March 26, 2020
— Increasing prevalence of physical disability is expected to increase demand for mobility solutions such as wheelchairs, which in turn would contribute to growth of the electric wheelchair market. For instance, as per the Centers for Disease Control and Prevention (CDC), in 2017, there were around 38.2 million adults with physical functioning difficulty and accounted for 15.5% of total global disability. Moreover, increasing number of road accidents resulting in permanent disability, are expected to drive the electrical wheelchair market growth. According to Association for Safe International Road Travel, around 1.25 million people die in road crashes each year globally, of which 20 to 50 million are injured or disabled.
The Global Electric Wheelchair Market was valued at US$ 2,911.5 Mn in 2018, and is expected to witness a CAGR of 17.1% during the forecast period (2018 – 2026).
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Increasing number of product launches is expected to drive growth of the Electric Wheelchair Market
Increasing initiatives by key players in development of pediatric powered wheelchairs are expected to show significant growth in the pediatric segment of the electric wheelchair market.
For instance, in January 2015, Sunrise Medical (U.S.) LLC introduced new Zippie ZM-310 pediatric power wheelchair featuring the smallest mid-wheel-drive base. The product was revised and updated as per the ANSI/RESNA standards.
Moreover, in 2014, Invacare Corporation launched a new Invacare Fox electric wheelchair. It is designed to enable adult users to maximize independence in everyday life. Fox electric wheelchair provides considerable maneuverability indoors, and traction outdoors.
However, high cost of electrical wheelchairs and lack of awareness about such products among the lower middle income population may negatively impact the market size. For instance, the price of Heartway P13 Vision power wheelchair developed by EV RIDER LLC is US$ 3,699.00, which is unaffordable for people with average income.
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Electric Wheelchair Market- Regional Analysis
Regional segmentation of the global electric wheelchair market comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is anticipated to witness significant electric wheelchair market share, owing to initiatives by market players to establish their product portfolio in North American countries. For instance, in August 2018, Sunrise Medical LLC acquired Magic Mobility, a manufacturer of powered wheelchairs. With this acquisition, Sunrise Medical LLC aims to include powered wheelchairs in their product portfolio.
Asia Pacific is expected to witness significant growth over the forecast period owing to increasing investments by manufacturers in order to expand their product portfolio. For instance, in September 2018, Whill Inc., a Tokyo-based company, raised around US$ 44.5 million from 13 companies. Moreover, the company sold its first product, Model A, in 2014 and second product Model Ci in April 2017 in the U.S.
Europe is also expected to have meteoric growth in the electric wheelchair market, owing to increasing number of physically-challenged people in the region. For instance, according to the Family Resources Survey, 2016-17, there were 13.9 million physically-challenged people in the U.K., out of which children accounted for 8% and working age adults and pension age adults accounted for 19% and 45%, respectively.
Electric Wheelchair Market - Competitive Landscape
Key players operating in the electric wheelchair market include Invacare Corporation Sunrise Medical, Permobil, Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, and Merits Co. Ltd.
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