The global mobility scooters market size is expected to gain momentum by reaching USD 1.85 billion while exhibiting a CAGR of 6.9% between 2020 and 2027. This is attributable to the growing focus on developing innovative mobility scooters and the increasing prevalence of neurological disorders across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Mobility Scooters Market Size, Share & Industry Analysis, By Wheels (3 Wheels, 4 Wheels, and Others) End-user (Personal Use and Institutional Use) and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 1.30 billion in 2019.
List of Companies Profiled in
the Global Market for Mobility Scooters:
- Invacare Corporation (Ohio, United States)
- Excel Mobility (Van Os Medical B.V.) (Steenbergen, Netherlands)
- Pride Mobility Products Corp. (Pennsylvania, United States)
- Medical Depot, Inc. (New York, United States)
- Golden Technologies ( Pennsylvania, United States)
- Afikim Electric Vehicles (Jordan Valley, Israel)
- Amigo Mobility International (Michigan, United States)
- Others
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What does the Report Include?
The market
report includes detailed quantitative and qualitative analysis of several
factors such as the key drivers and restraints that will affect market growth.
In addition to this, the report provides insights into the regional analysis that
covers the different regions, which are contributing to the growth of the
market. Furthermore, it includes the competitive landscape that involves
leading companies and adoption of strategies by them to develop novel products,
announce strategic partnerships, and collaborations that will contribute to the
market growth. Moreover, the research analyst has adopted several research
methodologies such as PESTEL and SWOT analysis to extract information about the
current trends and industry developments that will favor the growth of the
market during the forecast period.
DRIVING FACTORS-
Increasing Prevalence of Neurological
Disorders to Propel Market Growth
According to
the United Nations, around 1 in every 6 people suffers from neurological
disorders across the globe. This is estimated to be about 1 billion people
globally. The increasing incidence of neurological disorders is expected to
propel the demand for mobility scooters. Additionally, the growing focus on
developing innovative mobility solutions for people with disability is expected
to bode well for the global mobility scooters market growth during the forecast
period.
Read Detailed Summary of This Report:
https://www.fortunebusinessinsights.com/mobility-scooter-market-102079
COVID-19 IMPACT-
Economic Slowdown amid COVID-19 Affecting
Spending Power on Medical Products
The novel
coronavirus has led to unprecedented economic loss owing to shutdown of several
industrial applications. The healthcare industry is experiencing a significant
shrinkage of the economy due to halting of several medical processes that include
major surgeries and orthopedic treatments. This has led to the decrease in
sales of medical products across the globe that is restraining the market
growth in the forthcoming years.
REGIONAL INSIGHTS-
North America to Remain Dominant; Increasing
Presence of Geriatric Population to Augment Growth
Among all
the regions, North America stood at USD 562.3 million in 2019 and is expected
to hold the highest position in the global mobility scooters in the forthcoming
years. This is attributable to the increasing prevalence of the aging
population and the presence of established players in the region.
On the other
hand, Europe is anticipated to hold the second position in the market in the
forthcoming years. This is ascribable to factors such as the surging demand for
mobility scooters for people with disability in the region between 2020 and
2027.
COMPETITIVE LANDSCAPE-
Key Players Focus on Product Innovations to
Leverage Lucrative Market Opportunities
The global
medical mobility scooters market is consolidated by the presence of major
companies that are striving to maintain their position by developing innovative
mobility scooters to cater to the growing demand from the healthcare industry.
Other key players positioned in the market are focusing to leverage
considerable opportunities to maintain their presence by adopting strategies
such as partnership, collaboration, and merger and acquisition that will bode
well for the market growth.
AN INDUSTRY DEVELOPMENT-
- October 2019 – Government of Malta, on the World Day of the Elderly, announced the launch of a pilot project. As per the project, the government is introducing initiatives to solve the mobility problems of people with disability with the help of electric scooters. r the global mobility scooters market growth during the forecast period.
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