July 20, 2024
Electric Wheelchair Market

Electric Wheelchair Market: Growing Demand for Mobility Assistance Drives Market Growth

The Global Electric Wheelchair Market is estimated to be valued at US$6,387.3 Mn in 2023 and is expected to exhibit a CAGR of 10.7% over the forecast period 2023 to 2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Electric wheelchairs are powered mobility devices designed to assist individuals with limited mobility in their daily activities. These wheelchairs offer advantages such as improved maneuverability, ease of use, and enhanced independence for individuals with physical disabilities. The increasing geriatric population, rising prevalence of disabilities, and advancements in technology are driving the demand for electric wheelchairs globally. These devices provide individuals with mobility assistance, enabling them to carry out their daily tasks comfortably and with more freedom.

Market Key Trends:

One key trend observed in the electric wheelchair market is the integration of advanced features and technologies in these devices. Manufacturers are focusing on incorporating smart features such as Bluetooth connectivity, voice control, obstacle detection sensors, and advanced ergonomic designs in electric wheelchairs. These advancements not only improve the overall user experience but also enhance safety and convenience for individuals using electric wheelchairs. Additionally, the integration of lithium-ion batteries in these devices offers longer battery life and faster charging capabilities, further boosting the market growth.

Overall, the electric wheelchair market is driven by the increasing demand for mobility assistance devices, particularly among the elderly population and individuals with disabilities. The integration of advanced features and technologies in electric wheelchairs is expected to further propel market growth in the coming years.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants in the electric wheelchair market is relatively low. This is because the market is already dominated by established players who have strong brand recognition and extensive distribution networks. Additionally, the high costs associated with research and development, manufacturing, and marketing create significant barriers to entry for new companies.

Bargaining power of buyers: The bargaining power of buyers in the electric wheelchair market is moderate. While individuals who require electric wheelchairs have limited options, they still have some power to negotiate on pricing and service terms. However, the presence of government healthcare programs and insurance coverage for medical devices can limit the bargaining power of individual buyers.

Bargaining power of suppliers: The bargaining power of suppliers in the electric wheelchair market is moderate to high. This is due to the reliance on specialized components and materials required for manufacturing electric wheelchairs. Suppliers have some power to negotiate on pricing and quality standards, particularly for unique or patented components.

Threat of new substitutes: The threat of new substitutes in the electric wheelchair market is low. Electric wheelchairs are essential medical devices for individuals with mobility impairments and there are limited alternative options available that can provide the same level of independence and mobility. Manual wheelchairs and other mobility aids do not offer the same level of functionality and convenience as electric wheelchairs.

Competitive rivalry: The competitive rivalry in the electric wheelchair market is high. The market is dominated by several key players who compete based on factors such as product innovation, pricing, distribution channels, and customer service. These companies constantly strive to gain a competitive advantage by introducing advanced features and technologies in their electric wheelchair offerings.

Key Takeaways:

The Global Electric Wheelchair Market is expected to witness high growth, exhibiting a CAGR of 10.7% over the forecast period. This growth can be attributed to several factors, including the rising prevalence of mobility impairments due to an aging population and increasing incidences of spinal cord injuries. Additionally, technological advancements in electric wheelchair design, such as the integration of smart features, lightweight materials, and better battery life, are driving the market growth.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the electric wheelchair market. This can be attributed to the presence of a well-established healthcare infrastructure, high spending on medical devices, and favorable reimbursement policies. Furthermore, the increasing adoption of advanced mobility aids and the rising aging population in the region contribute to the market’s growth.

Key players operating in the electric wheelchair market include Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, and others. These companies have a significant market presence and focus on product innovation, strategic partnerships, and mergers and acquisitions to stay competitive. Their strong distribution networks and brand recognition contribute to their market leadership.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it