Electric Wheelchair Market: Overview
The global electric wheelchair market is set to experience a boost in the growth rate during the forecast period. There are many factors that may influence the growth rate of the electric wheelchair market. Convenience and stability are significant for a rise in the sales of electric wheelchairs. Furthermore, the elderly population is more inclined towards the electric wheelchairs for convenience and ease of operation.
Electric wheelchair or electric-powered wheelchair (EPW), invented by George Klein originally for World War II veterans, is a wheelchair powered by an electric motor. It is a wheelchair that reduces manual activity or does not require any human assistance to move a wheelchair. This wheelchair comes in various types like center wheel drive, front-wheel drive, and standing electric wheelchair. The wheelchair type is used according to the type of surface and space on which the wheelchair is to be used.
The forthcoming research report by Transparency Market Research offers a foolproof analysis of the electric wheelchair market for the forecast period 2019-2027. The in-depth analysis provides insights into growth opportunities and the condition of the electric wheelchair market in the forecast period.
Want a superior quality report on the electric wheelchair market? Grab your copy now!
Electric Wheelchair Market: Competitive landscape and notable developments
The electric wheelchair market has immense competition between the new players and the established players. This, in turn, has paved the way for mergers and acquisitions, joint ventures, and product development to maintain the dominancy in the electric wheelchair market. For instance, Drive Medical recently acquired Med quip Inc. to cement its product portfolio. Another example is Innova Care Concepts forging a partnership with Permobil for supplying electric-powered wheelchairs.
The manufacturers are making technological advancements to make their products more efficient and convenient for the user. A classic example is the development of ‘Scewo’ by the ETH Zurich team. Scewo is a self-balancing electric wheelchair that can go upstairs and downstairs without any human assistance.
In addition, manufacturers are also working on providing advanced wheelchairs at public places like airports. For instance, Japanese Company, WHILL designed self-driving wheelchairs having sensor-based anti-collision technology for providing a seamless experience to the users at the airport.
The key players of the electric wheelchair market are Invacare Corp, Sunrise Medical Inc., Drive Medical, Golden Technologies, Hoveround Corp, Pride Mobility Products Corp, 21st Century SCIENTIFIC Inc., and Merits Health Products.
Looking for exclusive expert insights from business experts? Request a custom report
Electric Wheelchair Market: Key trends
Growing demand from the sports sector may fuel the electric wheelchair market. BMX motocross conducts a special racing event for the disabled community. It is a popular sport that sees considerable disabled community participation. The participants perform various tricks and top-level stunts using electric wheelchairs. The increasing participation of the disabled community may serve as a key driver for the growth of the electric wheelchair market. A number of technological upgrades such as WiFi and Bluetooth additions to the electric wheelchairs are also expected to accelerate the growth of the electric wheelchair market. Suspension enhancements may also boost the sales of the electric wheelchair market. Permobil has launched the first wheelchair powered with Flexilink full suspension technology.
Electric Wheelchair Market: Regional analysis
Regionally, the electric wheelchair market is divided in North America, South America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. North America is expected to perform well in the forecast period. This is due to high investment capacity, better technological assistance, and relaxed government regulations. The Asia Pacific region may also observe better growth during the forecast period. Europe has factors similar to that of the North America. Therefore, it is also expected to see a good growth rate during the forecast period.
This upcoming business intelligence report is intended to be a one-stop market research solution to guide organizations in taking timely and effective decisions for their business growth. The ongoing study is the culmination of our deep expertise on data science methods, combined with an unparalleled understanding of the external environment and analysis of the industries. Each of the reports by TMR aims at offering a detailed scrutiny of the value chain of our current and prospective customers, takes them from identifying value propositions, and subsequently assist their business executives to implement right strategies to create customer value. We believe that creating and sustaining the customer value is the key pivot on which business executives can create profits for their organizations and increase the market shares, continuously and with sustainability.
Each of our touchpoints through which we engage with the organization/enterprise during the primary research enables us to understand the internal environment it operates in and the ways in which the external environment influences its growth.
Always Evolving with Competition
Excellence is built into the DNA of TMR, and all our teams work collaboratively and committedly toward achieving that in whatever they do. From the very first interaction our teams of research analysts have with any interested market participant to the final preparation processes in each of our reports reflects a rigorous understanding of the dynamic industry environment that businesses operate in.
We relentlessly work to be a differentiator in whatever we do in the current era of hypercompetitive global environment. The result of our unceasing focus on excellence is reflected clearly in the insights and guidance we offer to our customers in order to empower them to create brand equity. Our simple yet very powerful underpinning for navigating the competition is to always keep evolving with changing business environments. Our close-kinit team of research analysts not only believe in this simple philosophy but also implement the same.
Constantly Innovating Our Research Methodologies and Models
We do not limit with any specific market research tool or one standard approach for obtaining or analyzing data. Undoubtedly, our report making process is ever-evolving to meet the customer needs and demands supported broadly by a vast knowledge of data science methods that we combine with business acumen our teams have built upon for several years. Evidently, our primary and secondary research data about customers and consumers have shown that we can go to any lengths to obtain them. This is followed by applying next-gen automation tools integrated with human judgement to clear the clutter, ascertain the most relevant and recent qualitative and quantitative insights, and package them in digestible chunks in our reports for our customers.
We Take Pride in No-One-Size-Fits-All Approach
Over the past several years, we have been conducting market intelligence studies across all industries for all types of organizations — big and small, profit and not-for-profit, and Fortune 500 and Unicorns, as we believe that a sound decision making must be based on no-one-size-fits-all approach. Without doubt, each of the organizations regardless of the industry they are in are affected differently by changes in political, economic, socio-culture, legal, ecological, and legal environments. The research models and the value chain analysis process that our analysts employ for conducting the study uphold this approach.
We look at myriad components of internal and external business environment affecting the growth strategies of organizations. Some of the broader aspects that we focus on are:
- Our team of Analysts and Support Teams always strive to see the bigger picture in life cycle stages of any industry
- The Teams focus on obtaining valuable insights into different models of competitive advantage while making an internal environment analysis
- They keep on modifying the value chain analysis processes of organizations to understand on how customer value is created
Some areas of assessing market dynamics that are used in the research models and methodologies adopted by our analysts can be summarized as:
- Corporate and business strategies underlying new brand positioning strategies
- Mapping for strategic planning for business units
- Various metrics for business portfolio analysis, including BCG matrix
- Value chain analysis
These will help create and sustain competitive advantage for our prospects and current customers.
Key focus areas and agenda that underpin and catalyze our primary and secondary research initiatives and endeavors are:
- What are some of the core competencies and distinctive competencies of new entrants and established players in the industry we are analyzing?
- What are some of the branding opportunities that are emerging at a rapid pace?
- What are the major competitive forces and elements of external environment shaping the industry life cycle stages of most organizations?
- Why some competitive strategies are popular than others among leaders in a certain market?
- What customer-based brand equity strategies companies have leveraged in a certain industry or set of related industries in a sector?
- What are some of the key pricing strategies that companies in an industry are implementing for marketing their products internationally?
- Identifying whether market-push or market-pull strategies are more relevant to a certain product or a service?
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.