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Mobility Scooters Market to Exhibit 6.9% CAGR and Reach USD 1.85 Billion by 2027; Backed by Growing Focus on Development of Advanced Product Worldwide, reports Fortune Business Insights™

Written by Customer Service on . Posted in Mergers And Acquisitions.

Pune, India, Nov. 27, 2020 (GLOBE NEWSWIRE) — 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. The report further mentions that the market stood at USD 1.30 billion in 2019. 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.KEY INDUSTRY DEVELOPMENTS:October 2020: The Government in England announced a new accessibility scheme through which scooter friendly stations are being developed to enable mobility scooter users in South Yorkshire to travel to and from 10 stations across the Northern Rail network.October 2019: A pilot project was launched on the World Day of the Elderly by the Government of Malta, where the elderly people with mobility problems can commute around Valletta with the help of electric scooters.October 2018: Pride Mobility Products Corp. and Quantum Rehab hosted Disability Mentoring Day. The company offered an opportunity to 18 students with disabilities using scooters as an assistive mobility device to be mentored by career professionals in various fields during Disability Mentoring Day (DMD) 2018. Through this, the students using mobility scooters were able to tour and explore their learning in careers in research and development, sales, technical service, and production. 
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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.Economic Slowdown amid COVID-19 Affecting Spending Power on Medical ProductsThe 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.
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4 Wheels Segment Held 66.5% Market Share in 2019The 4 wheels segment, based on wheels, held a market share of about 66.5% in 2019 and is projected to experience considerable growth owing to the growing adoption of 4 wheeled mobility scooters by the elderly population globally.North America to Remain Dominant; Increasing Presence of Geriatric Population to Augment GrowthAmong 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.
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Key Players Focus on Product Innovations to Leverage Lucrative Market OpportunitiesThe 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.
List of the 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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Table of Contents:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsOverview of New Product Launches and DevelopmentsPrevalence of Mobility Disability by Country/ RegionsKey Industry Developments for key Countries/Regions -Mergers, Partnerships, & AcquisitionsHealthcare Industry Overview, By Country/RegionPrevalence of Chronic Diseases by Country/ RegionsAgeing Population Statistics by Country/RegionImpact of COVID-19 on Global Mobility Scooters MarketGlobal Mobility Scooters Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Wheels3 Wheels4 WheelsOthersMarket Analysis, Insights and Forecast – By End UserPersonal UserInstitutional UserMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa

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