Nov 11, 2022 (Alliance News via COMTEX) -- Quadintel recently added a new market research report named "Electric Wheelchair Market." The research provides a thorough analysis of the global market in relation to the major growth-influencing opportunities and drivers. The study also maps emerging trends and their effects on current and forthcoming market developments.

Market Analysis

The report provides in-depth geographical analysis of market situations through examination of historical trends and future projections. Additionally, it provides a thorough analysis of the market's top players, categories, regions, and nations. The study also discusses significant market strategies including mergers and acquisitions, new product innovations, R&D efforts, and others, as well as competitive dynamics in various geographies.

By 2027, the global market for electric wheelchairs will be worth USD 2.0 billion. The global market for electric wheelchairs was estimated to be worth USD 1.1 billion in 2020, and it is projected to expand at a robust 9.92% CAGR between 2021 and 2027.

Electric wheelchairs (also known as powerchair or motorized wheelchair) involve a mechanism which is propelled through an electric motor rather than manual power. These are controlled by an electronic device and powered by a battery. Such wheelchairs are becoming increasingly popular among geriatrics and people experiencing orthopedic and other severe ailments as it offers advantages such as disassembly, portability, foldability, adjustability, maneuverability and turning radius. The global electric wheelchair market is being driven by increasing paralysis and injuries and increasing geriatric population. Furthermore, technological advancements in the electric wheelchair and increase in demand of electric wheelchairs from the sports industry will provide new opportunities for the global electric wheelchair market. For instance, according to World Population Ageing Report 2019, the world population aged above 60 years, or more was 727 million in 2020, and is estimated to grow and reach nearly 1.5 billion by 2050. Such growth in the geriatric population across the globe would increase the probability of severe ailments such as orthopedic and other spine derated disorders among the geriatrics and hence increase the demand and adoption of electric wheelchairs. This would promote the market growth. However, high cost associated with electric wheelchairs may impede market growth over the forecast period of 2021-2027.

The regional analysis of the global electric wheelchair market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America accounts for the largest share in terms of market revenue in the global electric wheelchair market over the forecast period 2021-2027. Factors such as presence of multiple established manufacturers and market players of electric wheelchair in countries such as the United States and Canada, growth in the elderly population, increase in the incidences of severe injuries and paralysis, etc. contribute towards the largest market share of the region in the forecast years.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.