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FMI’ Analyst view: “Enhancing Lives: The Remarkable Rise of Electric Wheelchairs”

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The electric wheelchair market is set to reach a valuation of US$ 4,352.4 million in 2023. Between 2023 and 2033, the overall market share is expected to grow at 10.4%. Furthermore, the global electric wheelchair market share is predicted to reach up to US$ 11,741.6 million by 2033.

Electric Wheel Chair Market Trends

  •          Rising frequency of muscle disorders among young age people due to accidents or sports.
  •         A growing percentage of the world’s aging population is the prime driver of sales of personal mobility devices.
  •          To diversify their product offerings, industry participants are adding cutting-edge wheelchair accessibility solutions.
  •         The demand for electric wheelchairs is anticipated to increase as a result of the growing demand for smart personal mobility solutions.
  •         Electric wheelchairs are becoming quite popular due to their ease, pre-programmed systems, and simple mobility.

Electric Wheelchair Market Opportunities and Challenges

Prevalence of Physical Disability among Younger Generation: There is a growing global need for mobility assistance devices due to the prevalence of neuromuscular and physical mobility illnesses. Soaring cases of muscular dystrophy, multiple sclerosis, and peripheral neuropathy have substantially increased the number of individuals requiring mobility assistance.

Higher Cost of Electric Wheelchairs: The higher cost of electric wheelchairs in comparison to mechanical wheelchairs limits their sale in many regional markets, particularly in third-world countries. Electric wheelchairs typically cost between US$ 1,500 and US$ 3,500 in the United States, even after some companies cover maintenance and repair costs. On top of that, high maintenance expenses and hefty weight are noticeable disadvantages that discourage patients from adopting such advanced products.

Technological and Design Problems: Although electric wheelchairs are highly sophisticated medical gadgets, technical problems have frequently marred the positive outlook for the product. Frequent product recalls following the identification of certain flaws in design and construction have also impeded the market expansion for electric wheelchairs. As an example, the FDA issued a product recall for Permobil’s electric wheelchairs in 2018 owing to the failure of one or more backrest bars.

Country-wise Insights

Rising Export of Electric Wheelchairs to Retain the Dominance of the United States

In 2022, the United States led the worldwide market and contributed nearly US$ 745 million in revenues. Additionally, the region’s abundance of market participants can help accelerate market expansion throughout the projection period.

The United States holds a dominating position in the global market for electric wheelchairs due to higher incidences of different physical immobility problems. Also, the aging populations in Canada and Latin American countries have substantially increased the export of the product.

Germany is the Leading Supplier, while the United Kingdom set to Drive Europe Market

During the projected period, Germany is anticipated to dominate the market in Europe as it garnered almost US$ 350 million in revenue in 2022. With a strong manufacturing base, some leading market participants are driving the electric wheelchair market in Germany.

The United Kingdom is anticipated to grow at a faster pace in the adoption of electric wheelchairs during the period of prediction in Europe. This rise can be attributed to the presence of a huge target population and the rising use of personal mobility equipment or wheelchairs.

China to Dominate the Asia Pacific Electric Mobility Chair Market

The sales of electric wheelchairs are expected to develop rapidly in Asian countries over the next ten years. A considerable increase in traffic has increased the frequency of road accidents throughout Asia, creating a higher requirement for electric mobility devices.

China is the leading market for the production of electric wheelchairs, generating a revenue of around US$ 400 million in the year 2022. Enactment of government programs to provide high-quality mobility equipment and the upgrading of healthcare facilities is expected to drive the regional market through 2033.

Market in India to Develop with Emergence of New Market Players

India is another remarkably growing market in Asia, encouraging the establishment of electric wheelchair manufacturing companies rapidly. The present market holds a sizable portion of the powered wheelchair market share in Asia, with US$ 380 million in revenue in 2022.

The country is supported by a sizable population base, and a large elderly population could contribute to market expansion. India has a total population of roughly 1.40 billion, and roughly 2% of the population with health issues requiring mobility aid is driving the market. The growth in injuries brought on by traffic accidents could fuel the expansion of the market in the country.

Japan to Hold a Significant Position for Advancement of Electric Wheelchairs in Asia

In 2022, the overall market size for electric wheelchairs in Japan was estimated to be roughly US$ 128 million. During the forecast years, Japan is anticipated to become a highly lucrative market for electric wheelchairs in the whole of Asia. The increase in immobility patients has grown in Japan due to the growing elderly population, ultimately driving up demand for electric wheelchairs in the country.

The market is examined in 5 countries, as represented in the table below. Leading electric wheelchair manufacturers in the United States identify considerable prospects based on the higher investment in cutting-edge technologies. Government support and improving healthcare services remains the key to success for market layers in Asian countries.

Electric Wheelchair Market Competitive Landscape

Prominent mobility aids market players are focusing on the wheelchair’s design and ergonomics to increase patient comfort. The competitive landscape is becoming increasingly competitive due to an increased focus on new assistive features and the growth of the global smart wheelchair market.

To fulfill the expanding client requirements, they often introduce battery-powered wheelchairs with advanced accessibility features. Notably, the demand for LED lights in wheelchairs is a significant development attracting more customers worldwide. Therefore, to take advantage of current prospects, several wheelchair manufacturing companies are investing more in developing smart wheelchairs.

To give an example, the debut of the AVIVA Storm RX, a next-generation rear-wheel drive electric wheelchair, was announced by Invacare in 2021. Invacare is a leading maker of non-acute medical equipment, including wheelchairs and mobility scooters, in the United States. This new wheelchair includes a unique open stack design that provides a leg space beneath the chair to fold up to 70 degrees. It also includes an LED lighting system and adjustable loan compensation interpreters for better maneuverability.

These insights are based on a report Electric Wheelchair Market by Future Market Insights.

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