Technavio market research analysts forecast the global mobility scooters market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170125005975/en/
Technavio has published a new report on the global mobility scooters market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global mobility scooters market for 2017-2021. The report also classifies mobility scooters based on the number of wheels into three types, which are 3-wheelers, 4-wheelers, and 5-wheelers. With a share of close to 78%, the 4-wheeler mobility scooters segment dominated the global mobility scooters market in 2016.
According to Siddharth Jaiswal, a lead analyst at Technavio for automotive manufacturing research, “Increasing awareness of the benefits and availability of different types of scooters, along with favorable schemes and incentives from government and other private healthcare associations, will result in the high adoption rate of mobility scooters during the forecast period.”
Request a sample report:http://www.technavio.com/request-a-sample?report=55762
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio automotive analysts highlight the following three market drivers that are contributing to the growth of the global mobility scooters market:
- Favorable government grants and schemes
- Increased adoption of technologically advanced and cost-efficient products
- Expanding geriatric population base and growing incidences of road injuries
Favorable government grants and schemes
Most countries have been concentrating on improving their respective healthcare sectors by adopting advanced technologies in each level. Public and private healthcare agencies and associations have been focusing on generating more awareness of the availability and benefits of personal mobility aids, especially powered mobility aids. With this backdrop, mobility aid products will benefit significantly from these technology improvements and awareness programs in the coming years.
Currently, governments of many countries are coming up with various initiatives, programs, incentives, and tax credits with an aim to amplify the growth of the mobility aids market, especially for mobility scooters. For instance, the US Affordable Care Act (ACA) provides subsidies on mobility scooters for people with prolonged walking difficulties.
“Many government bodies and private associations are also coming up with various national training schemes in the mobility scooters space, which will have a positive influence on the market's growth rate in the coming years,” says Siddharth.
Increased adoption of technologically advanced and cost-efficient products
With the increased adoption of electric drivetrain cars, scooters, and motorcycles, a wide range of electric drivetrain components such as battery packs, controllers, motors, and power electronics are available in the market today at low supplier costs. This has allowed manufacturers of mobility products to sell their offerings at lesser costs in comparison to previous years.
The past three years have witnessed a steep decline in the average price of mobility scooters with new models being launched at a very low price of USD 400. The average price of these scooters is USD 2,500, and the average price of powered wheelchairs is also in this range. This factor has been encouraging the adoption of advanced technology mobility scooters over other mobility aid products such as powered and manual wheelchairs, rollators, and crutches.
Expanding geriatric population base and growing incidences of road injuries
As per the world aging population report by the UN, the geriatric population base increased by 50% between 2000 and 2015. Aging and age-related illnesses such as Parkinson’s disease, rheumatoid arthritis, and osteoporosis significantly affect personal mobility. Hence, with the expanding geriatric population base, the demand for powered mobility solutions is likely to increase in the coming years.
Also, spine disorders, innate deformations, and knee injuries also require mobility assistance. With the growing incidences of road accidents and other near-fatal incidents, the demand for mobility scooters will increase.
Browse Related Reports:
- Global Self-balancing Scooter Market 2016-2020
- Global Battery Market for E-scooters 2016-2020
- Global Lithium Ion Battery Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like automotive services; powertrain; and wheels and tires. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170125005975/en/
