The electric wheelchair market plays a key role in supporting mobility and independence for users facing physical challenges or disabilities. Electric wheelchairs are a form of powered wheelchair that is battery-operated and controlled through joystick, switches or other adaptive devices to help users mobilize indoors and outdoors with ease. The growing geriatric population, rise in mobility impairments due to chronic diseases or accidents and advancements in assistive technology are driving increased adoption of electric wheelchairs globally.
Powered by lithium-ion batteries, electric wheelchairs offer enhanced maneuverability, flexibility of use for longer hours without recharging and various customizable features for comfort of differently-abled individuals. The lightweight yet durable frames, powered by powerful motors provide dependable indoor-outdoor mobility. Features like climbability, obstacle climbing and portability make electric wheelchairs a preferred assistive device.
The Global Electric Wheelchair Market is estimated to be valued at US$ 8.71 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the electric wheelchair market are 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, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd.
The growing demand for mobility assistance devices due to rapid aging of population and rising incidence of physical disabilities is a key driver for electric wheelchair market. According to World Health Organization, over 1 billion people across the globe will be aged over 60 years by 2050.
Electric wheelchair manufacturers are expanding their presence globally through strategic agreements and partnerships with regional distributors. For instance, in 2023, Karman Healthcare partnered with Euro Reps to distribute their electric wheelchairs in the UK and Ireland markets. Such initiatives are helping companies strengthen their global foothold and cater to the growing needs of mobility assistance worldwide.
Market key trends
One of the key trends gaining traction in the electric wheelchair market is the emergence of artificial intelligence (AI)-integrated models. For example, Invacare's Intellect edge artificial intelligence electric powered wheelchair features advanced joystick technology to smoothly navigate streets and uneven surfaces. AI integration enables efficient navigation over obstacles and crowded places independently with less human assistance needed. Furthermore, developing lightweight and portable foldable electric wheelchairs is another emerging trend driven by the need for convenient transportation and storage of wheelchairs. Advanced lithium-ion battery technologies are also improving the driving range and performance of electric wheelchairs catering to varied user needs.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the electric wheelchair market is moderate. Although the costs of establishing manufacturing facilities are significant, the barriers to enter this market are not prohibitive given the strong consumer demand and availability of products and technologies. However, established players have significant brand recognition and customer loyalty advantages.
Bargaining power of buyers: The bargaining power of buyers in the electric wheelchair market is moderate. While buyers have some choice between manufacturers, switching costs are relatively low. However, electric wheelchairs represent a critical need for many users, so price is not always the primary consideration in purchase decisions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many component manufacturers, suppliers of specialty parts have some pricing power given production challenges. However, established manufacturers can source from multiple suppliers to prevent over-reliance on any single vendor.
Threat of new substitutes: The threat of new substitutes is low. While manual wheelchairs are cheaper, electric wheelchairs provide enhanced mobility capabilities appreciated by many users. Other personal mobility devices like scooters are not direct functional substitutes either.
Competitive rivalry: Competition in the electric wheelchair market is high with the presence of numerous global and regional manufacturers. Players compete based on product features, quality, pricing, and service. Manufacturers pursue product innovations and differentiation strategies to gain competitive edge.
Geographical Regions
In terms of value, the electric wheelchair market remains concentrated in North America and Western Europe due to higher healthcare spending and well-established distribution networks in these regions.
The Asia Pacific electric wheelchair market is poised to record the fastest value growth during the forecast period. Factors such as rising healthcare infrastructure, growing medical devices industry, increasing disability rates, and expanding medical coverage are fueling demand across Asia Pacific countries. In particular, China, India, Japan, and South Korea are emerging as high potential markets.
