Electric Wheelchairs Market analysis and growth drivers by 2023

The onset of technology in the electric mobility sector has filtered down to accessibility vehicles and devices. This combined with the rising awareness of mobility aids and changes in lifestyle, people are increasingly opting for independent transportation methods. Electric wheelchairs are one such example of this technology, providing a convenient solution for those who need it. In this article, we’ll be taking a deep dive into the current electric wheelchair market analysis and its growth drivers by 2023. We’ll also discuss the challenges and possibilities that come from using these devices on a daily basis. So buckle up and get ready to learn more about electric wheelchairs – their uses, advantages, disadvantages, and future potential!

Introduction to Electric Wheelchairs

Electric wheelchairs offer a number of advantages over traditional manual models. They are easier to operate, require less effort to move, and offer a greater degree of independence for users.

The electric wheelchair market is expected to grow in the coming years, driven by advances in technology and an aging population. The following sections will provide an overview of electric wheelchairs, their benefits, and the key drivers of market growth.

Market Analysis of Electric Wheelchairs

The global electric wheelchairs market is expected to register a Compound Annual Growth Rate (CAGR) of 7.02% over the forecast period of 2018-2023. The market is primarily driven by the rising elderly population and the consequent increase in the number of people suffering from age-related disabilities. Moreover, the technological advancements in an electric wheelchairs, such as the development of lightweight and foldable models, are expected to drive the growth of the market over the forecast period.

The North American region is expected to dominate the global electric wheelchairs market owing to the presence of a large geriatric population in the region. The European region is expected to be the second largest market for electric wheelchairs due to government initiatives aimed at improving accessibility for disabled persons. The Asia-Pacific region is expected to witness significant growth over the forecast period due to increasing awareness about electric wheelchairs and rising disposable incomes in developing countries such as India and China.

Some of the major players operating in this market include WHILL wheelchair, which have a Japanese heritage and produce some of the most advanced electric wheelchairs. Their products have bagged multiple innovation and design awards by reputable market entities such as CES in more than one year and their product WHILL Model Ci2 is one such example, having won the 2021 Good Design Award of the Year.

Market Examination of Electric Wheelchairs

The worldwide electric wheelchairs market is supposed to enlist a Build Yearly Development Rate (CAGR) of 7.02% over the estimated time of 2018-2023. The market is fundamentally determined by the rising old populace and the ensuing expansion in the number of individuals experiencing age-related handicaps. Besides, the mechanical headways in electric wheelchairs, like the improvement of lightweight and foldable models, are supposed to drive the development of the market over the figure period.

The North American district is supposed to rule the worldwide electric wheelchair market attributable to the presence of a huge geriatric populace in the locale. The European locale is supposed to be the second biggest market for electric wheelchairs because of government drives pointed toward further developing availability for impaired people. The Asia-Pacific locale is supposed to observe huge development over the conjecture period because of expanding mindfulness about electric wheelchairs and rising expendable livelihoods in non-industrial nations like India and China.

A portion of the central parts working in this market incorporate WHILL wheelchair, which have a Japanese legacy and produce probably the most exceptional electric wheelchair. Their items have packed away different development and configuration grants by respectable market elements, for example, CES in over one year and their item WHILL Model Ci2 is one such model, having won the 2021 Great Plan Grant of the Year.

Growth Drivers of the Electric Wheelchairs Market

Ageing Population:

The global population is ageing rapidly, with the number of people aged 60 years and over projected to reach 2 billion by 2050. This demographic shift will increase demand for electric wheelchairs as many older adults experience reduced mobility due to age-related health conditions such as osteoarthritis.

Technological Advancements:

Technological advancements in electric wheelchair design are making these devices more user-friendly and comfortable while also expanding their range of applications. For instance, power assist wheels allow users to navigate rough terrain and inclines with ease, while seated steering systems provide a more ergonomic experience. Newer models are also lighter and easier to transport than older versions, further broadening their appeal.

Key Players in the Industry

There are a few key players in the electric wheelchair market that have been spearheading the growth and development of this industry. Some of the leading companies in this domain include Whill Wheelchair, Ewheels, Pride Mobility, Golden Technologies and Vive Health. These companies have been at the forefront of new product development, technological advancements, and marketing efforts to promote electric wheelchair globally.

Alongside Whill Wheelchair, Pride Mobility and Ewheels are also two of the largest manufacturers of power wheelchairs in the world. These amongst some others offer a full line of electric wheelchair models as well as mobility scooters, lift chairs, stair lifts, and other mobility products. Pride Mobility also provides an extensive network of dealers and service providers to support its customers worldwide.

Emerging Trends in the Market

There is a growing demand for electric wheelchairs in the market as they provide a number of benefits over traditional manual wheelchairs. Electric wheelchair are easier to use and require less effort to maneuvre, making them ideal for people with limited mobility. In addition, electric wheelchair offer a greater degree of independence and allow users to travel longer distances without tiring.

A number of new features are being developed for electric wheelchairs that are designed to improve user comfort and convenience. These include advanced controls that allow users to effortlessly control the speed and direction of the wheelchair, as well as features such as automatic braking and obstacle detection.

Challenges Facing the Electric Wheelchair Market

The primary challenge facing the electric wheelchair market is reimbursement. Many insurance companies will not cover the cost of an electric wheelchair, deeming it a luxury item. This can make it difficult for people who need an electric wheelchair to obtain one.

Another challenge facing the electric wheelchair market is competition from other mobility aids such as scooters and manual wheelchairs. Scooters are becoming increasingly popular as they can be less expensive than electric wheelchairs and may be more suitable for some users. Manual wheelchairs also provide a cheaper option for those who do not need the features or power of an electric wheelchair.

The essential test confronting the electric wheelchair market is repayment. Numerous insurance agency won’t take care of the expense of an electric wheelchair, considering it an extravagance thing. This can make it hard for individuals who need an electric wheelchair to get one.

Another test confronting the electric wheelchair market is rivalry from other versatility helps like bikes and manual wheelchairs. Bikes are turning out to be progressively famous as they can be more affordable than electric wheelchair and might be more reasonable for certain clients. Manual wheelchairs likewise give a less expensive choice to the individuals who needn’t bother with the highlights or force of an electric wheelchair.

Future Outlook for the Market

1. The global electric wheelchairs market is expected to experience significant growth in the coming years.
2. A number of factors are driving this growth, including an aging population, increasing obesity rates, and improving technology.
3. The most important drivers of market growth are expected to be the aging population and increasing obesity rates.
4. The aging population is expected to drive demand for electric wheelchairs as a mobility aid.
5. Increasing obesity rates are also expected to boost demand for electric wheelchair, as obese individuals often have difficulty moving around without assistance.
6. Technology is also improving, making electric wheelchairs more affordable and easier to use. This is expected to support market growth in the future.

Conclusion

The increasing prevalence of disabilities and diseases has propelled the electric wheelchair market. The rapid technological advancements, developing infrastructure in some regions, along with healthcare reforms are expected to open numerous opportunities for the growth of this market. Moreover, factors like rising disposable income, changing trends in mobility aids usage, availability of better features at affordable prices have been driving the global electric wheelchairs market across various regions.

Also read about: Top 10 Benefits of Owning a 3-Wheel Mobility Scooter