June 25, 2024

Personal Mobility Devices Market Size, Share, Report by 2033

The global personal mobility devices market accounted for USD 11.35 billion in 2023 and is predicted to grow around USD 21.95 billion by 2033, growing at a CAGR of 6.82% from 2024 to 2033.

Key Points

  • The North America personal mobility devices market size accounted for USD 4.09 billion in 2023 and is expected to attain around USD 8.01 billion by 2033, poised to grow at a CAGR of 6.95% between 2024 and 2033.
  • North America led the market with the biggest revenue share of 36% in 2023.
  • Asia Pacific is expected to expand at the fastest CAGR of 8.22% during the forecast period.
  • By product, the wheelchair segment held the largest revenue share of 47% in 2023.
  • By product, the scooter segment is expected to grow rapidly in the market during the forecast period.

Personal Mobility Devices Market Size 2024 to 2033

The personal mobility devices market encompasses a wide range of assistive devices designed to enhance mobility for individuals with disabilities or mobility impairments. These devices include wheelchairs, mobility scooters, walking aids such as canes and crutches, and other innovative solutions like exoskeletons and smart walkers. As the global population ages and the prevalence of chronic health conditions increases, the demand for personal mobility devices is expected to rise steadily in the coming years.

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Growth Factors:

Several factors are driving the growth of the personal mobility devices market. Firstly, advancements in technology have led to the development of more advanced and user-friendly devices, increasing their adoption among users. Additionally, rising awareness about the importance of mobility and accessibility for individuals with disabilities has fueled demand. Furthermore, government initiatives aimed at improving accessibility and inclusivity, along with favorable reimbursement policies for assistive devices, have contributed to market growth.

Region Insights:

The personal mobility devices market exhibits varying dynamics across different regions. Developed regions such as North America and Europe have well-established markets due to higher healthcare expenditure, favorable reimbursement policies, and a growing aging population. In contrast, emerging economies in Asia-Pacific and Latin America are witnessing rapid market growth driven by improving healthcare infrastructure, rising disposable incomes, and increasing awareness about mobility solutions.

Personal Mobility Devices Market Scope

Report Coverage Details
Personal Mobility Devices Market Size in 2023 USD 11.35 Billion
Personal Mobility Devices Market Size in 2024 USD 12.12 Billion
Personal Mobility Devices Market Size by 2033 USD 21.95 Billion
Personal Mobility Devices Market Growth Rate CAGR of 6.82% from 2024 to 2033
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Personal Mobility Devices Market Dynamics

Drivers:

One of the primary drivers of the personal mobility devices market is the aging population worldwide. As the elderly population grows, there is a greater demand for mobility aids to maintain independence and quality of life. Additionally, advancements in manufacturing techniques and materials have led to lighter, more durable, and aesthetically pleasing devices, further driving market growth. Moreover, the increasing prevalence of chronic conditions such as arthritis, multiple sclerosis, and spinal cord injuries necessitates the use of personal mobility devices, boosting market demand.

Opportunities:

The personal mobility devices market presents several opportunities for manufacturers and stakeholders. Expanding product portfolios to include innovative and technologically advanced devices can cater to evolving consumer needs. Furthermore, targeting emerging markets with growing elderly populations presents significant growth opportunities. Collaborations with healthcare providers and government agencies to improve access to assistive devices and raise awareness about mobility solutions can also drive market expansion.

Challenges:

Despite the favorable market outlook, the personal mobility devices market faces certain challenges. High costs associated with advanced mobility devices may limit adoption, particularly in developing regions with lower healthcare budgets. Additionally, regulatory hurdles and reimbursement issues can impede market growth. Moreover, stigma and social barriers surrounding the use of mobility aids may deter individuals from seeking appropriate devices, highlighting the need for education and advocacy efforts.

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Personal Mobility Devices Market Recent Developments

  • In April 2024, United Airlines, a Chicago-based airline, introduced a new digital tool on its website and app that helps users who use wheelchairs locate flights that best suit their individual mobility device’s specifications. The airline further declared that if a customer needs to pay extra for a flight that can accommodate their wheelchair, they may request a refund of the fare difference.
  • In July 2023, In the quickly expanding e-mobility sector, the Chinese electronics giant Xiaomi has made a name for itself. Many of Xiaomi’s personal mobility products, like its electric scooters and bicycles, as well as its amusing vehicles like an electric go-kart and monowheel, are useful and entertaining for city inhabitants. In light of this, Xiaomi keeps adding to its already vast range of personal mobility gadgets. The company has introduced the Electric Scooter 4 Go, their newest scooter, in Europe.

Personal Mobility Devices Market Companies

  • Invacare Corporation
  • Pride Mobility
  • Kaye products
  • Briggs Healthcare
  • Carex Health brand
  • GF Health products
  • Ottobock
  • Permobil
  • Electric mobility
  • Euroverma
  • Medline industries
  • Rollz International
  • Stryker corporation

Segment Covered in the Market

By Product

  • Walking Aids
  • Wheelchairs
  • Scooters

By Geography

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

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