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Personal Mobility Devices Market

Market Study on Personal Mobility Devices: Analysing the Advancements in Technology, and a Growing Emphasis on Enhancing Mobility Options for Individuals with Disabilities, PMR Anticipates a Promising Outlook for Global Market

A Detailed Analysis of the Personal Mobility Devices Market Based on the Rising Aging Population, and Increasing Awareness of Accessibility, and the Mounting Demand for Innovative and Convenient Mobility Solutions

Personal Mobility Devices Market

The global personal mobility devices market is forecast to expand at a CAGR of 9.7% and thereby increase from a value of US$11.5 Bn in 2023, to US$22 Bn by the end of 2030.

Attributes

Key Insights

Personal Mobility Devices Market Size (2023E)

US$11.5 Bn

Projected Market Value (2030F)

US$22.0 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

9.7%

Historical Market Growth Rate (CAGR 2018 to 2022)

9.2%

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Market Introduction and Definition

The global personal mobility devices (PMDs) market is in a growth spurt, majorly propelled by a wave of social, technological, and demographic shifts. As cities swell, demand for eco-friendly, last-mile transport solutions like e-scooters and e-bikes surges. PMDs offer a cleaner, decongesting alternative to cars, aligning with sustainability goals. Battery improvements, self-driving capabilities, and connectivity features are enhancing performance, range, and safety, making PMDs more appealing to a wider audience.

On the other hand, the rising elderly population creates a growing need for assistive devices like wheelchairs and mobility scooters. Additionally, increasing focus on accessibility drives demand for user-friendly PMDs catering to diverse needs. Moreover, the boom of rental services makes PMDs readily available and affordable, fostering a micro-mobility culture. This resonates with younger generations who favor flexible, on-demand transportation. Governments are actively shaping the PMD landscape with regulations addressing safety, parking, and integration with existing infrastructure. Dedicated bike lanes, and charging stations further support growth of the personal mobility devices market.

As far as industry developments are concerned, consolidation is happening, with established players acquiring startups to diversify offerings and expand reach. Innovation has taken the front seat as a result of which the companies are investing heavily in R&D for the development of next-generation PMDs with advanced features, and improved affordability.

Addressing accidents and injuries remains a crucial challenge, with manufacturers, and policymakers collaborating on safety measures. However, overall, the PMD market is brimming with potential. Navigating regulatory hurdles, ensuring safety, and fostering responsible usage are key to realizing its full potential in shaping a more sustainable and accessible future of urban mobility.

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Market Growth Drivers

The Rise of EV Industry

The rise in electric vehicles (EVs) is a key driver of the PMD Market as it fosters a broader acceptance of electric-powered transportation. The growing popularity of electric vehicles creates a favourable environment for electric scooters, electric bicycles, and other PMDs. Consumers, increasingly familiar with and accepting of electric propulsion, extend their preference for sustainability to personal mobility choices. As EV infrastructure develops and electric charging becomes more prevalent, individuals are more inclined to adopt electric-powered PMDs as convenient and eco-friendly alternatives for short-distance commuting. The synergy between the rise in electric vehicles and the expanding PMD market showcases a shared commitment to sustainable urban mobility solutions.

Rising urbanization and congestion are compelling factors driving the personal mobility devices market as urban dwellers seek efficient solutions for navigating crowded cities. Increased population density and traffic congestion in urban areas create a demand for agile and compact personal transportation. PMDs, including electric scooters and bicycles, offer a convenient and eco-friendly alternative for short-distance commuting, addressing the challenges posed by crowded streets and limited parking. The portability, ease of use, and manoeuvrability of PMDs make them ideal for navigating urban environments, providing individuals with a practical means of transportation that mitigates congestion-related issues. As cities continue to grow, the demand for PMDs is expected to rise, contributing to the evolution of urban mobility.

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Market Restraints

Growing Costs, and Specific Limitations in Installation Scenarios

The growing cost of production poses a significant challenge to the personal mobility devices market. Factors such as raw material prices, labor costs, and manufacturing processes contribute to the overall production expenses. As demand for advanced features and innovative technologies rises, manufacturers face the pressure to invest in research and development, further escalating costs.

Additionally, stringent quality and safety standards impose additional expenditures. Balancing the need for affordability to cater to a broad consumer base while maintaining quality becomes a delicate challenge. Manufacturers must navigate this cost challenge to sustain competitiveness, potentially impacting pricing structures, profit margins, and overall market accessibility for personal mobility devices.

Environmental, and Technological Hurdles

Environmental concerns pose a restraint on the personal mobility devices market due to the ecological impact associated with manufacturing, usage, and disposal of these devices. The production of personal mobility devices often involves resource-intensive processes and materials, contributing to carbon emissions and environmental degradation. Additionally, the proliferation of electronic components in electric mobility devices raises concerns about electronic waste disposal.

Sustainable manufacturing practices, and the development of eco-friendly materials are imperative to address these issues. Heightened awareness among consumers regarding the environmental footprint of personal mobility devices may influence purchasing decisions, prompting the industry to adopt greener practices. Navigating these environmental challenges is crucial for the long-term sustainability and acceptance of personal mobility solutions.

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Opportunities

Increasing Technology Integration

Technology integration presents a significant opportunity in the personal mobility devices market by enhancing functionality, accessibility, and user experience. Innovations such as smart sensors, IoT connectivity, and advanced battery technologies contribute to the development of more efficient and user-friendly devices. Electric mobility devices, equipped with smart features like navigation aids and health monitoring, cater to evolving consumer preferences.

Additionally, advancements in materials and design, driven by technology, result in lighter and more durable devices. The integration of technology not only addresses mobility challenges but also aligns with the increasing demand for connected and intelligent solutions, positioning the market for growth. This trend fosters a new era of personal mobility devices that are not only practical but also seamlessly integrated into the digital ecosystem.

Customization and personalization present a compelling opportunity in the personal mobility devices market as they cater to the diverse and unique needs of users. Individuals with varying degrees of mobility challenges require tailored solutions, considering factors such as age, physical abilities, and lifestyle preferences. Offering customizable features allows manufacturers to create personalized devices that align with specific user requirements, enhancing overall comfort and usability.

This approach not only fosters customer satisfaction but also addresses the distinct demands of an aging population and people with disabilities. By prioritizing customization, companies can differentiate themselves in the market, build stronger customer relationships, and meet the growing demand for adaptive and individualized personal mobility solutions in an increasingly diverse consumer landscape.

Analyst’s Viewpoint

The future of the personal mobility devices market is poised for transformative growth, driven by technological advancements, demographic shifts, and a focus on accessibility. Smart mobility solutions, including IoT integration, AI-driven features, and improved connectivity, will redefine user experiences. Innovations in materials and design will enhance device functionality, addressing diverse mobility challenges. The aging global population and a growing awareness of mobility-related issues will fuel sustained demand.

Sustainability trends will drive the development of eco-friendly devices, aligning with environmental concerns. Emerging markets, especially in Asia, will contribute significantly to market expansion. As the industry evolves, collaborations between manufacturers, healthcare providers, and tech companies will shape a holistic ecosystem, positioning the personal mobility devices market as a pivotal player in enhancing mobility, independence, and overall quality of life.

Supply-side Dynamics

The personal mobility devices market experiences dynamic demand-supply dynamics influenced by demographic shifts and technological advancements. High demand, particularly in aging populations, prompts a competitive supply landscape. The current pricing structure is shaped by factors such as technology integration, materials, and regulatory compliance. Balancing affordability and quality is crucial for long-term growth.

Major trends driving competition include smart features, lightweight materials, and sustainability. Supply chains are intricate, involving raw material procurement, manufacturing, and global distribution networks. Collaboration with suppliers, efficient logistics, and strategic partnerships are essential. As market dynamics evolve, flexibility in supply chain management will be crucial, ensuring a responsive and adaptive approach to meet changing consumer needs and regulatory requirements in the dynamic personal mobility devices market.

Market Segmentation

Which is the Dominant Product Category?

Walking Aids Continue to be the Dominant Product Segment

Walking aids, such as canes, walkers, and crutches, play a pivotal role in the personal mobility devices market, capturing a significant market share due to their widespread use among individuals with mobility challenges. The aging population, along with an increasing prevalence of mobility-related conditions, has driven the demand for walking aids. These devices offer crucial support, stability, and independence to individuals with disabilities or seniors, influencing their popularity in the market.

Additionally, advancements in design and materials contribute to enhanced user comfort and functionality, further boosting the adoption of walking aids. The market dominance of walking aids underscores their fundamental role in providing accessible and inclusive personal mobility solutions.

Which is the Primary End User Segment?

Hospitals and Clinics Remain the Most Significant End User Segments

Hospitals and clinics are key end-users in the personal mobility devices market, holding the largest market share due to several factors. The increasing aging population and a rise in mobility-related health issues drive the demand for mobility devices in healthcare settings. Hospitals and clinics utilize a variety of personal mobility devices, including wheelchairs, walkers, and patient transfer aids, to enhance patient mobility, rehabilitation, and overall healthcare outcomes.

The emphasis on patient care and the need for assistive devices in post-surgical recovery further contribute to the dominance of hospitals and clinics as major consumers of personal mobility devices. This sector's prominence underscores the critical role these devices play in facilitating patient mobility within healthcare facilities.

Which is the Largest Sales Channel for PMD Manufacturers?

Wholesalers and Distributors Top as they Play an Indispensable Role in Catering to a Diverse Range of End Users

Wholesalers and distributors as a sales channel dominate the personal mobility devices market due to their essential role in efficiently supplying a diverse range of devices to various end-users. These intermediaries ensure a seamless distribution network, catering to the widespread demand from hospitals, clinics, retailers, and individuals.

Wholesalers enable manufacturers to reach a broad market, offering a one-stop solution for retailers and healthcare institutions. Their ability to streamline logistics, manage inventory, and provide cost-effective solutions positions them as key players in the market. Moreover, wholesalers often offer bulk purchasing options, attracting healthcare facilities and businesses, contributing significantly to their largest market share in the distribution of personal mobility devices.

Top Regional Markets

North America Spearheads on Account of the Escalating Prevalence of Mobility-related Conditions

North America has captured the largest market share in the personal mobility devices market owing to several factors. A rapidly aging population, coupled with a high prevalence of mobility-related conditions, drives demand for personal mobility devices. Well-established healthcare infrastructure, robust reimbursement policies, and high healthcare expenditure contribute to market dominance.

In addition, the region's early adoption of advanced technologies, coupled with favorable regulatory support, fosters innovation and the integration of smart features in mobility devices. The presence of key market players, extensive distribution networks, and a strong focus on enhancing the quality of life for individuals with mobility challenges further solidify North America's leadership in the personal mobility device market.

Growing Awareness and Accessibility of Assistive Technologies to Drive the Fastest Growth Outlook for Asia Pacific

The Asia Pacific region is experiencing the highest CAGR in the personal mobility devices market due to several factors. Rapid urbanization, a rising aging population, and an increasing prevalence of mobility-related conditions drive the demand for personal mobility devices. Improving healthcare infrastructure, growing awareness about assistive technologies, and rising disposable incomes contribute to market expansion.

Government initiatives supporting the development and adoption of healthcare devices fuel growth. The region's diverse consumer base and the emergence of innovative, affordable mobility solutions tailored to local needs further propel market dynamics. As accessibility and awareness increase, the Asia Pacific is positioned for significant and sustained growth in the personal mobility device market.

Competitive Intelligence and Business Strategy

The personal mobility devices market exhibits a competitive landscape characterized by key players such as Invacare Corporation, Sunrise Medical LLC, Pride Mobility Products Corp, and Ottobock SE & Co. KGaA. These industry leaders focus on product innovation, strategic partnerships, and global expansion to strengthen their market presence. Additionally, emerging players like WHILL Inc. and Permobil AB contribute to market dynamics with a focus on technological advancements and niche segments.

Collaboration with healthcare institutions, continuous research and development, and compliance with evolving regulatory standards are vital elements of the competitive strategy. The market's competitiveness is further fueled by the integration of smart technologies, sustainability initiatives, and efforts to enhance overall user experience in the rapidly evolving landscape of personal mobility solutions.

Key Recent Developments

New Product Launch

Falcon Mobility has introduced the Ultra-Lite 2 electric wheelchair, emphasizing its lightweight design, and manoeuvrability. The company aims to offer an affordable and easily manoeuvrable wheelchair option, particularly targeting the elderly and disabled communities. The goal is to simplify the transportation of personal mobility aids for caregivers, facilitating the movement to and from vehicles for those under their care.

Market Impact: Falcon Mobility's introduction of the Ultra-Lite 2 electric wheelchair, highlighting its lightweight design and maneuverability, is poised to positively impact the Personal Mobility Devices Market. This offering addresses a crucial need within the market by providing an affordable and easily maneuverable option, specifically catering to the elderly and disabled communities. The emphasis on simplifying the transportation of personal mobility aids aligns with the growing demand for user-friendly solutions, potentially expanding accessibility and enhancing the overall mobility experience for caregivers and individuals with mobility challenges.

(Source: European Business Magazine)

Personal Mobility Devices Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Product Type
  • End-user
  • Sales Channel
  • Region

Key Companies Profiled

  • Sunrise Medical LLC
  • GF Health Products Inc
  • Stryker Corporation
  • Hill-Rom Holdings Inc.
  • Invacare Corporation
  • Ottobock Holding GmbH & Co. KG
  • Klaxon Mobility GmbH
  • Drive Medical GmbH & Co. KG
  • Airwheel
  • Ather Energy

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Personal Mobility Devices Market Research Segmentation

By Product:

  • Walking Aids
  • Mobility Scooters
  • Medical Beds
  • Wheelchairs
  • Others

By End User:

  • Hospitals & Clinics
  • Long-term Care Centers
  • Households
  • Others

By Sales Channel:

  • Wholesalers/Distributors
  • Online Retailers
  • Multi-brand Stores
  • Specialty Stores

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • Sunrise Medical LLC
  • GF Health Products Inc
  • Stryker Corporation
  • Hill-Rom Holdings Inc.
  • Invacare Corporation
  • Ottobock Holding GmbH & Co. KG
  • Klaxon Mobility GmbH
  • Drive Medical GmbH & Co. KG
  • Airwheel
  • Ather Energy

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 9.7% during the projected period.

The global personal mobility devices market size was around US$11.5 billion in 2023.

The US held the largest market share in 2023.

Some of the prominent players in the market include Sunrise Medical LLC, GF Health Products Inc, Stryker Corporation, Hill-Rom Holdings Inc., Invacare Corporation, Ottobock Holding GmbH & Co. KG, Klaxon Mobility GmbH, and Drive Medical GmbH & Co. KG.

The long-term care centers segment is expected to grow at the fastest pace during the forecast period.

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