The elderly mobility vehicle market has been segmented by number of wheels into 3-wheeled, 4-wheeled and 5-wheeled, out of which, 4-wheeled segment has dominated the overall elderly mobility vehicle market by capturing 75% of market around the globe and is anticipated to retain its dominant stance over the forecast period. The growing demand for elderly mobility vehicles is driving many key players to come forward with advanced and cost-effective mobility scooters/vehicles.
The global market of elderly mobility vehicle garnered significant market share in terms of revenue during 2016 and is further anticipated to reach market valuation of USD 3.1 Billion by the end of 2024 by expanding at a compound annual growth rate of 5.3% over the period 2017-2024. The growing rate of geriatric population and disabled people is estimated to drive the demand for elderly mobility vehicles over the forecast period. Further, the technological advancement in the healthcare industry is estimated to benefit the expansion of elderly mobility vehicle around the globe.
In the geographical segment, North America accounted for the largest market share in overall elderly mobility vehicle and is further expected to hold its dominant growth over the forecast period. This can be attributed to various government reimbursement policies in the U.S and Canada for older and disabled people in these regions. Further, motability charity schemes in U.K. and rising disposable income are expected to enhance the demand for mobility vehicles in Europe which will expand the market of elderly mobility vehicle in this region with substantial growth rate over the forecast period. Moreover, growing population and rising healthcare awareness is anticipated to supplement the growth of Asia Pacific elderly mobility vehicle market with tremendous pace during the forecast period.
Favourable Government Initiatives Reflect Significant Opportunities
The growth of the market is driving on the back of rising geriatric population, technological advancements in healthcare sector, favorable government policies and schemes combined with rising awareness among consumers regarding the available mobility products in the market.
However, high cost and absence of public infrastructure are likely to restrain the growth of the elderly mobility vehicle market in the near future.
The report titled “Elderly Mobility Vehicle Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the elderly mobility vehicle market in terms of market segmentation by design type, number of wheel, application, by drive power and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the elderly mobility vehicle market which includes company profiling of Pride Mobility, Drive Medical, Golden Technologies, Solax Mobility, Amigo Mobility International Inc., Invacare Corporation, Merits Health Products Inc., Sunrise Medical, Van Os Medical B.V and TGA Mobility.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the elderly mobility vehicle market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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