In terms of revenue, the Global Electric Wheelchair Market is expected to reach USD 4.3 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 8.1% from 2022 to 2028.
The increasing geriatric population, along with the increase in the number of accidents, is anticipated to augment the market's growth during the forecast period.
Key Highlights from Report:
- The Center-Wheel Drive sub-segment held a significant share in 2021. The percentage share is attributable to its benefits, such as light front tires, small turning radius, easy maneuvering through narrow spaces, and better stability of center-wheel drive. In addition, the Front-Wheel Drive segment is expected to gain high traction in the years to come owing to the rise in Research and Development (R&D) activities.
- The Hospital sub-segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. This growth is attributable to the growing percentage of medical emergencies that need wheelchairs.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. China accounted for the largest share in APAC in 2021. This growth is attributable to the government's rising spending on healthcare infrastructure in the region's economies such as China and India. Furthermore, the rising geriatric population and the increase in medical tourism are also projected to support the regional growth of the market.
The increasing aging population is anticipated to augment the growth of the Electric Wheelchair Market in the future. As per the estimations by World Health Organization, by 2030, one out of every six persons on the globe will be 60 years old or older and people aged 60 and more are expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of adults aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and more is predicted to triple, reaching 426 million. Though the shift in population distribution towards older ages, known as population aging, was observed to begin in high-income nations (for example, in Japan, 30% of the population is already over 60 years old), it is currently low- and middle-income countries that are seeing the most change. Thus, almost two-thirds of the globe's population over the age of 60 will reside in low- and middle-income countries by 2050. The elderly population suffers molecular and cellular damage over time, resulting in a gradual decrease in physical capacity. Further, their bones become more brittle and cannot perform their mechanical function, which is expected to increase the demand for Electric Wheelchairs in the years to come.
North America held the most significant shares in 2021. The U.S. had the largest share in the region for the Electric Wheelchair Market. This share is attributable to the rising development of advanced products to meet consumers' demand in the area. According to the Centers for Disease Control and Prevention, more than 61 million adults in the United States are disabled, with 3.3 million using wheelchairs. This number is steadily rising, with an estimated 2 million additional wheelchair users joining the ranks each year. Furthermore, the developed healthcare infrastructure and high domestic income are also likely to fuel the regional growth of the market.