Electric Wheelchair Market Size is projected reach $5.8 billion by 2027, registering a CAGR of 9.7% from 2021 to 2027

According to a new report published by Report Ocean, titled, "Electric Wheelchair Market by Product Type: Global Opportunity Analysis and Industry Forecast, 2021–2027," the global electric wheelchair market size was $2.9 billion in 2019, and is projected reach $5.8 billion by 2027, registering a CAGR of 9.7% from 2021 to 2027

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Center wheel drive, front wheel drive, rear wheel drive, standing electric wheelchair, and others are the major product types of electric wheelchair. Center wheel drive segment is the leads in terms of global electric wheelchair market share, and is expected to retain its dominance throughout the forecast period, owing to higher stability; superior maneuverability; and enhanced traction on surfaces, inclines, and side slopes.

The global electric wheelchair industry has witnessed notable growth in the last few years, owing to increase in trend of automation that facilitates enhanced returns on investments and cost optimization. Electric wheelchair are now equipped with durable, adjustable, and feature special seats with soft pads for orthopedic patients.

Upsurge in elderly population, necessity of automated wheelchair for disabled people, and high disposable income of people are the major factors contributing toward the growth of the electric wheelchair market. However, excessive cost of electric wheelchair and lack of awareness and infrastructure restrict the adoption of electrical wheelchair.

Electric wheelchair are an effective way to alleviate the impact of mobility limitations for aged people, permitting more efficient ambulation over long & short distance along with increased independence. Furthermore, electric wheelchair are gaining high traction, owing to the convenience, programmed system, and easy movement of the chairs. In addition, increase in life expectancy has resulted in growing need for electric wheelchair for performance of daily activities, which significantly drives the global electric wheelchair market growth. The market is further expected to undergo a massive transformation with the use of automation and artificial intelligence. The global electric wheelchair market is segmented into product type, which includes center wheel drive, front wheel drive, rear wheel drive, standing electric wheelchair and others. Region wise, the electric wheelchair market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings of the Study:

Region wise, North America dominates in terms of share, and is expected to retain its dominance during the forecast period.
On the basis of type, the center wheel drive segment led in terms of market size in 2019, and is expected to continue this trend in the upcoming years.
Asia-Pacific is anticipated to grow with robust CAGR of 11.5% during the electric wheelchair market forecast period.
Average price of electric wheelchair ranges between $1,500 and $3,500.
Online sales channels are expected to gain prominence in the upcoming years.
The key players profiled in the electric wheelchair market report are OttoBock Healthcare GmbH, Invacare Corporation, Pride Mobility Products Corp, Permobil AB, Sunrise Medical Limited, MEYRA GmbH, Matsunaga Manufactory Co., Ltd., Karma Medical Products Co., Ltd., Miki Kogyosho Co. Ltd., and Nissin Medical Industries Co., Ltd.

Other prominent players analyzed in the electric wheelchair market analysis are Drive Medical Ltd., GF Health Products, Inc., Karman Healthcare, and LEVO AG. Players operating in the industry are consistently launching new products with advanced technologies to meet the increasing customer needs. Significant increase in investments for R&D activities in wireless technology companies facilitates product innovation and development of customized solutions.

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This release was published on openPR.