Personal Mobility Devices Market Estimated to Expand at a 7.30% CAGR through 2023
The demand within the global market for personal mobility devices has been rising on account of the efforts of the government to enhance the quality of life of physically challenged persons, finds Transparency Market Research (TMR). Amongst a large pool of vendors operating in the global market for personal mobility devices, only handful of them have left the imprints of their quality and performance in the minds of the consumers. Hence, it is safe to state that the position of the leading market players in the global mobility devices market has remained unchallenged over the past decade. The small and medium-sized vendors are struggling to strike the right chords in the global market, and are expected to capitalise on local or regional markets.
The leading market players are expected to improve the quality of mobility devices offered by them, and this step could prove to be extremely lucrative for these vendors. On the other end, the smaller market players in the global market for personal mobility devices are expected to benefit from following the footsteps of the established vendors. Besides this, strategic alliances amongst the small and medium-sized market players are also expected to reek of growth in the years to come.
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A report by Transparency Market Research (TMR) prognosticates that the global market for personal mobility devices would expand at a healthy CAGR of 7.30% over the period ranging from 2015 and 2023. Furthermore, the total revenues accumulated by the global personal mobility devices market was US$6.65 bn in 2014, and this figure is expected to escalate to US$12.7 bn by 2023-end.
Favourable Government Policies for People with Disabilities to Propel Demand
The past decade has witnessed the stipulation of several policies that are aimed at enhancing the quality of life of disabled persons. A number of sectors and industries have reserved employment for physically challenged individuals, and this has directly influenced the growth of the global market for personal mobility devices. Furthermore, the rising geriatric population that relies on movable wheelchairs has also propelled demand within the global market for personal mobility devices. The advent of electric vehicles that are easily operable has also paved way for growth within the global market for personal mobility vehicles.
High Costs of Mobility Devices to Hamper Growth
Despite the commendable utility served by personal mobility devices, the high cost of these devices has blocked the growth of the global market. However, the huge amount of money spent on mobility aids by the well-off sections of the society is projected to compensate for the sluggish growth. Moreover, mobility devices such as electric scooters and child-walkers have also gained popularity across the world. Hence, it is safe to prognosticate that the global market for personal mobility devices would witness the inflow of new revenues over the coming years.