by The travel mobility scooter market is estimated to be valued at US$ 1.26 Bn in 2023 and is expected to exhibit a CAGR of 6.44% over the forecast period 2023-2023, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Travel mobility scooters are specialty medical devices that provide independent transportation for individuals with limited mobility, including seniors and people with disabilities or injuries. Powered by rechargeable batteries, travel mobility scooters come in a compact folding design making them portable and easy to use both indoors and outdoors. They help users maintain their independence and quality of life by allowing them to travel short to medium distances without external support.
Market Dynamics:
The growth of the travel mobility scooter market is majorly driven by the rising prevalence of disabilities worldwide. As per the World Health Organization (WHO), over 1 billion people, representing about 15% of the world’s population, currently live with some form of disability. Mobility issues are among the most common forms of disabilities. The growing geriatric population is another key factor fueling market growth. As age advances, mobility and physical capabilities tend to decline markedly. Travel mobility scooters provide a suitable mobility solution for the elderly to move around conveniently. Additionally, increasing awareness about personal mobility devices and the various benefits they offer such as independence, participation, and physical fitness is boosting their adoption globally.
SWOT Analysis
Strength: Travel mobility scooter can offer independence and mobility for elderly and disabled. They are compact, lightweight and easy to transport. Many new models come with features like adjustable tiller or seat height, larger wheels and batteries for longer travel range.
Weakness: Travel mobility scooters have smaller wheels which makes them less suitable for uneven surfaces or rough terrains. The batteries have limited life and require regular recharging. Some users may find steering heavy models difficult to maneuver.
Opportunity: Growing geriatric population globally is driving demand for assistive devices. Increasing lifestyle diseases and disabilities is opening up market opportunities. Technological advancements are improving features, performance and comfort of new models.
Threats: High cost of advanced models can be prohibitive for some users. Strict regulations and certification standards across countries pose compliance challenges. Supply chain disruptions due to Covid pandemic have slowed down production in past years.
Key Takeaways
The Global Travel Mobility Scooter Market Growth is expected to witness high, exhibiting CAGR of 6.44% over the forecast period, due to increasing lifestyle diseases and disabilities among aged population. North America dominates the market currently owing to availability of favorable reimbursement policies and growing elderly demographic in US and Canada. Asia Pacific region is expected to be the fastest growing market for travel mobility scooters led by large geriatric population and improved access to assistive devices in China and India.
Regional analysis
Asia Pacific region is expected to witness highest growth in travel mobility scooter market over coming years. This can be attributed to rising senior citizen population, growing incidence of mobility challenges due to chronic diseases and improving healthcare infrastructure and services in major countries like India and China. Government initiatives to promote disability assistive products will further aid the regional market. North America currently holds largest revenue share of over 30% in global market led by US.
Key players
Key players operating in the travel mobility scooter market are Merits Health Products, Pride Mobility Products, Afikim Electric Vehicles, Invacare, Sunrise Medical, Roma Medical, Drive Medical, Golden Technologies, Hoveround Corp, Quingo, TGA Mobility, Electric Mobility, Van Os Medical, Kymco, Amigo Mobility, and Vermeiren. Major players are focusing on new product launches, expanding regional presence and strengthening distribution channels to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
