Global Elderly Mobility Vehicle Market Overview
Elderly Mobility Vehicle Market is an electrically fueled vehicle intended for the individual who are elder or disabled and help them to move from one place to another. These scooters are similar to wheelchair but equipped with electric batteries. Mobility vehciles are driven through a steering tiller which gives direction of motion to the front wheels. Nowadays, these vehicles/scooters are replacing the old mobility devices such as wheelchair since the improvement in the design of mobility scooters has expanded its use indoor to outdoor.
Based on the number of wheels, elderly mobility vehicles are segmented as follows: three-wheeler, four-wheeler and five-wheeler. More than 75% market is captured by four wheeler mobility vehciles/scooter.
Moreover, increasing geriatric population in countries like North America, Canada and U.K. is expected to raise the demand for mobility scooters. Further, the key companies are expected to cut the price of mobility vehicle for making it more affordable and to make it available for the old and disable people at a lower price.
Market Size and Forecast
The global Elderly Mobility Vehicle market is anticipated to flourish at a CAGR of 5.3% over the period 2017-2024 and expected to garner revenue of USD 3.1 billion by 2024. The major factor for the rising market of global mobility scooter vehicle is technological advancement in the healthcare industry.
Fig: Global Elderly Mobility Vehicle Market share (%): By number of wheels – 2016
Geographically, North America is holding the largest market and accounted for maximum market share in the terms of revenue share. North America is expected to go on with its dominance in the global mobility scooter market over the forecast period. Various government reimbursement policies such as affordable care act (ACA), older American Act (OAA) aims to provide remuneration to older and disable person in U. S. Similar acts like DTCC in Canada is expected to uplift the mobility scooter market in North America. Until now, North America has accounted for more than 93% in the America.
Europe is expected to show substantial growth during the forecast period due to rising disposable income. Further, government schemes like motability charity scheme in U.K. are the factor propelling the demand for mobility scooter. These factors are expected to swell the demand of mobility scooters.
Furthermore, Asia-Pacific is anticipated to showcase tremendous growth rate on the back of the rising healthcare awareness and growing population.
By Design Type
By Number of Wheel
By Drive Power
Global Plywood Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The increasing demand for mobility scooters is driven on the back of friendly government initiatives and technological advancements in healthcare sector. Further, favorable government policies and schemes is anticipated the fuel the demand for mobility scooters in North America and Europe. One of the key factors accounting for demand of mobility scooters in America is rising old age population. The increasing patients of knee disorders are expected to spur the demand for mobility scooters over the forecast period. Further, the market is anticipated to witness strong growth in the demand owing to the rising consumer awareness about the type of mobility products available. Moreover, partnerships between government, mobility scooters manufacturers and healthcare companies are likely to drive the global mobility scooters market.
However, absence of public infrastructure, relative high cost than wheelchairs, high cardiovascular risk is likely to hamper the growth of global mobility scooters market.
Scope and Context
Overview of the Parent Market
The Global Mobility Scooter Market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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