Covina, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Electric Wheelchair is a motorized wheelchair operated by an electric motor without manual power and used for disabled patients. Centre wheel drive electric wheelchair, front wheel drive electric wheelchair, and standing electric wheelchair are different types of electric wheelchair.
Growing geriatric population coupled with rising prevalence of chronic diseases has contributed in market growth. Further, increased disability due to disease, accidental injuries has become another major factor in market growth. Furthermore, huge investments in the technologies, presence of prominent players and new launched product is anticipated to increase the demand for Electric Wheelchair market growth over the forecast period.
Electric Wheelchair Market accounted for US$ 2.56 billion in 2020 and is estimated to be US$ 5.26 billion by 2030 and is anticipated to register a CAGR of 7.50%. The global electric wheelchair market report segments the market on the basis of type, application, and region.
Key Highlights:
- In June 2023, Jin Medical International Ltd., launched new-generation ultra-light portable electric wheelchairs and electric mobility vehicles for elder population. The new launched product are equipped with electromagnetic brake system and dual brushless motors which offers reliable performance on slopes with extra safety.
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Driving Factors: of Electric Wheelchair Market
The electric wheelchair market is influenced by various driving factors that contribute to its growth and evolution. These factors can be categorized into several key aspects:
- Aging Population: The global aging population is a significant driver of the electric wheelchair market. As people age, they may experience mobility impairments, leading to increased demand for mobility aids like electric wheelchairs.
- Increased Disabilities: There is a rising prevalence of disabilities caused by various factors such as accidents, injuries, and chronic health conditions. These disabilities often necessitate the use of electric wheelchairs, boosting market demand.
- Technological Advancements: Ongoing advancements in technology have led to the development of more advanced and user-friendly electric wheelchairs. Features such as improved battery life, better maneuverability, and smart connectivity options are driving consumer interest.
- Government Initiatives and Regulations: Government policies and regulations that promote accessibility and the rights of disabled individuals can stimulate the electric wheelchair market. Subsidies, grants, and incentives for assistive devices can encourage adoption.
- Awareness and Education: Increasing awareness about the benefits of electric wheelchairs, both among healthcare professionals and the general public, can drive market growth. Education campaigns on mobility aids and accessibility issues play a role in this.
- Rise in Lifestyle Diseases: An increase in lifestyle-related diseases, such as obesity and diabetes, can lead to mobility issues. This, in turn, contributes to the demand for electric wheelchairs as a means of maintaining mobility and independence.
Market Competitive Landscape:
Key players in the electric wheelchair market includes,
- Golden Technologies
- Drive Medical
- Invacare Corp.
- Hoveround Corp.
- Heartway
- 21st Century SCIENTIFIC Inc
- Pride Mobility Products Corp
- EZ Lite Cruiser
- Merits Health Products, Inc
- Dane LLC.
Analyst View:
Technological development in autonomous department has become a leading factor in Electric Wheelchair market growth. Multiple benefits offered by electric wheelchair such as aiding performance of specific tasks, collision free travel and autonomous transportation has provided lucrative opportunities in market growth.
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Regional insights into the electric wheelchair market reveal variations in demand, adoption, and market dynamics across different parts of the world. Here are some regional considerations:
- North America:
The United States and Canada have a mature electric wheelchair market driven by a large aging population.
Government programs like Medicare and Medicaid in the U.S. often provide funding for mobility aids, including electric wheelchairs.
Technological advancements and a strong healthcare infrastructure contribute to market growth.
There is a growing focus on developing smart electric wheelchairs with advanced features.
- Europe:
Europe also has a significant market for electric wheelchairs, with countries like Germany, the UK, and France leading in terms of demand.
The European Union promotes accessibility and inclusion through legislation, which drives market growth.
Increasing awareness of assistive devices and a focus on sustainability influence product development.
- Asia-Pacific:
Asia-Pacific is witnessing rapid growth in the electric wheelchair market due to a large aging population, especially in countries like Japan and China.
Increasing disposable income and urbanization are contributing to market expansion.
Local manufacturers in countries like China are producing more affordable electric wheelchairs, driving adoption.
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