Electric Wheelchair Market Is Growing At A CAGR of 8.4% and is estimated to reach $6.84 billion by 2030

Upsurge in geriatric population is driving the market expansion, however, the industry is facing significant challenges due inaccessibility to quality healthcare and infrastructure in developing region

According to a new report published by Allied Market Research, titled, "Electric Wheelchair Market by Type: Opportunity Analysis and Industry Forecast, 2021-2030," the electric wheelchair market was valued at $2.7 billion in 2020, and is projected reach $6.8 billion by 2030, registering a CAGR of 8.4% from 2021 to 2030

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The global electrical wheelchairs market 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 wheelchairs 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 industry. However, excessive cost of electric wheelchair and lack of awareness and infrastructure restrict the adoption of electrical wheelchairs.

Electric wheelchairs 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 wheelchairs 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 wheelchairs for performance of daily activities, which significantly drives the electric wheelchair market growth.

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The electric wheelchairs market is further expected to undergo a massive transformation with the use of automation and artificial intelligence. The global 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 market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The global electric wheelchairs market is segmented into product type and region. By product type, the electric wheelchair market size is fragmented into center wheel drive, front wheel drive, rear wheel drive, standing electric wheelchairs, and others. The others segment includes sports wheelchairs, pediatric wheelchairs, and high-power electric wheelchairs. Among these products, center wheel drive witnessed maximum demand; thus, the segment garnered the largest share in the global electric wheelchairs market.

Key Findings Of The Study

Region wise, North America dominates in terms of electric wheelchair market share, and is expected to retain its dominance during the electric wheelchair market forecast period.
On the basis of type, the center wheel drive segment led in terms of market size in 2020, and is expected to continue this electric wheelchair market trend in the upcoming years.
Asia-Pacific is anticipated to grow with robust CAGR of 9.6% during the forecast period.
Average price of electric wheelchairs ranges between $1,500 and $3,500.
Online sales channels are expected to gain prominence in the upcoming years.

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The key players profiled in the 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 report are Drive Medical Ltd., GF Health Products, Inc., Invacare Corporation., 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.

TABLE OF CONTENT :-
CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings
2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key Findings.

3.2.1.Top investment pockets

3.3.Porter's five forces analysis

3.3.1.Bargaining power of suppliers
3.3.2.Bargaining power of buyers
3.3.3.Threat of substitution
3.3.4.Threat of new entrants
3.3.5.Intensity of competitive rivalry

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Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.

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