Electric Wheelchair Industry (Market) growth Analysis by Top Key Players | Drive Medical Ltd., GF Health Products, Inc., Invacare Corporation., Karman Healthcare, LEVO AG, MEYRA GmbH, OttoBock Healthcare GmbH and Many more

Electric wheelchairs are powered with a set of batteries that provides the required power for the movement of wheelchair in the desired direction causing less physical exertion. These chairs do not require any human assistance for mobility as these are automated. The global electric wheelchairs market is expected to reach $4,846 million by 2022, registering a CAGR of 17.1% from 2016 to 2022.

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Factors that strengthen the growth of this market include growth in elderly population globally, necessity for automated independent wheelchairs, increase in government expenditure on healthcare, and high disposable income from developed countries, such as U.S., UK, Germany, and others. However, factors that hinders the market growth are high cost of power wheelchairs, lack of awareness about benefits of power wheelchairs, and infrastructure. Moreover, launch of smart wheelchairs equipped with artificial intelligence control systems and increase in active and independent lifestyles offer potential opportunities for manufacturers to innovate and develop new products according to consumer preferences.

Currently, the global electric wheelchairs market has witnessed a balanced growth and is anticipated to grow with a steady CAGR during the forecast period. There has been a considerable rise in disposable incomes over the past decade, which has resulted in improved spending capacity of the consumers on health & medical facilities. Moreover, improvement in standard of living, change in lifestyles, and varied cultures, encourages the growth of the electrical wheelchairs market. North America and Asia-Pacific are the significant markets for electric wheelchairs. The North American electric wheelchairs market is expected to grow at a CAGR of 16.4% to reach $2,192 million by 2022.

The global electric wheelchairs market is segmented on the basis of product type and geography. Based on type, it is classified into center wheel drive, front-wheel drive, rear-wheel drive, standing electric wheelchair, and others. The others segment includes sports-wheelchairs, pediatric-wheelchairs, and high-power electric wheelchairs. Among these products, the center-wheel drive segment is in demand and holds a significant share of around 47% in global electric wheelchairs market in the year 2015.

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The key players profiled in the report are Drive Medical Ltd., GF Health Products, Inc., Invacare Corporation., Karman Healthcare, LEVO AG, MEYRA GmbH, OttoBock Healthcare GmbH, Pride Mobility Products Corp, Permobil AB, and Sunrise Medical Limited.

Geographically, the market is analyzed across four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America is expected to dominate the global market during the analysis period, due to the presence of a large number of established manufacturers of electric wheelchairs in the U.S. and Canada. The market in the Asia-Pacific is expected to grow at a significant rate, owing to the rise in geriatric population and rise in expenditures in emerging markets (India and China) to overcome the unmet medical needs. Technological advancements to develop cost-effective power wheelchairs in these nations offer lucrative opportunities for global electric wheelchairs industry growth.

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Key Benefits

This report provides quantitative and qualitative analyses of the current market trends and estimations from 2014 to 2022, which assist to identify the prevailing market opportunities in different product segments.
It outlines the current trends and future scenarios to determine the overall market potential and gain stronger market foothold.
Key drivers, restraints, and opportunities, and their detailed impact analysis are elucidated.
Electric wheelchairs market trends of major countries in each region are mapped according to the estimated revenue.
Porter’s Five Forces model illustrates the threat of new entrants, threat of substitutes, strength of the buyers, and strength of suppliers.
Key manufactures of global electric wheelchairs industry products are profiled and their recent developments are listed.

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