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Elderly Mobility Vehicle Market size is projected to witness lucrative growth rate during the forecast period i.e., between 2024-2036. 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.
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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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Regional Scope |
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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.
Our in-depth analysis of the global elderly mobility vehicle market includes the following segments
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By Type |
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By Application |
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By Range
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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. Asia Pacific is anticipated to hold largest revenue share by 2036, on the back of rapidly growing elderly population, and increasing investments to develop premium-quality mobility assistive vehicles in the region.
North America Market Analysis
Moreover, the elderly mobility vehicle 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.
· October 2020- England’s Government announced a new accessibility scheme through which scooter friendly stations are being deployed for mobility scooter users in South Yorkshire.
· July 2020- Invacare launched a digital scooter visualizer that allows customers to customize any scooter from the OrionNG and CometNG range in the comfort and convenience of their homes.
Author Credits: Saima Khursheed
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