Electric Wheelchair Market is Estimated to top US$ 8 Bn by the end of 2032 | Report by FMI

The global electric wheelchairs market is expected to exceed US$ 8 billion by the end of 2032. The demand for electric wheelchairs is expected to exceed US$ 4 billion by 2022, growing at a CAGR of 10% between 2022 and 2032. The rising prevalence of muscular conditions and the world's ageing population are driving up demand for electric wheelchairs.

Electric wheelchairs, also known as electric power wheelchairs and power chairs, are mobility aids. They are used by people who have difficulty walking or who have immobility-related medical conditions. Because they are powered by a rechargeable battery, these wheelchairs do not require any human assistance to move.

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Electric wheelchairs are also called power chairs or electric Power wheelchairs. They do not require any human assistance for mobility as they are powered by battery. The most obvious advantage of electric wheelchairs is that they are user friendly and convenient. These electric wheelchairs are useful for those unable to use manual wheelchairs or who may want to use wheelchairs for travelling longer distances and in such a case using a manual wheelchair is very difficult. Apart from people with traditional mobility disability, they may also be used by people with cardiovascular diseases or who met with any accidental conditions.

Electric Wheelchair Market: Drivers and Restraints

Factors which are driving the growth of the global electric wheelchair market are growing worldwide elderly population, necessity of automated wheelchair for disabled people and high disposable income of people from developed countries such as UK, France, Germany, US, Canada and Japan. Furthermore increasing demand of advanced wheelchairs from the sport industry is also influencing the growth of electric wheelchair market, as many sport events are organised specially for disabled persons.

Apart from several advantages, the global electric wheelchair market is also facing some challenges such as the high cost of electric wheelchairs and lack of awareness and infrastructure. However these issues are expected to reduce during forecast period.

Electric Wheelchair Market: Region wise outlook

The global electric wheelchair market is estimated to witness robust growth through 2025 due to growing technological advancement in electric wheelchair industry, new products are equipped with gadgets for accessibility and control. The North America region led the market in 2014 in terms of highest demand. In the US, the government provides medical insurance to people over age of 65, which also helps them to get medical facilities at subsidized rates. High purchasing power, increasing elderly population and consumer awareness and inclination towards more sophisticated technology driven the progress of electric wheelchair market in this region. In coming years, developing countries such as India, China and Brazil are expected to boost the demand of electric wheelchairs. It is mainly because of the gradual increase in consumer awareness and development of medical facilities in this region.

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Electric Wheelchair Market: Key Players

The key international players operating in electric wheelchair market includes OttoBock Healthcare GmbH, Invacare Corp., Pride Mobility Products Corp., Permobil AB, Sunrise Medical Limited, Hoveround Corporation, LEVO AG, Invacare Corp., MEYRA GmbH, Medical Depot, Inc., GF HEALTH PRODUCTS, INC and Others. All these key players are focusing on delivering best value products to their customers. Customised offering and product innovation is a common strategy adopted by most of the key players. These electric wheelchair manufactures offers large variety and different sizes of wheelchairs to meet demand of individuals depending upon their weight and height.

Key Segments Profiled in the Electric Wheelchairs Market Survey

By Product Type:

Center Wheel Drive
Front Wheel Drive
Rear Wheel Drive
Standing Electric Wheelchairs

End Users:

Hospitals & Clinic
Home Care
Sports Conditioning

By Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.