Electric Wheelchair Market Expected to Reach $6.8 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Wheelchair Market by Type: Opportunity Analysis and Industry Forecast, 2021–2030,” the electric wheelchair market was valued at $2.7 billion in 2020, and is projected reach $6.8 billion by 2030, registering a CAGR of 8.4% from 2021 to 2030

The global electrical wheelchairs market has witnessed notable growth in the last few years, owing to increase in trend of automation that facilitates enhanced returns on investments and cost optimization. Electric wheelchairs are now equipped with durable, adjustable, and feature special seats with soft pads for orthopedic patients.

Upsurge in elderly population, necessity of automated wheelchair for disabled people, and high disposable income of people are the major factors contributing toward the growth of the electric wheelchair market industry. However, excessive cost of electric wheelchair and lack of awareness and infrastructure restrict the adoption of electrical wheelchairs.

Electric wheelchairs are an effective way to alleviate the impact of mobility limitations for aged people, permitting more efficient ambulation over long & short distance along with increased independence. Furthermore, electric wheelchairs are gaining high traction, owing to the convenience, programmed system, and easy movement of the chairs. In addition, increase in life expectancy has resulted in growing need for electric wheelchairs for performance of daily activities, which significantly drives the electric wheelchair market growth. The electric wheelchairs market is further expected to undergo a massive transformation with the use of automation and artificial intelligence. The global market is segmented into product type, which includes center wheel drive, front wheel drive, rear wheel drive, standing electric wheelchair and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The global electric wheelchairs market is segmented into product type and region. By product type, the electric wheelchair market size is fragmented into center wheel drive, front wheel drive, rear wheel drive, standing electric wheelchairs, and others. The others segment includes sports wheelchairs, pediatric wheelchairs, and high-power electric wheelchairs. Among these products, center wheel drive witnessed maximum demand; thus, the segment garnered the largest share in the global electric wheelchairs market.

Key Findings Of The Study

• Region wise, North America dominates in terms of electric wheelchair market share, and is expected to retain its dominance during the electric wheelchair market forecast period.
• On the basis of type, the center wheel drive segment led in terms of market size in 2020, and is expected to continue this electric wheelchair market trend in the upcoming years.
• Asia-Pacific is anticipated to grow with robust CAGR of 9.6% during the forecast period.
• Average price of electric wheelchairs ranges between $1,500 and $3,500.
• Online sales channels are expected to gain prominence in the upcoming years.

The key players profiled in the report are OttoBock Healthcare GmbH, Invacare Corporation, Pride Mobility Products Corp, Permobil AB, Sunrise Medical Limited, MEYRA GmbH, Matsunaga Manufactory Co., Ltd., Karma Medical Products Co., Ltd., Miki Kogyosho Co. Ltd., and Nissin Medical Industries Co., Ltd. Other prominent players analyzed in the report are Drive Medical Ltd., GF Health Products, Inc., Invacare Corporation., Karman Healthcare, and LEVO AG. Players operating in the industry are consistently launching new products with advanced technologies to meet the increasing customer needs. Significant increase in investments for R&D activities in wireless technology companies facilitates product innovation and development of customized solutions.