New York, USA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Electric Wheelchair Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Electric Wheelchair Market Information By Type, End-user and Region - Forecast till 2030”, the market size is expected to reach USD 6.47 Billion by 2030 at 6.8% CAGR during the forecast period 2022-2030
Market Scope:
A wheelchair propelled by an electrical system, often consisting of motors and batteries, is known as an electric wheelchair, electric power wheelchair, motorized wheelchair, or electric-powered wheelchair. To power an electric wheelchair, a battery or batteries must be recharged. These batteries run the motor that moves the wheelchair's wheels, joystick, or ball.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 6.47 Billion |
| CAGR | 6.8% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Product launches and Expansion in emerging market |
| Rising demand for multi-functionality featured Electric wheelchairs |
Electric Wheelchair Market Competitive Outlook:
The leading companies in the electric wheelchair industry are working hard to design a product that will be within the financial reach of any person who need one. Bigger corporations are buying out smaller ones to grow their market share, broaden their business operations, and enter new fields. As a result, people everywhere rely significantly on their smartphones, tablets, computers, and other smart devices to provide them with convenience and ease in this increasingly technological environment. The level of competition between businesses has increased.
The key players of the mobile virtualization market are:
- GF Health Products
- Sunrise Medical (Germany)
- Quantum Rehab (US)
- Permobil AB (Sweden)
- Pride Mobility Products Corp (US)
- Invacare Corporation
- Drive Medical (US)
- Ottobock (Germany)
- Levo AG (Switzerland)
- Karman Healthcare
Market Dynamics:
Market Drivers
In response to an increase in the prevalence of various ailments and diseases, hospitals are increasingly making use of electric wheelchairs to enhance the quality of life for its patients. In addition, it helps medical staff and patients. To add to the safety of patient transfer, electric wheelchairs are now commonly used in home healthcare settings. The rising prevalence of senior people in healthcare facilities and residential care facilities is a key factor driving market expansion.
The business community is anticipating new product releases and growing markets. The electric wheelchair is becoming more popular than manual wheelchairs because of its many useful features. We've simplified the wheelchairs to make them more accessible. Market growth is being aided by the fact that leading companies in the industry are concentrating on feature-based innovations to satisfy consumer needs.
Market Restraints
But weak purchasing power and a lack of customer knowledge slow the market's growth. Further, the standard of medical care in developing nations is very low. The market for medical equipment could be stunted by the fact that some regions lack adequate healthcare infrastructure and supply networks.
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COVID-19 Analysis:
Numerous enterprises and markets at their early or pivotal stages of development were sunk by the epidemic. The global lockout has slowed manufacturing, which has slowed the market's expansion rate. A few effects and challenges were highlighted in the Electric Wheelchair Market as a result of COVID-19. The market, despite these obstacles, continues to strive for expansion.
The rise in the Market's growth rate may be traced back to COVID-19, as patients in hospitals with no beds required a place to relax. Wheelchairs and other medical supplies were purchased for those with ill family members combating the infection.
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Electric Wheelchair Market Segmentation:
By type
The greatest interest is garnered towards the electric wheelchairs with a central wheel drive, and this subsegment ultimately amassed the largest proportion of the international market. Although the center-wheel-drive segment currently dominates the electric wheelchair market, the front-wheel-drive segment is projected to grow at a rapid rate in the coming years due to the advantages it offers over the former, such as a smaller turning radius, lighter front tires, and greater ease of maneuvering in confined spaces.
By End-User
The desire for mobility and convenience in the home-care environment is predicted to drive the electric wheelchair market share higher than any other application over the forecast period. As the number of retirement communities across the globe rises, the home care industry quickly follows as the fastest expanding sector. The usage of electric wheelchairs has increased dramatically as a means of giving the elderly the best possible care and comfort. Older adults now have more freedom thanks to the invention of the electric wheelchair.
Electric Wheelchair Market Regional Analysis:
The market for electric wheelchairs in North America is expected to grow to a sizable amount during the assessment time period. The developed healthcare system in the country is largely responsible for the large market share. Better healthcare for more people, more options for patients, and a heightened knowledge of health issues all contribute to this. Because of the large number of senior citizens in the United States, research in the North American market has shown the best results thus far. Many retirement communities focus on the needs of the elderly, and as a result, electric wheelchairs have become increasingly popular. The United States is fortunate to be home to the headquarters of several major industries. In addition, a recent study found that more than 5 million Americans rely on wheelchairs for movement, with the elderly population being four times more likely to rely on such devices than any other patient demographic. As a result, these elements are fueling the demand for electric wheelchairs in North America and are anticipated to propel regional market statistics throughout the forecast time.
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Advanced medical facilities offered by the government to the people of Europe have also contributed significantly to the region's rapid development. The increased need for automated machinery and structures is a direct result of the area's growing urbanization and industry.
As the median household income in the Asia-Pacific area rises, the region has emerged as a promising market for electric wheelchairs. Over the projected period, the market is expected to grow at a rate that is at least partially attributable to rising consumer awareness of cutting-edge healthcare facilities.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
