WHEELCHAIR AND COMPONENTS MARKET ANALYSIS

Wheelchair And Components MarketSize and Trends

The global wheelchair and components market is estimated to be valued at US$ 4,097.7 million in 2023 and is expected to exhibit a CAGR of 3.4% during the forecast period (2023-2030). The increasing prevalence of spinal cord injuries and related disabilities are expected to drive the market growth over the forecast period. Furthermore, the rising number of people with walking disabilities is also expected to boost the global wheelchair and components market growth.

Figure 1. Global Wheelchair and Components Market Share (%),By Technology, 2023

Figure 2. Global Wheelchair and Components Market Share (%), By Region, 2023

Global Wheelchair and Components Market- Regional Analysis

North America held a dominant position in the global wheelchair and components market in 2022, accounting for 33.1% shares, followed by Asia Pacific. This growth is attributed to the high population and rising use of cutting-edge wheelchairs. Additionally, the region's abundance of market participants will accelerate market expansion throughout over the projected period.

For instance, in January 2020, Segway, Inc., a U.S. corporation, introduced a distinctive egg-shaped pod designed to facilitate comfortable seated transportation across various locations such as airports, amusement parks, campuses, and urban areas. This innovative pod offers the added benefit of wheelchair accessibility, accommodating individuals with mobility needs. It boasts a maximum speed of 24 mph, allowing for efficient and swift movement.

The North Americawheelchair and components market is substantial, and is driven by the high prevalence of mobility-related disabilities and the aging population. The market has experienced steady growth over the years, with a growing demand for manual wheelchairs to support individuals' mobility needs. Moreover, manual wheelchair manufacturers continuously focus on innovation to enhance the user experience and functionality. Companies are launching new products which is propelling the market growth. For instance, in August 2022, Sunrise Medical, a global leader which designs and manufactures mobility products, made an announcement regarding the availability of RGK, a highly advanced and top-tier range of made-to-measure manual wheelchairs, in the North America market. Sunrise Medical, which acquired RGK Wheelchairs, a UK based manufacturer & supplier of wheelchairs in 2015, emphasizes the brand's commitment to challenging traditional norms, eliminating obstacles, and empowering individuals. This introduction expanded Sunrise Medical's product offerings, allowing customers in North America to access the innovative and customized solutions offered by RGK Wheelchairs.