July 21, 2024
electric wheelchair market

The Global Electric Wheelchairs Market Growth is driven by the growing elderly population

Electric wheelchairs provide mobility and independence to disabled and elderly individuals who have limited leg function or walking ability. They have rechargeable batteries and a hand-controlled joystick that allows users to navigate both indoor and outdoor spaces with ease. With features like lightweight design, indoor/outdoor driving capabilities, programmable speed controls, and adjustable seat heights, electric wheelchairs offer individuals a comfortable and convenient way to move around.

The global Electric Wheelchair Market is estimated to be valued at US$ 8.71 Bn in 2024 and is expected to exhibit a CAGR of 11. % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
There is a significant rise in technologically advanced electric wheelchairs equipped with features like smartphone integration, remote control capabilities, obstacle detection sensors, etc. Manufacturers are focusing on developing intelligent electric wheelchairs that leverage IoT and artificial intelligence. For instance, wheelchair manufacturer Invacare introduced Clinitrak Connect – an electric wheelchair integrated with GPS tracking, battery level indicators, speed controls and remote access features via smartphone. Such advanced electric wheelchairs cater to the changing needs and preferences of users and drive the market growth. Another key trend is the emergence of compact, lightweight foldable electric wheelchairs ideal for travel purposes or limited storage spaces.

Porter’s Analysis

Threat of new entrants: Low- Moderate investments required and established brands have strong brand recognition.

Bargaining power of buyers: Moderate – Large buyer base with reasonable brand switching costs.

Bargaining power of suppliers: Low – Fragmented supply network with low switching costs.

Threat of new substitutes: Low – Limited substitutes available for the primary functions of electric wheelchairs.

Competitive rivalry: High – Large number of regional and global players competing on price and quality.

Key Takeaways

The global electric wheelchair market is expected to witness high growth. The growing geriatric population suffering from disabilities and increasing cases of accidents are major drivers. The global Electric Wheelchair Market is estimated to be valued at US$ 8.71 Bn in 2024 and is expected to exhibit a CAGR of 11. % over the forecast period 2024 to 2031.

Regional analysis- North America dominated the market in 2021 due to supportive government regulations for people living with disabilities. Asia Pacific is expected to grow the fastest during the forecast period with increasing healthcare expenditure and large patient pool in China and India.

Key players operating in the electric wheelchair market are Invacare Corp, 21st Century Scientific Inc, Permobile Company, Sunrise Medical, Ottobock, Pride Mobility, Drive Medical, Hoveround Corporation, GF Health Products Inc, Meyra.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it