Electric wheelchairs are battery powered mobility devices that offer independent mobility to the elderly and physically disabled people. The usage of an electric wheelchair allows mobility support to individuals who suffer from limited or no ability of walking or standing. It offers comfortable seating with multiple configuration options along with easy maneuvering through programmable joysticks and remote controls.
The global Electric Wheelchair Market is estimated to be valued at US$ 8.71 Billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid promotion of active lifestyles among the elderly population is a key trend augmenting the growth of the electric wheelchair market. Promoting active aging encourages older adults to remain physically active and socially engaged even after loss of mobility. Regular use of electric wheelchairs helps elderly individuals live independently for a longer duration and enjoy leisure activities. This fosters improved quality of life and reduction in age-related health issues. Rising availability of advanced electric wheelchair variants with durable frames, powerful motors, lightweight designs and versatile customization options attracts more elderly customers towards adopting a mobile lifestyle through regular wheelchair usage.
SWOT Analysis
Strength: Electric wheelchairs offer enhanced mobility for users with disabilities. They provide high maneuverability and are easy to operate.
Weakness: Electric wheelchairs require regular maintenance and replacement of parts. Their batteries also have limited life and require frequent recharging.
Opportunity: Growing geriatric population prone to mobility issues worldwide presents an opportunity. Increased acceptance of assistive healthcare devices also opens up prospects.
Threats: High product and maintenance costs can deter certain customers. Stringent regulatory standards regarding design and safety also pose challenges.
Key Takeaways
The global electric wheelchair market is expected to witness high growth. The global Electric Wheelchair Market is estimated to be valued at US$ 8.71 Billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031.,
Regional analysis comprises that North America currently dominates the market owing to favorable reimbursement policies and high spending on assistive living devices. Asia Pacific is projected to be the fastest growing regional market over the forecast period driven by rising health awareness and improving access to medical technologies.
Key players operating in the electric wheelchair market are Invacare Corp, PermobilAB, Sunrise Medical Limited, OttoBock Healthcare, Pride Mobility Products Corp, Drive Medical Ltd, Levo AG, 21st Century Scientific Inc., Karman Healthcare, and GF Health Products Inc. Invacare being the global market leader offers a wide range of powered wheelchairs catering to mobility requirements of users across age groups.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
