Electric Wheelchairs Market to grow by USD 1,797.53 million from 2022 to 2027

Jun 15, 2023

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24 Jul, 2023, 03:30 ET

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NEW YORK, July 24, 2023 /PRNewswire/ -- The electric wheelchairs market size is estimated to grow by USD 1,797.53 million from 2022 to 2027 at a CAGR of 11.04%, according to Technavio. The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including ComfyGO Inc., GF Health Products Inc., Hoveround Corp., Invacare Corp., Karma Medical Products Co. Ltd., Karman Healthcare Inc., LEVO AG, Matsunaga Manufactory Co. Ltd., Medical Depot Inc., Medical Device Depot Inc., MEYRA GROUP, Mr. Wheelchair cc, Ottobock SE and Co. KGaA, Permobil AB, Pride Mobility Products Corp., Roma Medical, Silverline meditech Pvt. Ltd., Sunrise Medical LLC, United Seating and Mobility LLC, and WHILL Inc.

Electric wheelchairs Market Insights -

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Electric wheelchairs market - Customer LandscapeTo help companies evaluate and develop growth strategies, the report outlines –

Key Electric Wheelchairs Market Driver

The increasing prevalence of orthopedic and neurologic disorders is a major factor notably driving the electric wheelchairs market growth. The global demand for electric wheelchairs is on the rise due to the increasing prevalence of orthopaedic and neurological diseases worldwide. Conditions like rheumatoid arthritis, knee problems, and post-fracture recovery necessitate the use of mobility devices such as power wheelchairs. The market is also driven by factors such as medical emergencies, short-term and long-term disabilities, and the growing number of surgical procedures. Elderly individuals are particularly affected by orthopaedic ailments like osteoarthritis and fractures, which often lead to increased reliance on family members or caregivers and create a higher demand for electric wheelchairs. To cater to specific needs, companies are developing specialized products such as bariatric or heavy-duty electric wheelchairs for obese patients with orthopaedic diseases. Additionally, accessories like attachable round ball knobs are being introduced to facilitate easier control for individuals with severe arthritis. As the incidence of orthopaedic and neurological disorders continues to rise, the demand for mobility aids, including electric wheelchairs, is expected to grow steadily during the forecast period.

Significant Electric Wheelchairs Market Trends

The growing adoption of front-wheel-electric wheelchairs is an emerging trend supporting the market growth. The market is witnessing a growing adoption of front-wheel electric wheelchairs, which is expected to fuel market growth. Front-wheel electric wheelchairs offer several advantages over rear-wheel and mid-wheel drive models, particularly in navigating obstacles and uneven surfaces. The placement of the drive wheels at the front and the battery at the rear improves weight distribution and overall chair stability. With the front wheels in contact with the ground, more force is distributed across all four tires, resulting in enhanced traction and performance on soft terrain or uneven surfaces like grass or gravel roads. Furthermore, the absence of front wheels allows for easier positioning of the user's feet, bringing them closer to the body. Numerous companies in the market provide front-wheel power wheelchairs, contributing to the increasing adoption of these models and driving the market growth during g the forecast period.

Major Electric Wheelchairs Market Challenge

The high cost of electric wheelchairs is a significant challenge hindering market growth. The high cost of electric wheelchairs is a significant barrier for many users, leading them to opt for alternative mobility devices like manual wheelchairs, medical walkers, or rollators. Furthermore, limited government reimbursement policies in developed and developing countries further restrict the adoption of power wheelchairs, thereby impeding market growth. Electric wheelchairs have an average price range of USD 1,350 to USD 1,700 for basic models, including essential components such as seats, handles, armrests, footrests, motors, tires, electrical circuits, and batteries. Customized options, such as neck braces, additional batteries, and hoists for easy transfer, can increase the price from USD 15,000 to USD 25,000. The replacement cost of electric wheelchair batteries ranges from USD 70 to USD 450, depending on the wheelchair type. These high costs may push individuals to seek more affordable alternatives like manual wheelchairs or crutches. Consequently, the high price of electric wheelchairs is expected to limit their adoption among middle-class users and pose a challenge to market growth during the forecast period.

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Electric Wheelchairs Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 11.04%

Market growth 2023-2027

USD 1,797.53 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.81

Regional analysis

North America, Europe, Asia, and Rest of World (ROW)

Performing market contribution

North America at 47%

Key countries

US, Canada, Germany, France, and Japan

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ComfyGO Inc., GF Health Products Inc., Hoveround Corp., Invacare Corp., Karma Medical Products Co. Ltd., Karman Healthcare Inc., LEVO AG, Matsunaga Manufactory Co. Ltd., Medical Depot Inc., Medical Device Depot Inc., MEYRA GROUP, Mr. Wheelchair cc, Ottobock SE and Co. KGaA, Permobil AB, Pride Mobility Products Corp., Roma Medical, Silverline meditech Pvt. Ltd., Sunrise Medical LLC, United Seating and Mobility LLC, and WHILL Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio