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The global Travel Mobility Scooter Market is estimated to be valued at US$822.4 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Travel mobility scooters are electric powered mobility devices that help enhance mobility for the elderly, physically handicapped and others with limited mobility. These lightweight scooters provide convenient and easier mobility options for daily activities like going to shops, parks and visiting friends and family. They come with rechargeable batteries, a seated area and handlebars for control. Some advanced models also include features like quick chargers, suspension seats and anti-tip wheels for safety. Their compact and foldable design enables easy storage and portability. With growing aging population worldwide, demand for convenient mobility aids is rising significantly.
Market key trends:
One of the key trends in the travel mobility scooter market is the rising demand for technologically advanced models. Manufacturers are focusing on integrating innovations like Bluetooth connectivity, navigation aids, rear and front lights etc. for enhanced safety, comfort and control. Moreover, lithium-ion batteries that provide longer run-times between charges are gaining popularity. There is also a higher demand for personalization with choices in seat colors and styles. Increased online sales and rental options of mobility scooters have also boosted the market growth. Rising health awareness and focus on active aging is further driving the need for mobility aids like travel scooters for outdoor activities and exercise among the elderly population globally.
Porter’s Analysis
Threat of new entrants: The high research and development costs associated with developing new mobility scooters act as a deterrent for new players to enter this market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various scooter models at different price points in the market.
Bargaining power of suppliers: A few key players dominate the supply side, giving them significant bargaining power over mobility scooter manufacturers.
Threat of new substitutes: Alternatives like wheelchairs and walkers pose a low threat given scooters’ better maneuverability and portability.
Competitive rivalry: The market is consolidated, with the top players accounting for a major share. Fierce competition exists based on product features, pricing, and quality.
Key Takeaways
The global Travel Mobility Scooter Market is expected to witness high growth, exhibiting a CAGR of 8.8% over the forecast period 2023 to 2030, due to increasing elderly population worldwide and rising cases of paralysis and other disabilities. The market size for 2023 is estimated to cross US$822.4Mn.
North America currently dominates the travel mobility scooter market share mainly due to rising healthcare spending and the presence of major players. However, Asia Pacific is projected to grow at the fastest pace during the forecast period with China and India accounting for a significant demand.
Key players operating in the travel mobility scooter market are Merits Health Products, Pride Mobility Products, Afikim Electric Vehicles, Invacare, Sunrise Medical, Roma Medical, Drive Medical, Golden Technologies, Hoveround Corp, Quingo, TGA Mobility, Electric Mobility, Van Os Medical, Kymco, Amigo Mobility, and Vermeiren. Pride Mobility Products and Merits Health Products are the market leaders due to their diverse product portfolio and global distribution network.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
