Pune, Feb. 06, 2020 (GLOBE NEWSWIRE) -- The global Mobility Scooter Market size is slated to touch USD 2.13 billion by 2026, registering a CAGR of 7.3% during the forecast period. Rising awareness about the multiple benefits offered by mobility aid devices is set to emerge as the leading factor driving the growth of this market. Mobility disabilities, arising from congenital conditions, orthopedic disorders, old age, or accidents, impose a major burden and restriction not just on the person suffering from the condition but also on his or her caretakers. The optimal solution to this situation is the use of medical mobility machines which provide freedom and independence of movement to the patient. For example, mobility scooters can be maneuvered with ease and are powered to move quickly at reasonable speeds. Furthermore, these devices provide a high degree of comfort to the patient. For instance, majority of scooters come with padded seats along with arm and headrests and are akin to office chairs. Thus, these and other host of advantages of mobility scooters is expected to boost the adoption of such advanced devices and fuel the medical mobility scooters market revenue.
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Fortune Business Insights™, in its latest report, titled "Mobility Scooter Market Size, Share & Industry Analysis, By Wheels (3 Wheels, 4 Wheels, and Others) End-user (Personal User and Institutional User) and Regional Forecast, 2019-2026", states that the value of the market stood at USD 1.21 billion in 2018. The report further contains:
- Detailed evaluation of the market segments;
- In-depth analysis of the market drivers and challenges;
- Comprehensive study of the developments in the competitive and regional spheres; and
- Accurate forecast of the upcoming prospects and trends in the market.
Market Drivers:
Growth in Geriatric Population Across the Globe to Fuel the Market
One of the top Mobility Scooter Market trends is the astonishing rate at which the global population is aging. Old age is typically entails a variety of disorders, prominent among which is the occurrence of mobility diseases such as osteoarthritis and neuromuscular conditions which generally worsen with age. According the United Nations' World Population Ageing Report 2017, the geriatric population of the world is predicted to reach 2.1 billion by 2050, nearly doubling from the current levels. Moreover, the report states that by 2030 itself the number of aged people will overtake the number of children under the age of 10. Thus, increasing ageing population will be a major determinant for the expansion of this market, according to the Mobility Scooter Market research.
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Regional Analysis:
North America to Lead the Market Share; Europe to Follow
Among regions, North America is set to dominate the mobility scooters market share during the forecast period, mainly owing to changing healthcare policies in the region to improve access to medical mobility aid devices. The region also generated a revenue of USD 523.2 million in 2018. Apart from this, the other two factors driving the regional market include presence of strong global players and a swelling geriatric population.
In Europe, the number of aged people will comprise 35% of the total population by 2050, as per UN projections. As a result, the demand for mobility aid equipment is set to surge in the coming years. The Mobility Scooter Market size UK is anticipated to expand at a steady rate on account of the high adoption of these devices in the country.
Substantial rise in adoption of mobility scooters as a result of increasing number of old age patients will be the primary growth driver for the market in Asia-Pacific.
Competitive Landscape:
Promising Innovations to Heat up Market Competition
The market for electric mobility scooters is monopolized due to the presence of a few major players. The Mobility Scooter Market report says that competitors are deeply engaged in developing new and innovative solutions to widen their offerings and tighten their hold on the market.
Industry Developments:
- January 2020: Pride Mobility launched the Zero Turn 10 Scooter and the Zero Turn 8 Scooter as part of its brand repositioning strategy for its Zero Turn product line. Powered by the iTurn Technology™, the Zero Turn scooters are driven by dual set of motors which enable an excellent turning radius for the device.
- April 2019: Golden Technologies introduced the Buzzaround LX, the only full-time luxury travel scooter to hit the American market. The scooter is available in both 3- and 4-wheel models and is packed with features such as a USB charging port, a comfortable and stylish captain's seat, and a limitless adjustable tiller with a convenient handle.
List of Key Players Covered in the Mobility Scooter Market Research Report Are:
- Amigo Mobility International
- Invacare Corporation
- Medical Depot, Inc.
- Van Os Medical B.V.
- Afikim Electric Vehicles
- Golden Technologies
- Pride Mobility Products Corp.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of New Product Launches and Developments
- Prevalence of Mobility Disability by Country/ Regions
- key Industry Developments for key Countries/Regions -Mergers, Partnerships, & Acquisitions
- Global Mobility Scooters Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Wheels
- 3 Wheels
- 4 Wheels
- Others
- Market Analysis, Insights and Forecast – By End User
- Personal User
- Institutional User
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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