The personal mobility devices market is predicted to increase at a healthy CAGR of 6% to reach US$ 19 Bn by 2030. Global consumption of personal mobility devices is currently valued at around US$ 12 Bn, and The market is expected to witness high demand for canes, crutches, wheelchairs, and other devices.
Additionally, according to specialists at FMI, sales of mobility scooters will soar due to the growing desire for cutting-edge transportation options. People with disabilities or reduced movement are particularly in need of personal mobility equipment.
Health conditions such as physical impairments, osteoarthritis, or fractures can limit a person’s range of motion. Personality mobility aids are frequently utilized to help such people move around.
In 2050, there will be 2 billion individuals in total who are 60 years of age or older, up from 900 million in 2015, according to World Health Organization research. It is common knowledge that older people are more susceptible to illnesses and other health issues, which might lead to incapacity.
According to the Centers for Disease Control and Prevention (CDC), between 2013 and 2015, there were roughly 54.5 million cases of arthritis in only the United States. Globally, more individuals are reporting a handicap or activity restriction. This suggests that a boom in the demand for personal mobility devices is more likely to occur in the years to come.
Future Market Insights offers insights into key factors prevailing in the market. Some of these are:
- The market is anticipated to reach US$ 12 billion by 2020, driven by rising demand for assistive technology.
- A growing number of businesses are anticipated to concentrate on creating new products with improved features.
- Making these items more accessible throughout the world will be a major emphasis.
- East Asia and South Asia are predicted to have significant demand for personal mobility devices, supported by the presence of a highly developed healthcare system.
- The key to success in the personal mobility device industry is consumer market penetration.
- Personal mobility device manufacturers are reaching closer to the customer by utilizing fast expanding sales platforms.
- Favorable reimbursement procedures for personal mobility equipment purchases and rentals will promote market growth.