The global Travel Mobility Scooter Market is estimated to be valued at US$ 1.26 Bn in 2023 and is expected to exhibit a CAGR of 6.44% over the forecast period 2023-2023, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Travel mobility scooters are lightweight, scooter-like devices generally used by senior citizens or persons with limited mobility. They provide enhanced mobility and independence to individuals facing challenges in walking or standing. Travel mobility scooters come equipped with features like comfortable seats, storage compartments, seat belts or harnesses for safety, powerful yet efficient batteries, and maneuverability for indoor and outdoor use. They offer an affordable alternative to powered wheelchairs and help improve quality of life.
Market key trends:
One of the major trends in the travel mobility scooter market is the rising demand for premium and technologically advanced products. Manufacturers are focusing on developing scooters with features like longer battery life, smoother ride, better ground clearance, foldable designs for easy portability and storage, suspension for bumpy rides, Bluetooth connectivity, USB charging ports, LED headlights, and cup/water bottle holders etc. These innovative value additions are appealing to customers looking for enhanced performance, control, and comfort. Furthermore, advancements in lithium-ion battery technology have enabled scooters to travel longer distances on a single charge. The availability of spare parts and accessories as well as service and maintenance support from brands is also fueling market expansion.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low in the travel mobility scooter market due to high capital requirements for manufacturing, well-established brand names of existing players, and compliance with industry quality and safety standards.
Bargaining power of buyers: The bargaining power of buyers is high as travel mobility scooters industry is fragmented with presence of numerous regional and local players providing alternatives to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials required for manufacturing travel mobility scooters such as aluminum, steel, and electronic components are commoditized and available from numerous suppliers globally.
Threat of new substitutes: The threat of substitutes is low as travel mobility scooters offer unique value proposition of easy indoor and outdoor mobility to the elderly and disabled population.
Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous global and regional players offering differentiated products.
Key Takeaways
The Global Travel Mobility Scooter Market Demand is expected to witness high growth, exhibiting CAGR of 6.44% over the forecast period, due to increasing obese and elderly population globally requiring indoor mobility assistance.
Regional analysis revealed that North America currently dominates the travel mobility scooter market owing to favorable reimbursement policies and availability of advanced products in the region. Asia Pacific is expected to exhibit highest CAGR during the forecast period driven by rising healthcare expenditures and improving standards of living.
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.
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