Global Electric Wheelchair Market Opportunities and Strategies to 2031: Featuring Invacare, Sunrise Medical, Permobil and Ottobock Among Others

Nov 19, 2023

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21 Feb, 2023, 21:50 ET

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DUBLIN, Feb. 21, 2023 /PRNewswire/ -- The "Electric Wheelchair Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists; marketers and senior management with the critical information they need to assess the global electric wheelchair market as it emerges from the COVID-19 shut down.

The electric wheelchair market reached a value of nearly $3,663.2 million in 2021, having grown at a compound annual growth rate (CAGR) of 12.6% since 2016. The market is expected to grow from $3,663.2 million in 2021 to $6,756.3 million in 2026 at a rate of 13.0%. The market is then expected to grow at a CAGR of 8.3% from 2026 and reach $10,070.3 million in 2031.

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Growth in the historic period resulted from rapid rise in orthopedic surgeries, growth in incidences of obesity, rapid growth in geriatric population and regulations favoring disabled friendly places. Factors that negatively affected growth in the historic period were political uncertainties, low healthcare reimbursements and insufficient training to caregivers for operating electric wheelchair.

Going forward, increasing government initiatives, growing demand for electric mobility devices for people with disability, healthcare infrastructure improvements and rise in healthcare expenditure will drive the growth. Factors that could hinder the growth of the electric wheelchair market in the future include limited battery capacity and challenges due to regulatory changes.

The electric wheelchair market is segmented by product type into center wheel drive electric wheelchair, front wheel drive electric wheelchair, rear wheel drive electric wheelchair, standing electric wheelchair and other product types. The center wheel drive electric wheelchair market was the largest segment of the electric wheelchair market segmented by product type, accounting for 37.2% of the total in 2021. Going forward, the front wheel drive electric wheelchair segment is expected to be the fastest growing segment in the electric wheelchair market segmented by product type, at a CAGR of 13.8% during 2021-2026.

The electric wheelchair market is segmented by category into adults and paediatric. The adults market was the largest segment of the electric wheelchair market segmented by category, accounting for 81.0% of the total in 2021. Going forward, the adults segment is expected to be the fastest growing segment in the electric wheelchair market segmented by category, at a CAGR of 13.1% during 2021-2026.

The electric wheelchair market is segmented by application into homecare, hospitals, ambulatory surgical centres, rehabilitation centres, others. The homecare market was the largest segment of the electric wheelchair market segmented by application, accounting for 37.2% of the total in 2021. Going forward, the homecare segment is expected to be the fastest growing segment in the electric wheelchair market segmented by application, at a CAGR of 13.8% during 2021-2026.North America was the largest region in the electric wheelchair market, accounting for 36.6% of the total in 2021. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the electric wheelchair market will be Asia Pacific and North America where growth will be at CAGRs of 14.3% and 13.6% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 13.4% and 10.5% respectively.

The Global electric wheelchair market is fragmented, with a large number of small players. The top ten competitors in the market made up to 17.13% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies.

Invacare Corporation was the largest competitor with 4.15% share of the market, followed by Sunrise Medical Limited with 3.69%, Pride Mobility Products Corp with 2.70%, Permobil AB with 2.64%, Ottobock SE & Co. KGaA with 2.30%, Golden Technologies with 0.74%, Drive Medical Ltd with 0.43%, Hoveround Corporation with 0.31%, GF Health Products with 0.10% and Karman Healthcare with 0.07%.

The top opportunities in the electric wheelchair market segmented by product type will arise in the center wheel drive electric wheelchair segment, which will gain $1,141.6 million of global annual sales by 2026. The top opportunities in the electric wheelchair market segmented by category will arise in the adults segment, which will gain $2,520.6 million of global annual sales by 2026. The top opportunities in the electric wheelchair market segmented by application will arise in the homecare segment, which will gain $1,234.7 million of global annual sales by 2026. The electric wheelchair market size will gain the most in USA at $1,055.2 million.

Market-trend-based strategies for the electric wheelchair market include focus on launching smart wheelchair, next generation rear-wheelchair, venerable e-motion power-assist system, new lightweight electric wheelchair, technology advancement and focus on strategic partnership and collaborations.

Player-adopted strategies in the electric wheelchair market includes focus on strengthening business operations through the launch of new products, offering innovative solutions through strategic partnerships and collaborations, offering flexible solutions to its customers through the launch of portable power chairs, addressing functional, social and medical needs of users through the launch of innovative products and enhancing portfolio of products through the launch of user-friendly products.

Key Topics Covered: 1. Executive Summary2. Table of Contents3. List of Figures4. List of Tables5. Report Structure6. Introduction and Market Characteristics6.1. General Market Definition6.2. Summary6.3. Electric Wheelchair Market Definition and Segmentations6.4. Market Segmentation By Product Type6.4.1. Center Wheel Drive Electric Wheelchair6.4.2. Front Wheel Drive Electric Wheelchair6.4.3. Rear Wheel Drive Electric Wheelchair6.4.4. Standing Electric Wheelchair6.4.5. Other Products6.5. Market Segmentation By Category6.5.1. Adults6.5.2. Pediatric6.6. Market Segmentation By Application6.6.1. Homecare6.6.2. Hospitals6.6.3. Ambulatory Surgical Centers6.6.4. Rehabilitation Centers6.6.5. Other Applications7. Major Market Trends7.1. Smart Wheelchair7.2. Next Generation Rear-Wheelchair7.3. Venerable E-Motion Power-Assist System7.4. New Lightweight Electric Wheelchair7.5. Technology Advancement7.6. Strategic Partnership And Collaborations8. Global Market Size And Growth8.1. Market Size8.2. Historic Market Growth, 2016 - 2021, Value ($ Million)8.2.1. Market Drivers 2016 - 20218.2.2. Market Restraints 2016 - 20218.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Million)8.3.1. Market Drivers 2021 - 20268.3.2. Market Restraints 2021 - 20269. Global Market Segmentation9.1. Global Electric Wheelchair Market, Segmentation By Product Type, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)9.2. Global Electric Wheelchair Market, Segmentation By Category, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)9.3. Global Electric Wheelchair Market, Segmentation By Application, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)10. Global Market, Regional And Country Analysis10.1. Global Electric Wheelchair Market, By Region, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)10.2. Global Electric Wheelchair Market, By Country, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)

For more information about this report visit https://www.researchandmarkets.com/r/t4x09w

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