ccording to Custom Market Insights (CMI), The Global Electric Wheelchair Market Size was valued at USD 3.8 billion in 2021 and is estimated to reach USD 7.14 billion by the end of 2030 at a CAGR of approximately 7% during the forecast period 2022-2030.
Electric Wheelchair Market: Overview
When powered by electricity, the electric wheelchair primarily relies on motors and batteries to move from one location to another. A joystick is typically used to choose the intended direction of movement for purposes of movement. This device allows the user to move around more easily by using electric propulsion. Another tool included with the electric wheelchair is a ball, which makes moving about easier and turns off the alternating current or battery-powered motor that drives it. The market for electric wheelchairs has rapidly expanded due to the rising demand for these sophisticated devices.
Browse the full “Electric Wheelchair Market Size, Trends and Insights By Product (Center Wheel Drive, Standing Electric Wheelchairs, Rear Wheel Drive, Front Wheel Drive), By Type (Adult Wheelchairs, Pediatric Wheelchairs), By End-users (Hospital, Home-Care Setting), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/electric-wheelchair-market/
The market is growing due to rising technological and IoT improvements, including smart voice assistance and extra new capabilities, and increased investments by numerous companies in product improvement and technology development. Furthermore, the market is anticipated to grow in the approaching years due to an increase in wheelchair supply, rising consumer awareness, and beneficial government initiatives. The production of wheelchairs will advance technologically, which will help the electric wheelchair business.
Paralympic sports are becoming more and more well-liked, helping the industry grow. There are also favorable reimbursement policies and customization options available. In addition, there is a global demand for electric wheelchairs due to the spread of the coronavirus disease (COVID-19) and hospital admissions.
The electric wheelchair market is classified into product, type, and end-users. Due to this industry’s quick supply and demand cycles, the hospital segment has dominated the market in terms of end-users. Patients typically attend a hospital after suffering an injury or becoming disabled. The patient is advised to use a wheelchair here for the first time. As a result, the supply of the electric wheelchair segment is now open to the possibility of selling to hospitals. These goods are frequently utilized to move and shift patients from one location to another to ensure the patient’s greatest comfort and safety.
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With the prevalence of various physical immobility problems rising and the aging populations in North American nations such as the U.S. and Canada, the market for electric wheelchairs is expanding quickly. Therefore, several market companies are investing more in R&D projects to take advantage of current prospects.
Key Players Insights
There is fierce competition in the market for electric wheelchairs between new and established manufacturers. This has opened the door for product development, collaborative ventures, and mergers and acquisitions to retain the electric wheelchair market‘s dominance. For instance, Drive Medical consolidated its product portfolio by purchasing Med quip Inc. Another such is the collaboration between Innova Care Concepts and Permobil to provide electric-powered wheelchairs.
Some of the prominent players
- Permobil AB
- Invacare Corp.
- OttoBock Healthcare GmbH
- Pride Mobility Products Corp.
- Sunrise Medical Limited
- Hoveround Corporation
- MEYRA GmbH
- LEVO AG Invacare Corp.
- Medical Depot Inc.
- GF HEALTH PRODUCTS INC
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