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The global Wheelchair and Components Market is estimated to be valued at US$ 4,097.7 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The wheelchair and components market comprises powered and manual wheelchairs along with their components such as batteries, frames, hand rims, tires, armrests, and footrests. Powered wheelchairs offer more mobility and independence to users as compared to manual wheelchairs. Customized wheelchairs designed as per users requirement are gaining popularity owing to added comfort and control. The market is primarily driven by increasing prevalence of disabilities worldwide and rising focus on accessibility solutions.
Market key trends:
Customization in designs and features is a key trend observed in the wheelchair and components market. Manufacturers are offering customizable options in terms of seat dimensions, type of control, and battery capacity to meet the individual requirements of users. For example, adjustable arms, tilt systems, recliners, and elevated leg rests are being provided to maximize user comfort. In addition, technologies such as advanced controlling systems, suspension systems, and integration of sensors are being incorporated to enhance maneuverability and control. This rising demand for personalized wheelchair solutions is expected to support the market growth over the forecast period.
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Porter’s Analysis
Threat of new entrants: The wheelchairs and components market faces low threat from new entrants due to high R&D and manufacturing costs involved. The market is dominated by few major players with strong brand image and supply chain network.
Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of substitute products and rising price competition limits the pricing power of manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to fragmented nature of suppliers and availability of substitutes.
Threat of new substitutes: The threat of new substitutes is low as wheelchair provides unmatched mobility for disabled. However, powered exoskeleton poses potential threat.
Competitive rivalry: The market is highly competitive due to presence of major global players.
Key Takeaways
The global wheelchair and components market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing elderly population and rising cases of road accidents.
Regional analysis
The North American region currently leads the global wheelchair and components market with the highest market share. However, the Asia Pacific region is expected to witness the fastest growth over the forecast period supported by growing healthcare infrastructure, rising medical tourism and increasing healthcare spending in China and India.
Key players
Key players operating in the wheelchair and components market Size are OEM Companies: Invacare Corp., Ottobock, Permobil AB, Pride Mobility Products Corp., Handicare, Sunrise Medical, Hoveround, Panthera X, 21st Century Scientific, Inc., and Meyra Wilhelm Meyer GmbH & Co. KG. Tier 1 Component Suppliers Companies: Tetra Equipment GMBH, Custom Engineered Wheels, The Wheelchair Place, LLC, Alber GmbH, and Intelli Wheels. Material Suppliers Companies: E.I. DuPont De Nemours and Company, Toray Industries, Inc., Mitsubishi Rayon Co., Ltd., Toho Tenax, and Shanghai Cedar Composites Technology Co., Ltd.
