The Global Electric Wheel Chair Market Anticipated to Register a Revenue of $4,817.6 Million, Growing at a CAGR of 8.2% from 2021 to 2028Download Sample Reports Overview
According to the electric wheel chair market forecast, the global market size is estimated to cross $4,817.6 million by 2028, growing from $2,598.3 million in 2020, at a healthy CAGR of 8.2%.
COVID-19 Impact on Electric Wheel Chair Market
The communal transmission of coronavirus has disrupted each aspect of business worldwide including electric wheel chair industry. In addition to this, the global electric wheel chair market has also been negatively impacted by the ongoing pandemic. Multiple hospitals across the globe have decreased the manufacturing of power wheel chairs and sent staff to support the COVID-19 departments.
On the other hand, key players operating in the field are coming up with novel strategies in order to sustain in the global electric wheel chair industry. For example, in March 2020, Invacare Corporation., global leader in home and long-term-care medical products, announced the Introduction of ‘Invacare AVIVA FX Power Wheel chair’. This electric wheel chair is built with LiNX Technology’s enhanced adaptive load compensation and standard Invacare G-Trac Technology in order to make short work of slopes, uneven terrains, and curbs while keeping the patient in full-comfort. Such strategic steps may further create stable condition in the global electric wheel chair market, post COVID-19 pandemic.
Global Electric Wheel Chair Market Analysis
The global electric wheel chair market witnessed extensive growth mainly owing to the supportive governmental policies. Most of the developed as well as emerging nations are implementing favorable policies, which can create positive impact on the global market. For example, in October 2021, Victoria council, the governing body of the City of Victoria, Canada, announced to consider allowing electric wheel chairs and other disabled vehicles to utilize the city’s protected bike lane network. Also, In February 2020, Chennai government, India, announced to provide new powered wheel chairs to 2000 people with disabilities in Tamil Nadu state. Such governmental supporting initiatives are further expected to drive the demand for electric wheel chairs, in the global market, during the analysis period.
Contrary to this, high cost associated with electric wheel chairs is projected to restrain the growth of the global market, throughout the projected period. Moreover, lower penetration of electric wheel chair products across the pharmacies in middle or low-income nations is also hampering the global electric wheel chair market growth.
Electric wheel chairs have experienced a massive surge in demand within healthcare establishments owing to the growing awareness about the equipment for people with disabilities. In addition to this, recent launches of electric wheel chair products may create positive impact on the global market. For example, in January 2021, Invacare Corporation, announced the official launch of the Invacare AVIVA STORM RX, highly advanced electric wheel chair. This power wheel chair is a future generation rear-wheel drive power wheel chair which is built with superior technology, performance, and design. Such novel innovations may further create opportunities in the global electric wheel chair market.
Global Electric Wheel Chair Market, Segmentation
The global electric wheel chair market is segmented based on product type, end-user, and region.
The product type segment is further classified into center wheel drive, rear wheel drive, front wheel drive, standing electric wheel chairs, and others.
Among these, the front wheel drive is predicted to have the significant growth and cross $939.8 million by 2028, with the rise from $483.5 million in 2020.
Front-wheel drive is highly beneficial for multiple factors like it is a more force distributed to each of the 4 tires. Moreover, its greater force increases the traction, which allows the front wheel drive powered wheel chair to perform better when driving on uneven or grass gravel and soft terrain. Such crucial factors may drive the adoption of front wheel drive electric wheel chairs, in the global market.
The end-user segment is further classified into homecare settings and hospitals & clinics. Among these, the homecare settings sub-segment is projected to have the highest share of the electric wheel chair market size and register a revenue of $3,108.4 million by 2028.
Increasing awareness regarding the improved equipment and facilities for disabled people across the home healthcare sector is flourishing the sub segment’s growth. The main reason for surged demand in electrical wheel chairs is increase in elderly care homes, as well as unprecedented spur in geriatric population. Furthermore, surging demand for effective healthcare equipment, increased hospital & clinics admission costs and technological advancements in home care devices are some of the major factors that are propelling the sub-segment’s growth.
Electric wheel chair market for Asia-Pacific region is extremely competitive and prominent players in the industry are adopting several strategies to gain largest APAC electric wheel chair market share. Asia-Pacific electric wheel chair market accounted $574.2 million in 2020 and is expected to register a revenue of $1,108.1 million by 2028. High geriatric population in Asian countries, like Japan and South Korea, propels electric wheel chair market growth. Also, the high popularity of Paralympics, increasing number of startups with innovative ideas, and rapid development in technology are some of the crucial factors flourishing the Asia- Pacific electric wheel chair market.
Key Players in the Global Electric Wheel Chair Market
Some of the leading global electric wheel chair market players are
- Invacare Corporation.
- Karma Medical Products Co., LTD
- MATSUNAGA MANUFACTORY Co., Ltd.
- MEYRA GmbH
- Miki Kogyosho Co., Ltd.
- NISSIN MEDICAL INDUSTRIES CO., LTD.
- Pride Mobility Products Corp.
- Sunrise Medical.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Electric Wheel Chair Market
- Bargaining Power of Suppliers: The suppliers of global electric wheel chair market are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of suppliers of motorized wheel chair equipment decreases.
Hence, the bargaining power of the supplier is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, mainly because of increasing buyers’ demand for advanced electric wheel chair equipment in lower cost. Thus, multiple suppliers are providing best yet cost-efficient electric wheel chair. Hence, the buyers can select the service that best fit their preferences.
The bargaining power of the buyer is high.
- Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There is no alternative equipment available.
Therefore, the threat of substitute is low.
- Competitive Rivalry in the Market: The ventures operating in the global motorized wheel chair industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like Invacare Corporation., Karma Medical Products Co., LTD., and MATSUNAGA MANUFACTORY Co., Ltd. are investing heavily to provide integrated services to the customers.
Therefore, competitive rivalry in the market is high.