Good news for mobility scooter providers as growing market set to be worth £1.6bn by 2026
A new market research report is forecasting consistent and considerable growth in the global mobility scooter market over the next six years as mobility needs soar across the world.
Conducted by Fortune Business Insights, the global mobility scooter market is predicted to grow at 7.3 per cent annually over the forecast period and is slated to reach £1.61bn ($2.13bn) by 2026.
According to the market research experts, the new ‘Mobility Scooter Market’ report covers key market trends in the sector and takes an in-depth look at a number of major players, including Drive DeVilbiss Healthcare, Van Os Medical, Pride Mobility and Invacare.
Driving the global growth
The report says that increasing awareness of the benefits of mobility aid devices is set to fuel the growth in the sector as the world’s ageing population continues to grow at what it describes as an “astonishing rate.”
Pointing out that mobility needs will be among the most prevalent emerging medical conditions in societies across the globe, the research notes that mobility scooters’ ability to provide manoeuvrability and comfort will accelerate adoption amongst users and “fuel the medical mobility scooters market revenue.”
North America to dominate globally and UK to lead in Europe
North America is set to lead the market share as changes to healthcare policies is predicted to improve access to the devices, alongside an already established market of strong players and expanding older population.
In 2018, North America generated £402.9m ($5253.2m) in mobility scooter market revenue, suggests the report.
Europe is forecast to be the second-largest region, with the UK remaining the dominant market: “The Mobility Scooter Market size [in the] UK is anticipated to expand at a steady rate on account of the high adoption of these devices in the country.”
Asia-Pacific’s growing ageing population is also expected to drive substantial growth in the region.
More innovation on the horizon
According to Fortune Business Insights’ report, the lion’s share of the global mobility scooter market “is monopolised due to the presence of a few major players,” which are seeking competitive advantage through innovation.
The mobility scooter market has seen a number of new innovations over recent years, with such as aluminium and magnesium being used to reduce weight for travel scooters, auto-fold mechanisms, tighter turning radius, as well as the use of lithium batteries.
As global manufacturers continue to vie for competitive advantage, the market analysts contend that the focus on innovation will continue over the period.
Piquing the interest of automotive behemoths
The outlook will come as welcome news to mobility suppliers and retailers alike, emphasising the thriving nature of the market, both domestically and globally.
With such strong growth prospects in a market that has yet to truly create a household global brand, there is still an opportunity for new players to emerge and dominate the scooter sector.
Recently, Toyota announced it was moving ahead with the creation of its own mobility scooter model which it says it will bring into mass production. Additionally, Honda revealed its own mobility scooter concept at this year’s Consumer Electronics Show in Las Vegas.
What is certain is that the sector will continue to see more activity over the coming years, leading to more innovative mobility solutions for retailers to offer end-users.https://thiis.co.uk/good-news-for-mobility-scooter-providers-as-growing-market-set-to-be-worth-1-6bn-by-2026/https://i2.wp.com/thiis.co.uk/wp-content/uploads/2020/02/Kymco-Mobility-Scooter.jpg?fit=900%2C609&ssl=1https://i2.wp.com/thiis.co.uk/wp-content/uploads/2020/02/Kymco-Mobility-Scooter.jpg?resize=150%2C150&ssl=1NewsroomReports & ResearchRetailer NewsSupplier NewsTrade NewsDrive DeVilbiss healthcare,Europe,Forecast,Honda,Invacare,manufacturers,market research report,mobility scooter,mobility scooter market,mobility scooter suppliers,North America,Pride Mobility,Toyota,van os medicalA new market research report is forecasting consistent and considerable growth in the global mobility scooter market over the next six years as mobility needs soar across the world. Conducted by Fortune Business Insights, the global mobility scooter market is predicted to grow at 7.3 per cent annually over the...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine