The Electric Wheel Chair Market is forecast to reach $4,262.1m by 2025, growing at a CAGR of 12.2% during the forecast period 2019-2025. The growth of the Electric Wheel Chair Market can be attributed to increasing applications of Electric Wheel Chairs in homes, hospitals, rehab centers, sports and athletics, and others. The Electric Wheel Chair market is anticipated to rise with the adoption of new technologies such as AI in the manufacture of self-driving electric wheelchairs for airport passengers, sports, and other applications.
Electric Wheel Chair Market Segment Analysis – By Type
The electric wheelchair market is gaining prominence owing to high adoption of central wheel drive electric wheelchairs in homes, hospitals, and rehab centers. Centre Wheel Drive Electric Wheel Chair held a major share of 37% in 2018 of the global Electric Wheel Chair market and is expected to grow with a CAGR of 13.7% during 2019-2025. These electric wheelchairs position their wheel drive directly below the user’s center of gravity and have small turning circumference, providing better movement in indoor areas. Additionally, it offers six wheels that facilitate stability on uneven surfaces such as slopes, rugged terrains, and others. Movement of electric wheelchairs in small doorways and narrow spaces is much easier with a center wheel drive electric wheel chair. In 2016, Whill, an electric wheelchair startup, launched an electric wheelchair called Model M that deploys central wheel drive which would facilitate efficient movement over any terrain.
Request for Sample of the Report @ https://www.industryarc.com/pdfdownload.php?id=16307
Report Price: $ 4500 (Single User License)
Electric Wheel Chair Market Segment Analysis – By End User
The Electric Wheel Chair in home application held a major share with 49% and is poised to grow at a CAGR 13.51% during the 2019-2025. The adoption of electric wheel chairs in home applications is increasing due to high usage by disable people and elderly population. According to World Bank statistics, the global population aged 65 years and above has increased from 609.17 million in 2015 to 678.69 million in 2018. According to University of New Hampshire Institute on Disability/UCED, the percentage of people with permanent disabilities has increased from 13.1% to 13.7% during 2015-2018 period. Growing elderly population and people with disabilities are set to increase the adoption of electric wheel wheelchairs, as these chairs are suitable to drive on an inclined plane, soft terrains, grass, or uneven gravel with less requirement of human effort when compared to manual wheel chairs.
Electric Wheel Chair Market Segment Analysis – By Geography
North America holds major (32%) share in Electric Wheel Chair Market and the usage of Electric wheel chairs has been increasing in hospitals and homes owing to a rise in advanced healthcare facilities. According to World Bank statistics, the North America elderly population of age 65 has increased from 54.54 million in 2016 to 58.12 million in 2018. As per a survey conducted by Centers for Disease control and prevention in U.S., it was found that in 2018, about 61 million adults (26%) of United States live with some kind of disability, out of which 13.7% have serious mobility issues and 10.8% have serious neural and spinal cord issues. As per Canadian Survey on Disability, 2017, one out of five Canadian (which accounts for about 6.2 million) aged between 15-17 years suffer with one or more disabilities, out of which about 13% have severe mobility disorder. Advanced healthcare facilities and high adoption of electric wheel chairs by disabled and aged people in U.S., Canada and Mexico is set to drive the demand for electric wheel chair in the North American region.
Electric Wheel Chair Market Drivers
Enhancements in Technological Advancements
The adoption of AI (Artificial Intelligence) in manufacturing of electric wheel chairs has become a trend in the recent years. The AI integrated electric wheel chair combines eye tracking system and LiDAR (Light Detection and Ranging) technology in which is used to generate a 360 degree map of user’s environment. The eye tracker in the wheel chair will input the eye moments to the AI and then AI program defines movement of wheel chair and guide the chair to avoid obstacles. In 2018, Intel had partnered with HOOBOX Robotics and developed Wheelie 7, which is a kit that can be installed onto electric wheel chairs to allow users in controlling it with their facial expressions. Adoption of AI by OEMs in manufacturing of electric wheel chairs has been attracting customers and it is poised to drive electric wheel chairs market.
Growing Demand for Advanced Electric Wheel Chairs from the Sports Industry
Electric wheel chairs are used in sports activities such as power wheel chair football, power wheel chair hockey and others. According to Victorian Electric Wheel Chair Sports Association, in 2018, Victorian Sports League (VPSL) was conducted for soccer, hockey and rugby sports in Australia at international level. The main aim of this league is to provide recreational opportunities for more players with disability, thereby driving the adoption of electric wheel chairs in sports activities. In 2019, the Union government of India approved the setup of a disability sports center in India with a budget of $24.7m. This disability sports center created more opportunities for disabled people to participate in sports and the adoption of electric wheel chairs by athletes is set to drive the market. In 2018, Irish Football Association has raised funds of over $88,493 for power wheel chairs from the Department for Communities through Disability Sport NI. Growing funds from the various sports associations for power wheel chair sports activities is set to fuel the electric wheel chair market.
Download Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16307
Electric Wheel Chair Market Challenges
High Cost of Electric Wheel Chairs
The high cost of electric wheelchair with respect to manual wheelchair is poised to pose a tough challenge to the market growth, in developing economies where healthcare expenditures are prominently lower than the developed economies. But apart from the initial cost, there are other costs related to maintenance of electric mobility aids such as battery maintenance, servicing, and others for uninterrupted operation. This impedes the adoption of electric wheelchairs.
Stringent Regulations and Standards
The increasing stringency on quality assurance of electric wheelchairs for uncompromised safety and operation is also analyzed to be a constraint to the market growth. The new entrants or new products so developed must be in compliance with the regulations such as before its introduction into the market. This poses a significant challenge for market growth as the new products must be in compliance with several safety regulations, thereby increasing its cost and hindering its adoption.
As of 2018, the market for the Electric Wheel Chairs consolidated with the top 5 players accounting for 65.16% of the market share. Major players in the Electric Wheel Chair Market include Invacare Corp, Sunrise Medical Corp, Drive DeVilbiss Healthcare, Hoveround Corp, and Permobil AB among others. Acquisitions of the companies and product development are the key strategies of the players in the Electric Wheel Chair market.
In January 2018, Permobil AB had acquired Max Mobility, a manufacturer of power-assist systems for manual wheel chairs. This acquisition helped Permobil AB in further expanding its wheelchair business by providing a motorized power assist solution to its users and bridging the gap between power and manual wheelchairs.
In January 2018, Permobil AB had announced the acquisition of Ottoback’s OBSS and NUTEC custom seating businesses in North America. This acquisition helped Permobil AB in further expanding its wheel chair business by advanced seating and position equipment of wheel chairs which also includes electric wheel chairs.
In 2018, WHILL Inc. raised a funding of $45m from investors such as SBI Investment Co., Ltd., Daiwa PI Partners Co. Ltd. and Daiwa Corporate Investment Co. Ltd, WHIZ Partners, Inc., and others. This funding was used by WHILL Inc to expand into international markets and develop new products such as self-driving electric wheel chairs for application in airports.
In 2017, Now Technologies raised funding of $958k from investors such as Day One Capital and PortfoLion in order to develop advanced control systems of electric wheel chairs.
Electric Wheel Chair Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Electric Wheel Chair market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Electric Wheel Chair market, and their specific applications in the hospitals, rehab centers, sports and athletics, homes, and airports.
The Electric Wheel Chair Market is a consolidated market with top 5 players accounting a market share of 65.16% in 2018.
Center Wheel Drive Electric Wheel Chair is the fastest-growing type and has a major share in the market owing to high adoption of these chairs in homes by disabled and old age people.
Geographically, North America holds a major share owing to an increase in the advanced medical care facilities and healthcare expenditure
Adoption of electric wheelchairs by patients suffering from spinal cord injury, physical disability people, and elderly population is set to drive the electric wheelchairs market.
Related Reports :
A. Battery Management Systems Market
B. Light Electrical Vehicle Market
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.