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Lightweight Electric Folding Wheelchair Market 2024 - Top Manufactures, Growth Rate, Revenue And Forecast To 2033
Lightweight Electric Folding Wheelchair Market Demand
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According to The Business Research Company's, The lightweight electric folding wheelchair market size has grown rapidly in recent years. It will grow from $4.65 billion in 2023 to $5.17 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to an increasing number of elderly individuals, growing awareness of disabilities, improved accessibility, e-commerce growth, and increased awareness of mobility solutions.
The lightweight electric folding wheelchair market size is expected to see rapid growth in the next few years. It will grow to $7.92 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to increasing demand for mobility solutions, increased expenditure on healthcare services, rising trend towards customization in electric wheelchairs, and increasing number of spinal cord injuries. Major trends in the forecast period include integration of advanced technologies, advancements in battery technology, integration of smart technologies, sustainability and eco-friendly materials, and enhanced battery technology.
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Market Drivers and Trends:
The rising prevalence of physical disabilities is expected to propel the growth of the lightweight electric folding wheelchair market going forward. Physical disabilities are impairments that affect an individual's ability to perform physical activities or maintain mobility. Physical disabilities are increased with age-related conditions and the growing incidence of chronic health conditions, which contribute to a higher rate of physical impairments. Lightweight electric folding wheelchairs enhance mobility and independence for individuals with physical disabilities by providing easy transportability, reduced physical effort through powered movement, and customizable comfort and support. For instance, in August 2023, according to the Parliament of the United Kingdom, a UK-based governing body, in 2021/2022, disability rates in the UK increased with age, affecting around 11% of children, 23% of working-age adults, 45% of adults over State Pension age, and 58% of those aged 80 and over. Therefore, the rising prevalence of physical disabilities drives the lightweight electric folding wheelchair market.
Major companies operating in the lightweight electric folding wheelchair market focus on developing innovative solutions, such as compact folding carbon fiber power wheelchairs, to meet the growing consumer demand for portability and ease of use. Compact folding carbon fiber power wheelchairs are lightweight, durable mobility devices designed for easy portability and storage, offering users enhanced convenience and independence. For instance, in March 2024, Sunrise Medical, a Germany-based manufacturer of manual and electric wheelchairs, announced the launch of the Quickie Q700 M Mini. This groundbreaking power wheelchair combines a lightweight carbon fiber frame with a folding design. This innovative model is touted as the lightest of its kind, making it easier for users to transport and maneuver. The Quickie Q700 M Mini boasts a compact frame, customizable seating options, and enhanced performance for both indoor and outdoor use, providing greater independence and mobility for individuals with mobility challenges. This launch underscores Sunrise Medical's commitment to improving the quality of life for its customers through the development of cutting-edge assistive technologies.
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Major Key Players of the Market:
Dahao Smart Technology Co Ltd., Otto Bock HealthCare LP, Invacare Corporation, Permobil AB, Drive DeVilbiss Healthcare, Pride Mobility Products Corporation, Hoveround Corporation Inc., Airwheel Technology Holdings Limited, WHILL Inc., Golden Technologies Inc., KD Smart Chair Inc., Karman Healthcare Inc., SmartScoot LLC, Quickie Wheelchairs by Sunrise Medical, Wheelchair88 Limited, Tzora Active Systems Ltd., Pihsiang Machinery MFG Co Ltd., EZ Lite Cruiser LLC, eFoldi Limited, Forcemech Ltd., Mobiclinic S.L, Featherweight Wheelchair Co, Zip'r Mobility LLC
Lightweight Electric Folding Wheelchair Market 2024 Key Insights:
• The lightweight electric folding wheelchair market size is expected to see rapid growth in the next few years. It will grow to $7.92 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• Rising Prevalence Of Physical Disabilities Drives Growth In The Lightweight Electric Folding Wheelchair Market
• Integration Of Smart Technologies In Lightweight Electric Folding Wheelchair
• North America was the largest region in the lightweight electric folding wheelchair market in 2023
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