Electric Wheelchair Market size to hit USD 14.22 Bn at a CAGR of 10.24 percent by 2029- Says Maximize Market Research

Dublin, March 14, 2023 (GLOBE NEWSWIRE) — A global Medical Devices business-consulting firm, Maximize Market research, has published a market intelligence and competitive landscape report on the “Electric Wheelchair Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Electric Wheelchair Market from a local as well as a global point of view. Over the forecast period, Maximize Market research expects, the market to grow from USD 6.52 Bn in 2021 to USD 14.22 Bn in 2029 at a CAGR of 10.24 percent. As per the report, the North America region is expected to dominate the global Electric Wheelchair Market during the forecast period.

Electric Wheelchair Market Report Scope and Research Methodology

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The Electric Wheelchair Market report majorly focuses on the factors including growth drivers, major constraints, prevailing opportunities, and upcoming challenges, which makes it an investor’s guide. The global Electric Wheelchair Market report provides an in-depth analysis of the competitive landscape analysis, and regional development status. By providing a detailed analysis of the market segments and estimating the Electric Wheelchair Market size, the report helps in understanding the market structure easily.

These research methods include the process of various factors affecting the industry such as market environment, historical data, technological innovation, upcoming technologies, current market trends, government policy, competitive landscape and the technical progress in related industries. The Electric Wheelchair Market size for top-level markets and sub-segments is normalized, and the impact of inflation, policy changes, economic downturns and other variables is factored into the market forecast. Extensive primary research was conducted to acquire data and confirm the crucial numbers arrived at after comprehensive Electric Wheelchair Market engineering and calculations for market statistics, market forecasts, market size estimations, market breakdown, and data triangulation. The bottom-up approach was widely used to estimate the regional and global Electric Wheelchair Market size with multiple data triangulation methodologies to perform market forecasting and estimation for overall market segments and subsegments. Porter’s five forces analysis in the report helps to understand the impact of various factors such as the competitive intensity of players, the threat of substitutes, the threat of new entrants, the bargaining power of buyers and the bargaining power of suppliers in the Electric Wheelchair Market.

Electric Wheelchair Market Overview

Electric wheelchairs are also called power chairs and electric power wheelchairs. These chairs are used by individuals who suffer from immobility-based medical conditions or have difficulty walking. These chairs are powered by a rechargeable battery. The Electric wheelchair market is majorly driven by the increasing prevalence of persons with physical impairments.

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Electric Wheelchair Market Dynamics

The sales of the global Electric wheelchair market are expected to increase due to the increasing use of Electric wheelchairs by patients suffering from the aforementioned disorder and the increasing prevalence of such physical immobility conditions. The factors that are expected to challenge the Electric wheelchair market growth are the high cost of maintenance and the heavy weight of an electric wheelchair. During the forecast period, the healthcare industry is expected to offer lucrative growth opportunities to the Electric wheelchair market due to the rapidly increasing number of orthopedic surgeries.

Electric Wheelchair Market Regional Insights

The North America region is expected to become the largest market for electric wheelchairs. This growth of the regional Electric wheelchair market is expected majorly due to the increasing elderly population and increasing investment in research and development activities to improve the comfort and safety of the product.

The Asia Pacific region is expected to grow at a high rate during the forecast period due to the improvements in healthcare facilities and increasing government initiatives for offering high-quality mobility services.

Electric Wheelchair Market Segmentation

By Product Type

• Center Wheel Drive
• Front Wheel Drive
• Rear Wheel Drive
• Standing Electric Wheelchairs

In 2021, the Center Wheel Drive segment dominated the global Electric Wheelchair Market with a revenue share of more than 39.55 percent. This dominance of the segment was due to its multipurpose usage and multidimensional approach.

By End Users

• Hospitals & Clinic
• Home Care
• Sports Conditioning

In 2021, the Hospitals and Clinic segment held the largest revenue share in the global Electric Wheelchair Market. This growth of the segment is because of the frequent visit of patients after an accident or handicap.

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Electric Wheelchair Market Key Competitors include:

• Quantum Rehab (US)
• Karma Medical Products Co., Ltd (US)
• Pride Mobility Products Corp (US)
• Invacare Corporation (US)
• Pride Mobility Products Corp (US)
• GF Health Products(US)
• Drive Medical (US)
• Karman Healthcare (US)
• Golden Technologies (US)
• Hoveround Corp (US)
• 21st Century SCIENTIFIC Inc. (US)
• Merits Health Products (US)
• Ottobock (Germany)
• Levo AG (Switzerland)
• Permobil AB (Sweden)
• Matsunaga Manufactory Co., Ltd (Japan)
• Meyra Group (Germany)
• Miki Kogyosho Co., Ltd (Japan)
• Nissin Medical Industries Co., Ltd (Japan)

The major players dominating the global electric wheelchair market are GF Health Products and Pride Mobility Products Corp among others. GF Health Products is the leading manufacturer of medical products whose mission is to provide quality products to improve life. The revenue generated by this company is USD 76.7 million. Pride Mobility Products Corp is a leading designer and manufacturer of mobility products. The revenue generated by this company is USD 215.5 million.

Key questions answered in the Electric Wheelchair Market are:

• What was the Electric Wheelchair Market size in 2021?
• What is the expected CAGR of the Electric Wheelchair Market during the forecast period?
• What are the global trends in the Electric Wheelchair Market?
• What are the upcoming industry applications and trends for the Electric Wheelchair Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for Electric Wheelchair Market?
• What are the major challenges that the Electric Wheelchair Market could face in the future?
• How is the intervention from regulatory authority is shaping the Electric Wheelchair Market?
• What growth strategies are the players considering to increase their presence in Electric Wheelchair Market?
• Who are the leading companies and what are their portfolios in Electric Wheelchair Market?
• Who held the largest market share in Electric Wheelchair Market?

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation – A detailed analysis by Product Type, End-User and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Medical Devices research firm, has also published the following reports:

Personal Mobility Devices Market – The market size is expected to reach USD 22.05 billion by 2029 at a CAGR of 6.8 percent during the forecast period. The market is expected to be driven by the increase in the adoption of various personal mobility devices in the advanced healthcare sector.

Patient Handling Equipment Market – The market size is expected to reach USD 14.94 billion by 2029 at a CAGR of 2.35 percent during the forecast period. The market is expected to be driven by the increasing number of post-surgery disabilities and the growing geriatric population.

Rehabilitation Equipment Market – The market size is expected to reach USD 22.3 billion by 2029 at a CAGR of 6 percent during the forecast period. The market is expected to be driven by the increasing incidence of non-communicable diseases with the increasing prevalence of chronic diseases.

Patients Repositioning and Offloading Device Market – The market size is expected to reach USD 15.03 billion by 2029 at a CAGR of 6 percent during the forecast period. The market is expected to be driven by the increasing number of surgeries in the geriatric population, pressure Ulcers and skin lesions.

Patient Lifting Equipment Market – The market size is expected to reach USD 7.14 billion by 2029 at a CAGR of 9.80 percent during the forecast period. The market is expected to be driven by the increasing demand for patient-handling equipment due to the increasing prevalence of disabilities.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.