The global elderly mobility vehicle market is estimated to garner a large amount of revenue by recording a robust CAGR over the forecast period, i.e., 2022 – 2030. Rising technological advancements in the healthcare sector, especially in developed and developing countries is largely expected to propel the market growth in the forthcoming years. Furthermore, escalating awareness levels for mobility devices globally, and surge in research and development activities for enhanced battery technologies are projected to offer profitable opportunities to the market in the near future.
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The growth of the market can also be attributed to the rapidly increasing geriatric population around the world, coupled with their high susceptibility to mobility disorders that comes with age. According to the World Bank, 9.318 percent of the total world population was aged 65 years and above in 2020, up from 9.099 percent and 8.873 percent in 2019 and 2018 respectively.
The market is segmented by type into 3-wheel, 4-wheel, heavy duty, and outdoor terrain, out of which, the 4-wheel segment is anticipated to hold the largest share in the global elderly mobility vehicle market. This can be accounted to the fact that these vehicles provide improved traction in dangerous driving conditions such as rocks snow and ice. Apart from this, additional weight of 4-wheel mobility automobiles also contributes to better grip on the road, which is also predicted to impel the growth of the market segment in the coming years. Additionally, on the basis of application, the residential segment is assessed to grab the largest share during the forecast period owing to the increasing economic growth and high geriatric population in several developing nations, namely Singapore and China.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global elderly mobility vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rapidly growing elderly population, and increasing investments to develop premium-quality mobility assistive vehicles in the region. Moreover, the market in North America is projected to acquire the largest share during the forecast period, which can be credited to the rising awareness levels associated with advanced mobility devices, and high healthcare spending in the region. As per the Centers for Medicaid and Medicaid Services, U.S. health care spending grew 4.6 percent in 2019, reaching USD 3.8 trillion or USD 11,582 per person. In addition, strong footprint of market players in the region is also anticipated to bolster market growth in the coming years.
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The global elderly mobility vehicle market is further classified on the basis of region as follows:
Our in-depth analysis of the global elderly mobility vehicle market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rapidly increasing geriatric population around the world, and rising technological advancements in the healthcare sector.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
High cost of elderly mobility vehicles is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rapidly growing elderly population, and increasing investments to develop premium-quality mobility assistive vehicles in the region.
The major players in the market are Medical Depot, Inc., Invacare Corporation, Van Os Medical B.V., Pride Mobility Products Corp., Amigo Mobility International, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, range, and by region.
The 4-wheel segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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