Electric Wheelchair Market To Reach Valuation Of USD 18.0 Billion By 2032 | Astute Analytica

(MENAFN- GlobeNewsWire - Nasdaq) Global demand for electric wheelchairs is rising due to an aging population and increased disability prevalence, driven by technological advancements enhancing usability and convenience. Consumer awareness and acceptance are growing, supported by government initiatives and online availability, paving the way for significant market expansion, especially in developed regions.

New Delhi, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The global electric wheelchair market was valued at US$ 7.3 billion in 2023 and is anticipated to reach a valuation of US$ 18.0 billion by 2032, at an CAGR of 10.6% during the forecast period 2024-2032.

The electric wheelchair market has seen significant developments and growth, with more than 10 million units currently in use across the globe. This surge is attributed to technological innovations and increased awareness about mobility solutions. A notable advancement is the enhancement of battery life, allowing users to travel distances between 15 and 25 miles per charge, thus providing a greater sense of independence and freedom. This development has been crucial in meeting the demands of users who require reliable and long-lasting mobility aids. Additionally, the average lifespan of an electric wheelchair has significantly improved, now ranging from 5 to 10 years, ensuring that users can rely on their investment for longer periods.

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Furthermore, the electric wheelchair market has seen a rise in the number of manufacturers, with over 200 companies producing electric wheelchairs globally. This increase in competition has driven innovation, resulting in more than 50% of electric wheelchairs now being available with customizable features. Such customization options cater to a wide range of user needs and preferences, enhancing the overall user experience. The top speed of advanced models has also seen an improvement, now reaching up to 8.5 miles per hour. This boost in performance is particularly beneficial for users looking for efficient and speedy mobility solutions for daily activities.

Recent statistics reveal that global sales of electric wheelchairs have surpassed 1 million units annually, indicating a robust demand for these mobility solutions. The average weight of electric wheelchairs has decreased by 15% in recent models, making them more portable and user-friendly. This reduction in weight has made it easier for users to transport and maneuver their wheelchairs, especially when traveling or navigating tight spaces. Additionally, over 30% of electric wheelchairs now feature smart integration capabilities, allowing users to connect their devices to the Internet of Things (IoT) and access various digital services and controls.

Public transit systems worldwide have also adapted to accommodate electric wheelchair users, with over 70% now offering facilities and services to support these devices. This improvement in accessibility has made public transportation a viable option for individuals relying on electric wheelchairs, further enhancing their mobility and integration into society. As technology continues to evolve and awareness about disability rights and accessibility grows, the market is expected to continue its upward trajectory, offering more innovative and user-centric solutions to meet the diverse needs of users.

Key Findings in Electric Wheelchair Market

Market Forecast (2032)	US$ 18.0 billion
CAGR	10.6%
Largest Region (2023)	North America (36.5%)
By Product	Center wheel Drive (47.4%)
By Component	Motors (37.1%)
By Charging Type	Wired (78.0%)
By End Users	Hospitals (44.2%)
By Application	Senior Care (36.9%)
By Distribution Channel	Offline (58.0%)
Top Trends	Integration of smart technologies and IoT in electric wheelchair designs. Rising adoption of lightweight and foldable models for increased portability. Expansion of online distribution channels facilitating easy access and purchase.
Top Drivers	Increasing elderly population globally driving demand for mobility assistance solutions. Technological advancements enhancing electric wheelchairs' functionality and user experience. Growing awareness and focus on accessibility and disability rights worldwide to push the electric wheelchair market growth further.
Top Challenges	High cost of electric wheelchairs limiting affordability for many users. Limited insurance coverage and reimbursement options for electric wheelchair purchases. Infrastructure inadequacies hindering accessibility improvements in public spaces.

Senior Care Applications to Drive Nearly 37% Market Demand in the Years to Come

The electric wheelchair market is witnessing significant growth, with the senior-care segment at the forefront, driven by the increasing aging population and their mobility needs. As of 2023, there are approximately 703 million individuals aged 65 and older worldwide, a number projected to double by 2050, according to the United Nations. This demographic shift underscores the necessity for mobility solutions like electric wheelchairs. In Japan, a country with one of the highest proportions of elderly citizens, 28% of the population is over 65, emphasizing the demand for senior-friendly innovations. Technological advancements have played a pivotal role in this segment's prominence, with 2023 seeing a 15% increase in the adoption of smart wheelchairs equipped with AI-driven navigation systems. These innovations cater to the 75% of seniors who express a preference for maintaining independence through technology.

Healthcare advancements are also fueling electric wheelchair market growth. Reports from 2023 indicate that 60% of seniors suffer from mobility impairments, driving the need for reliable transportation aids. In the United States, Medicare claims for mobility devices like electric wheelchairs have seen a noticeable rise, with Medicare spending on durable medical equipment increasing by 9% in the last year. Additionally, 2023 consumer surveys reveal that over 80% of elderly users prioritize comfort and ease of use when selecting mobility devices, making electric wheelchairs with ergonomic designs particularly popular. Furthermore, urban areas are adapting to this demand, with 40% of US cities implementing accessibility improvements to better accommodate electric wheelchair users. The European market also reflects this trend, with Germany reporting a 12% rise in electric wheelchair sales in 2023, driven by a comprehensive healthcare infrastructure that supports elderly care. These statistics collectively highlight the pivotal role of the senior-care segment in shaping the future of the electric wheelchair industry.

Center Wheel Drive's Stability Leads 2023 Electric Wheelchair Market Trends: Projected to Keep Growing at CAGR of 11.4%

In 2023, the electric wheelchair market experienced substantial growth, driven by technological advancements and changing consumer demands. The center wheel drive segment remains a key player, offering unmatched stability and maneuverability, which are crucial for users seeking safe and efficient mobility solutions. A notable trend is the increasing incorporation of lithium-ion batteries, with over 750,000 units now featuring these longer-lasting and faster-charging power sources. Additionally, the market saw a rise in user-friendly interfaces, as more than 400,000 wheelchairs sold this year include customizable control systems, allowing users to tailor their experience to better suit their needs.

The demand for electric wheelchair market is also fueled by the rising aging population, with approximately 10,000 people turning 65 daily in the United States alone. This demographic shift drives the need for mobility solutions that offer both independence and safety. In 2023, the market witnessed the introduction of over 200 new models featuring enhanced ergonomic designs, catering to the comfort and health of users. Moreover, sustainability has become a significant focus, with over 100,000 units manufactured using eco-friendly materials this year. The adoption of smart technology is another key trend, with more than 600,000 units equipped with GPS tracking and fall detection features, enhancing safety and peace of mind for users and their families. As these innovations continue to shape the market, the center wheel drive segment is expected to maintain its prominence, supported by its ability to integrate these new technologies while providing exceptional stability and ease of use.

Consumers are Rapidly Moving to Buy Electric Wheelchair From Online Channel, Currently Accounting for over 42% Market Share

The online sales of electric wheelchairs are experiencing a significant uptick for the electric wheelchair market, largely driven by the aging population and increasing incidences of mobility impairments. As of 2023, the number of people aged 65 and over has reached 727 million, with many seeking mobility solutions to maintain their independence. Additionally, the World Health Organization estimates that 75 million people require a wheelchair, highlighting a robust demand. The e-commerce boom has made these products more accessible, with 3 billion people now shopping online. Notably, the convenience of home delivery and the ability to compare products and prices have made online platforms attractive to consumers seeking electric wheelchairs.

Several key factors underpin the growth of online sales in the global electric wheelchair market. Technological advancements have resulted in electric wheelchairs that are lighter, more efficient, and capable of longer travel distances-some models now reaching 25 miles on a single charge. Furthermore, the average price of electric wheelchairs has decreased by 15% over the past five years, making them more affordable. In addition, government initiatives like the U.S. Medicare program, which covers up to $4,000 for electric wheelchairs, have helped stimulate demand. Furthermore, the proliferation of online reviews and testimonials-with platforms like Amazon hosting over 2 million reviews on mobility products-has empowered consumers to make informed purchasing decisions.

Consumer behavior is significantly impacting online sales of electric wheelchairs. With 75% of consumers stating that they prefer shopping online for medical devices due to time-saving benefits, the trend is clear. Moreover, 60% of wheelchair buyers report starting their purchase journey on social media, where influencers and targeted advertisements have a strong presence. E-commerce platforms are capitalizing on this by offering virtual consultations and customization options, meeting the demand for personalized solutions. As a result, the online market for electric wheelchairs is expected to continue its growth trajectory, with sales projected to reach $5 billion by the end of 2024.

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Asia Pacific is Set to Witness Fastest Growth in Demand for Electric Wheelchair, Set to Capture More than 21% Market Share, A significant Jump from 17% in 2023

The Asia-Pacific (APAC) region is leading the electric wheelchair market when its comes to grow rate. The prevalence of disability is on the rise in this region, driven by population growth, increasing cases of chronic disabilities, and an aging population. Notably, over one in six people in the APAC region are disabled, highlighting a significant demand for mobility solutions like electric wheelchairs. China and India, the two most populous nations in the region, contribute significantly to this demand. China, in particular, is an aging economy with over 241 million people aged 60 and above, necessitating increased healthcare and mobility aids. Furthermore, China is a manufacturing powerhouse, producing approximately 75% of the world's electric wheelchairs, which underscores its pivotal role in the market.

The APAC region's dominance is further bolstered by economic and infrastructural developments. The rise in road accidents and the growing number of patients with physical deformities have increased the demand for electric wheelchairs. Additionally, the purchasing power of consumers in APAC countries is on the rise, enabling more people to afford these mobility aids. The electric wheelchair market in APAC is projected to experience the fastest growth rate globally until 2032, driven by these socio-economic factors.

Global Electric Wheelchair Market Key Players

• Carex Health Brands, Inc.
• Drive Medical Ltd.
• GF Health Products, Inc.
• Invacare Corporation
• Karma Medical Products Co., Ltd
• Karman Healthcare
• LEVO AG
• Matsunaga Manufactory Co., Ltd.
• Medline
• MEYRA GmbH
• Miki Kogyosho Co. Ltd.
• Nissin Medical Industries Co., Ltd.
• OttoBock Healthcare GmbH
• Permobil AB
• Pride Mobility Products Corp.
• Quantum Rehab
• Seating Matters
• Sunrise Medical Limited
• Other Prominent Players

Key Segmentation:

By Product

• Center Wheel Drive
• Front Wheel Drive
• Rear Wheel Drive
• Standing Electric Wheelchair
• Push-Rim-Activated Power-Assisted Wheelchairs (PAPAWs)
• Others

By Component

• Joystick
• Battery
• Transmission Belt
• Motors
• Others

By Charging Type

• Wired
• Wireless

By Application

• Post-Acute Care
• Pediatric care
• Maternity Care
• Senior Care
• Home Care
• Sport Injury
• Others

By Distribution Channel

• Online
  • E-Commerce Websites
  • Company Websites
• Offline
  • OEMs
  • Distributors
  • Others

By End-user

• Homecare settings
• Hospitals/Clinics
• Others (Travel & Transport, Hospitality, Education)

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
• South America

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