Electric Wheelchair Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Product Type (Center Wheel Drive, Front Wheel Drive, Rear Wheel Drive, Standing Electric Wheelchair, Others); Age Group (Adult, Pediatric); End-User (Hospitals and Clinics, Home-Users, Sport Conditioning, Others); Region/Country
Published: | Sep-2021 |
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Pages: | 186 |
Table: | 58 |
Figure: | 96 |
Report ID: | UMCG21401 |
Geography: |
Report Description
Global Electric Wheelchair Market was valued at more than US$ 6 million in 2020 and is anticipated to reach ~US$ 12.5 million by 2027 displaying an elevated CAGR of 10.6% over the forecast period (2021-2027). Electric wheelchair or electric-powered wheelchair (EPW), is a wheelchair powered by an electric motor. It is a wheelchair that reduces manual activity or does not require any human assistance to move a wheelchair. This wheelchair comes in various types like center wheel drive, front-wheel drive, and standing electric wheelchair. The wheelchair type is used according to the type of surface and space on which the wheelchair is to be used.
Electric wheelchair is 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. It also comprises headrests, backrests and cushions made of gels, contoured foam and air-filled bladders. An electric wheelchair is generally operated using joysticks or switches that allow users to control the movement and acceleration.
The growth of this market is driven owing to increasing geriatric population, rising healthcare investments focused on geriatric population and unmet needs and increasing product launches and approvals. For instance, Market players are focusing on expanding their product portfolio by launching new products in the market, which is expected to augment the market growth over the forecast period. For instance, in May 2021, Quantum Rehab, a global innovator of consumer-inspired complex rehab mobility technologies, launched J4 HD Power Chair offering a 400-pound weight capacity and optional Q4 HD Power Tilt. The J4 HD is engineered for tight-quarter maneuverability and has a narrow base width of 24.25 inches.
Percentage of people in the U.S. who had a disability from 2015 to 2019
One billion people, or 15% of the world’s population, experience some form of disability, and disability prevalence is higher for developing countries. One-fifth of the estimated global total, or between 110 million and 190 million people, experience significant disabilities.
This global estimate for disability is on the rise due to population ageing and the rapid spread of chronic diseases, as well as improvements in the methodologies used to measure disability.
61 million adults in the United States live with a disability out of which 13.7 percent of people with a disability have a mobility disability with serious difficulty walking or climbing stairs. 26 percent (one in 4) of adults in the United States have some type of disability. Besides, the percentage of people living with disabilities is highest in the South.
Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH and LEVO AG are some of the prominent players operating in the global electric wheelchair market. Several M&A’s along with partnerships have been undertaken by these players to develop new and advanced products.
Insights Presented in the Report
“Amongst product type, center wheel drive segment holds the major share”
On the basis of product type, the global electric wheelchair market is segregated into center wheel drive, front wheel drive, rear wheel drive, standing electric wheelchair, and others. The center wheel drive segment leads in terms of market share, owing to small turning radius, light front tires, easy maneuvering through narrow spaces, and better stability of center wheel drive.
“Amongst age group, the adult segment holds the major share”
Based on age group, the Electric Wheelchair market is segmented into adult and pediatric. Out of which, the adults segment dominated the market and accounted for the largest revenue share in 2020. This dominance is mainly due to the increasing elderly population globally, which forms part of the definition for adults. Adults comprise of individuals from the age group of 18 onwards. Disability in older people due to arthritis pain, or stiffness in a knee, hip, ankle, or foot increases the demand for wheelchairs.
“North America signifies one of the largest markets of Electric Wheelchair market”
For a better understanding of the market dynamics of the Electric Wheelchair market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), Rest of World has been conducted. North America is expected to dominate the Electric Wheelchair market due to high investment capacity, better technological assistance, and relaxed government regulations. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. China and India are the two most populated countries in the Asia-Pacific. With over 241 million Chinese individuals over the age of 60, China is considered an aging economy. Moreover, China produces roughly 75% of the world’s electric wheelchairs, owing to the aluminum production hubs and major players operating in the country.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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Research Methodology
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global electric wheelchair market were the three major steps undertaken to create and analyze the adoption of Electric Wheelchair for the different diseases across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of electric wheelchair. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Electric Wheelchair market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Electric Wheelchair market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are product type, age group, and end-user. Further country-level analyses were conducted to evaluate the overall utilization of electric wheelchair in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Electric Wheelchair market. Further, we conducted factor analysis using dependent and independent variables such as increasing prevalence of comorbidities such as cancer, diabetes, hypertension, and disability among geriatric population. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the electric wheelchair industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the electric wheelchair market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the utilization rate of Electric Wheelchair across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Electric Wheelchair market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Electric Wheelchair market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, age group, end user of the electric wheelchair market.
Main Objective of the Electric Wheelchair Market Study
The current & future market trends of Electric Wheelchair were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Electric Wheelchair in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product type, age group, and end-user
- Define and analysis of the regulatory framework for the Electric Wheelchair industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Electric Wheelchair market for the major region
- Major regions studied in the report include North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of the World
- Company profiles of the Electric Wheelchair market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry