Electric Wheelchair Market To Reach $8.7 Billion, Globally, By 2033 At 10.6% CAGR: Allied Market Research

Wilmington, Delaware, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Electric Wheelchair Market by Type (Center Wheel Drive, Front Wheel Drive, Rear Wheel Drive, Standing Electric Wheelchair and Others), and End-User (Personal and Hospital): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the electric wheelchair market was valued at $3.2 billion in 2023, and is estimated to reach $8.7 billion by 2033, growing at a CAGR of 10.6% from 2024 to 2033.

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Prime Determinants of Growth

The prime determinants of growth in the electric wheelchair market include an aging population, advancements in technology, and increased healthcare spending. As the global population ages, the prevalence of mobility-related issues rises, thereby increasing demand for electric wheelchairs that offer enhanced mobility and independence. Technological advancements have led to the development of more sophisticated and user-friendly electric wheelchairs, featuring improved battery life, lightweight materials, and smart functionalities such as voice control and GPS navigation. These innovations make electric wheelchairs more appealing and accessible to a broader range of users. Additionally, increased healthcare spending and supportive government policies aimed at improving the quality of life for individuals with disabilities are driving market growth. Awareness and accessibility to advanced mobility solutions further enhance the demand, solidifying the market's expansion prospects.

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Segment Highlights

By type, the center wheel drive segment experiences high demand in the electric wheelchair market owing to its superior maneuverability and stability. This design places the drive wheels directly under the user's center of gravity, allowing for tighter turning radii and easier navigation in confined spaces, such as homes and offices. The enhanced stability also offers a smoother ride over uneven surfaces, making it a preferred choice for both indoor and outdoor use. In addition, the balanced weight distribution in center wheel drive wheelchairs provides better control and traction, further increasing their popularity among users seeking reliable and versatile mobility solutions.

By end user, the personal segment is witnessing high demand in the electric wheelchair market owing to the growing need for mobility solutions among individuals with disabilities or age-related mobility challenges. This segment benefits from increased awareness and acceptance of electric wheelchairs as essential tools for enhancing independence and quality of life. Technological advancements have made these wheelchairs more affordable, user-friendly, and customizable, catering to diverse personal preferences and needs. In addition, supportive government policies and financial assistance programs have made electric wheelchairs more accessible to individuals, further driving demand in the personal segment.

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Regional Outlook

The Asia-Pacific region holds the major market share owing to a combination of demographic, economic, and technological factors. A rapidly aging population, particularly in countries such as Japan, China, and South Korea, drives demand for mobility aids. The rising prevalence of disabilities and chronic conditions also increases the need for accessible and advanced mobility solutions. Economic growth has led to higher disposable incomes, making electric wheelchairs more affordable for individuals. Additionally, governments and healthcare systems are investing in healthcare infrastructure and accessibility, further supporting market expansion. The region's strong manufacturing capabilities, especially in China, contribute to lower production costs and greater availability of electric wheelchairs.

Players

• Invacare Corporation

• Sunrise Medical Limited

• Permobil AB

• OttoBock Healthcare

• Pride Mobility Products Corp.

• Meyra Group

• Nissin Medical Industries Co.

• Karma Medical Products Co. Ltd

• Matsunaga Manufactory Co., Ltd

• Miki Kogyosho Co., Ltd

The report provides a detailed analysis of these key players in the global electric wheelchair market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Development:

• In February 2022, Invacare Corporation introduced its next-generation e-fix eco Power Assist Device, which converts manual wheelchairs into electric wheelchairs.

• In August 2021 Invacare Corporation introduced the Invacare AVIVA STORM RX power wheelchair, which provided rear-wheel drive power mobility. This newly launched product has superior technology, design, and performance.

• In June 2024, Ottobock launched advanced power wheelchair Juvo B7, to support users with complex needs. This launch is expected to improve the company's competitiveness in the market and enable them to have a greater customer base.

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