Travel mobility scooters are battery-powered vehicles primarily used by elderly and disabled individuals for their indoor and outdoor mobility needs. These scooters provide easy maneuverability and simple operations. They help improve independence and quality of life.
The global travel mobility scooter market is estimated to be valued at US$ 8 billion in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing elderly population has been a major driver propelling the growth of the travel mobility scooter market. As per the United Nations estimates, the global population aged 60 years and above is expected to more than double, from 962 million in 2017 to reach 2.1 billion by 2050. Since aging impacts mobility, there has been substantial demand for travel mobility scooters globally to help senior citizens retain their independence and enhance their quality of life. Rising life expectancy and shrinking family size have further augmented the adoption of travel mobility scooters over the forecast period. In 2030, for the first time in history, people over-60 will outnumber children under-5. This rapid growth of aging population will continue to significantly boost the demand for travel mobility scooters during the forecast period from 2023 to 2030.
SWOT Analysis
Strength: Travel mobility scooters offer independent mobility and freedom of movement to elderly and disabled people. They provide a convenient mode of transportation for short-haul trips within neighborhoods, parks, shopping malls etc.
Weakness: Mobility scooters have weight restrictions which may not be suitable for obese users. Their batteries have limited range which requires frequent recharging.
Opportunity: Rising geriatric population globally is driving the need for assistive devices for mobility. Growing tourism industry also creates opportunities for rental of travel scooters in popular destinations.
Threats: Stringent safety regulations and high import tariffs imposed by some countries pose challenges. Local manufacturers may also face threat from cheaper imports.
Key Takeaways
The global travel mobility scooter market is expected to witness high growth. The global travel mobility scooter market is estimated to be valued at US$ 8 billion in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023-2030.
North America currently dominates the travel mobility scooter market owing to rapid aging of population and higher healthcare spending. Europe is another major regional market supported by favorable reimbursement policies for assistive devices. Asia Pacific is poised to be the fastest growing region with rising medical tourism and increasing median age in countries like China and India.
Key players operating in the travel mobility scooter market are Pride Mobility Products Corp, Invacare Corporation, Golden Technologies, Sunrise Medical, Drive Medical etc. Pride Mobility and Invacare have wide product portfolio and global presence. Local players in China and India are also expanding to cater to the rising domestic demand. Innovation in designs, features and material used will be critical for manufacturers to differentiate their offerings.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
