Global mobility scooter market forecast to hit £1.64bn by 2026 as strong growth set to continue
A report examining the global mobility scooter market has predicted strong and sustained growth over the coming years, driven by growing technological advancements and more players entering the market.
The research, conducted by Trusted Business Insights, noted that the global mobility scooter market size was $1.21bn (£0.93bn) in 2018 and forecasts the sector to reach $2.13bn (£1.64bn) by 2026, exhibiting a compound annual growth rate of 7.3 per cent.
According to the report, the key growth diver is the rising ageing population across the world, which is rising at a rapid rate, particularly in the developing world.
Projections by the World Health Organization suggests that by 2050, the aged population of 60 years and above is expected to reach two billion – more than double the 900 million in 2017.
Alongside the rising elderly global population, the study also points to the rising disabled population across the world as a key growth driver, noting that 40 per cent of American adults aged 65 and older reported to have a mobility disability, having trouble with walking or standing.
The demographical factors largely echo a market research report into the wheelchair market recently published, forecasting that segment to hit £4.7bn by 2026.
More growth expected in the UK and opportunity in Asia-Pacific
North America retains the largest mobility scooter market share in the world, with the report suggesting that government initiatives in the region focused on increasing accessibility of mobility scooters for those in need is likely to fuel growth, alongside the strong footprint of established manufacturers in the market.
Europe, the second-largest market, is seeing an increase in the usage of mobility scooters, states the report, with the UK remaining the largest segment in the region. According to the report by ClinMed International Library, an estimated 300,000-350,000 mobility scooters were used in the UK in 2017 and this is predicted to be far higher today, with some in the industry predicting there could be upwards of 500,000 scooters in circulation.
Set to see the fastest paced growth in the global mobility scooter market, however, is the Asia-Pacific region. The study suggests that there is growing adoption of mobility scooters among the rapidly growing geriatric patient population.
Latin America and Middle East & Africa are likely to experience slow growth in the mobility scooters market, adds the research, owing to the lower adoption of the devices and limited product offerings by the key players in the region.
More technology, more players
Interestingly, alongside the growing customer base, the study emphasises that an increase in manufacturers competing in the market is also driving global growth.
With more players, the research says that more technological advancements are entering the market and prices are being driven down as, simultaneously, people’s purchasing power, particularly in Asia-Pacific, is increasing rapidly.
“Growing usage of four-wheel powered scooters among elderly people, increasing spending capacity and thereby affordability, and rising awareness about the advantages of using them are likely to boost the growth of the segment during the forecast period,” states the study.
In recent years, the mobility scooter market has seen a number of new technologies enter the space as suppliers jostle for competitive advantage by finding USPs. In particular, lightweight materials such as aluminium, the use of lithium-battery tech and features such as auto-folding capabilities have been widely adopted in the lightweight, class 2 category.
The market has also caught the attention of some automotive manufacturers as well, with Honda revealing a mobility scooter concept in 2019 while Toyota confirmed its plans to release a ‘smart’ mobility scooter by 2022 in Japan.https://thiis.co.uk/global-mobility-scooter-market-forecast-to-hit-1-64bn-by-2026-as-strong-growth-set-to-continue/https://i2.wp.com/thiis.co.uk/wp-content/uploads/2020/02/mobility-scooter-generic.jpg?fit=900%2C600&ssl=1https://i2.wp.com/thiis.co.uk/wp-content/uploads/2020/02/mobility-scooter-generic.jpg?resize=150%2C150&ssl=1NewsroomReports & ResearchRetailer NewsSector NewsSupplier NewsTrade NewsAsia Pacific,auto-fold,class 2,class 3,demographics,Growth,Honda,lithium,Market Research,mobility scooter,Toyota,Trusted Business Insights,world health organisationA report examining the global mobility scooter market has predicted strong and sustained growth over the coming years, driven by growing technological advancements and more players entering the market.The research, conducted by Trusted Business Insights, noted that the global mobility scooter market size was $1.21bn (£0.93bn) in 2018 and...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine