate of Electric Wheelchair Market?
The Electric Wheelchair Market is growing at a CAGR of 9.7% over the next 5 years.
What is Electric Wheelchair Market size in 2018?
The Electric Wheelchair Market is valued at 2 Billion USD in 2018.
What is Electric Wheelchair Market size in 2026?
The Electric Wheelchair Market is valued at 5 Billion USD in 2026.
Which region has highest growth rate in Electric Wheelchair Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Electric Wheelchair Market?
North America holds highest share in 2020.
Who are the key players in Electric Wheelchair Market?
Invacare Corporation, Sunrise Medical Limited, Permobil AB , OttoBock Healthcare, Pride Mobility Products Corp. are the major companies operating in Electric Wheelchair Market.