Electric Wheelchair Market to Expand at a CAGR of ~14% Assessment for the Driving Factors, Size, Revenue, Segments, Expansion, Demand, and Opportunities During 2023-2035 - Digital Journal

2022-12-21 15:56:18 By : Mr. Jack Yang

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Global Electric Wheelchair Market Key Insights

During the forecast period of 2023-2035, the global electric wheelchair market is expected to reach an estimated value of ~USD 14 billion by 2035, by expanding at a CAGR of ~14%. The market further generated a revenue of ~USD 5 billion in the year 2022. Major key factors propelling the growth of the electric wheelchair market worldwide are the increasing cases of temporary and permanent disability, the rising geriatric population, and the growing demand for wheelchairs.

Market Definition of Electric Wheelchair

Electric wheelchairs are also referred to as powered or battery-operated wheelchairs. These wheelchairs are operated by a battery-operated circuit or a powered motor, which a user can operate with the help of a single button, unlike a manual wheelchair, which requires a manual effort. Power or electric wheelchairs are often slightly larger than regular wheelchairs since they contain a motor and battery. It also indicates that there is additional space for stability, support, and comfort, such as larger cushions. As they are less likely to topple over than regular wheelchairs, power wheelchairs can be safer. When traveling outside, the chair is significantly more stable, moving over bumps and trash on pavement and other surfaces. The reduced gravitational pull and increased stability of an electric wheelchair make navigation considerably easier.

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Global Electric Wheelchair Market: Growth Drivers

The growth of the global electric wheelchair market can majorly be attributed to the increasing cases of partial or full disability owing to the rising prevalence of spinal cord injuries across the world. It was noted that there are an estimated 282,000 persons living with spinal cord injuries in the United States, and each year, approximately 17,000 new cases of SCI are diagnosed, half of the cases among these are estimated to result in temporary or permanent disability. Hence, all these factors are estimated to boost the demand for electric wheelchairs during the forecast period.

Furthermore, the rising demand for electric wheelchairs owing to increasing accident cases which can result in disability. For instance, there were around 6.5 million auto accidents in 2019, more than 2.5 million serious disability cases, and over 35,000 fatalities were caused by these. Additionally, the rising awareness regarding the usage and benefits of wheelchairs among people is estimated to drive market growth over the forecast period.

The global electric wheelchair market is also estimated to grow majorly on account of the following:

Global Electric Wheelchair Market: Restraining Factor

The lack of wheelchair ramps in public and private locations, which serve as an alternative to stairs for commuters who use wheelchairs, is said to be reducing demand for electric wheelchairs. For instance, according to a review of more than 50 utility buildings, it was discovered that more than 78% of them lacked a wheelchair ramp and restrooms for specially-abled people. Hence this factor is expected to be the major hindrance to the growth of the global electric wheelchair market during the forecast period.

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Global Electric Wheelchair Market Segmentation 

The home care settings segment, among all the other segments, is predicted to hold the largest market share by the end of 2035. The growth of the market can be attributed to the increasing population with disabilities and their rising inclination toward the adoption of home care services set up for personal assistance. It was noticed that more than 15% of the world’s population suffers from one or another type of disability, of which 3–5% are dependent on homecare providers. Furthermore, rising healthcare spending and disposable income are expected to drive segment growth.

The Asia Pacific electric wheelchair market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The growth of the market can be ascribed to the increasing geriatric population and the rising rate of disability in the region. It was found that 400 million of the 650 million estimated persons with disabilities in the world reside in Asia and the Pacific region. Furthermore, the rising prevalence of arthritis and neurological disability and the expanding healthcare infrastructure in the region are predicted to drive market growth.

The market research report on global electric wheelchair also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global Electric Wheelchair Market

Some of the key players of the global electric wheelchair market are GF Health Products, Inc., Sunrise Medical Inc., Quantum Rehab, Permobil AB, and Pride Mobility Products Corp, and others. Do You Have Any Query or Specific Requirement? Ask Our [email protected] https://www.researchnester.com/ask-the-analyst/rep-id-3274

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