“Elderly
Mobility Vehicle Market: Global Demand Analysis & Opportunity Outlook 2024”
The global elderly mobility vehicle
market is segmented into application such as commercial and residential. Among
these segments, residential elderly mobility vehicle segment is expected to occupy
top position in overall elderly mobility vehicle market during the forecast
period. Rapid growth in aging population is expected to trigger the growth of
the residential elderly mobility vehicle. Apart from this, rising number of
people suffering from knee disorders are anticipated to boost the growth of the
elderly mobility vehicle market.
Global elderly mobility vehicle
market is expected to flourish at a significant CAGR of 5.3% during the
forecast period. Moreover, the global elderly mobility vehicle market is
expected to garner USD 3.1 Billion by the end of 2024. Growing old age population across the globe,
favorable government initiatives and rising disposable income are some of the
major factors which are envisioned to bolster the growth of the elderly
mobility vehicle market during the forecast period.
North America captured the
largest market share of overall elderly mobility vehicle market in 2016.
Further, North America is likely to continue its dominance over the forecast
period owing to the rising geriatric population in the region. Moreover,
favorable government reimbursement policies in U.S. are expected to surge the
adoption of elderly
mobility vehicle market. Europe is projected to witness
significant growth during the forecast period. This can be attributed to favorable
government funded mobility allowances in the region. For instance, motability
scheme by U.K. government is anticipated to significantly impact the growth of
the market.
Increasing
Aging Population in the World
Growing old age population is
expected to increase the demand for elderly mobility vehicle market during the
forecast period. According to World Bank Group, the percentage of population
aging 65 and above has witnessed a growth to 8.4% in 2016 from 7.6% in 2010.
Further, increasing mobility problems in old age population is anticipated to
accelerate the growth of the elderly mobility vehicle market.
Favorable
Government Schemes and Policies
Government schemes and policies
for old age population such as affordable care act, motability scheme and other
such schemes are propelling the demand for elderly mobility vehicle market. Apart
from this, collaboration of government agencies and mobility manufacturers is
also expected to positively impact the growth of the market.
Although, high cost of elderly
mobility vehicles and availability of alternatives such as wheelchair are some
of the key factor which are likely to dampen the growth of elderly mobility
vehicle market during the forecast period.
The report titled “Elderly Mobility Vehicle Market:
Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of
the global elderly mobility vehicle market in terms of market segmentation by design
type, by number of wheel, by application, by drive power and by region.
Further, for the in-depth
analysis, the report encompasses the industry growth drivers, restraints,
supply and demand risk, market attractiveness, BPS analysis and Porter’s five
force model.
This report also provides the
existing competitive scenario of some of the key players of the global elderly
mobility vehicle market which includes company profiling of Pride Mobility
Concepts Corporation, Medical Depot, Inc., Golden Technologies, Solax Mobility,
Amigo mobility international Inc., Invacare Corporation, Merits Health Products
Inc., Sunrise Medical LLC, Van Os Medical B.V. and TGA Mobility. The profiling enfolds key information of the
companies which encompasses business overview, products and services, key
financials and recent news and developments. On the whole, the report depicts
detailed overview of the global elderly mobility vehicle market that will help
industry consultants, equipment manufacturers, existing players searching for
expansion opportunities, new players searching possibilities and other
stakeholders to align their market centric strategies according to the ongoing
and expected trends in the future.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
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strategy, expansion and investment etc. We believe every business can expand to
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strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
Read more Information: https://www.researchnester.com/reports/elderly-mobility-vehicle-market-global-demand-analysis-opportunity-outlook-2024/279
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