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Worldwide Mobility Scooter Market to Grow at a CAGR of 3.08 % During the Forecast Till 2021 | Market Research Report

Thursday, December 1, 2016 6:10
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Research Beam added report on “World Mobility Scooter Market Technology, Trends, Analysis, Growth and Research – Global Mobility Scooter Market – Strategic Assessment and Forecast Till 2021”

The Worldwide Mobility Scooter market research report covers the present scenario and the growth prospects of the Worldwide Mobility Scooter Market for the period 2015 – 2021. The report provides in-depth analysis of the market size and growth of the Worldwide Mobility Scooter market. This report also provides the detailed information and data analysis of the Worldwide Mobility scooter market about the leading market segments based on design and geographies.

Mobility Scooter – Market Size and Dynamics

Market Research Analysts at Research Beam, expect the Worldwide Mobility Scooter Market to reach approx. US $2.4 billion by 2021 and the market to grow at a CAGR of 3.08 % during the forecast period. The mobility scooters are turning out to be an ideal alternative to wheelchairs or crutches, which prove to be burdensome for those who require mobility aid. The global personal mobility market is undergoing a dramatic shift on account of a rapid increase in adoption of cost-efficient and technology-based products and also supportive government grants that enable the elderly and disable population to be more independent. The use of mobility scooters can help improve the self-perceived quality of life of aging population but can also have long-term detrimental effects by increasing cardiovascular risks.

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The Worldwide Mobility Scooter Market has been segmented by design type /size, and geography. The US and Western Europe mainly the UK, constitute almost 70% of the market both in terms of users and revenues. North America is the largest consumer of the personal mobility devices market in 2015. Increasing elderly population and rising demand for assistive devices, along with the presence of a sophisticated reimbursement framework working towards reducing the expenditures of patients are major factors attributing to the regions significant market share. Europe accounted for over 35% of the revenue share in the personal mobility devices market in 2015 and was the second largest consumer of mobility scooter in the forecasted period with Britain being the mobility scooter capital of Europe. APAC is expected to grow at the fastest CAGR during the forecast period. The presence of untapped opportunities in the emerging markets of India and China and continually improving healthcare infrastructure in these markets are some of the key attributes accounting for the conclusion as mentioned earlier.

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Some of the impending challenges confronting the Mobility Scooter Market include the lack of public infrastructure in many countries and also misuse of mobility scooter by able-bodied people. The mobility scooters are intended for elderly, and disabled people use but there is an increasing use of these devices by the able-bodied population as cost- effective means due to government schemes and lead to increased obesity levels and accidents. Also, there has been a marked change in the way people use them on account of their easier availability in second-hand market. Also, the lack of coherence on the regulations governing the classification of mobility scooters and the use of powered wheelchairs acts as a growth deterrent for the market..

One of the trend, which we expect to be imminent in the Mobility scooter market is that the market shall definitely grow in terms of its reach on account of an increased emphasis of governments and private bodies to provide affordable healthcare services. Further, the usage pattern of the mobility scooter is undergoing a dramatic shift on account of substantial growth in the second-hand market, online sales and retail advertising. The mobility scooter has become an increasingly popular personal mobility choice with a rise in number of variants and improved designs, coupled with a change in perception governing the usage of these devices. Although there is a wide variation in regulatory approaches in different jurisdictions, there has been an enhanced recognition for these devices on account of their benefits outweighing the risks associated to users and pedestrians. The report further provides a commentary on the Porter’s five forces analysis along with a description of each of the forces and its impact on the market.

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