The presence of a seamless industry for healthcare and patientcare has created fresh opportunities for growth within the global personal mobility devices market. In the contemporary times, there is humongous demand for electric scooters that can be used by tourists across busy spots. Personal mobility devices are the new smart mode of commute that is used in town centers. Students are increasingly inclined towards the use of personal mobility devices to commute to their universities. Furthermore, electric bikes have emerged as an important mode of commute for the geriatric population. The growing use of electric bike to commute across gardens, courtyards, and corridors of large premises has given a thrust to market growth.
- The tourism industry has emerged as an important consumer of personal mobility devices in recent times. Use of bicycles and electric scooters across places of tourist visit has given an impetus to market growth. The advent of smart city initiatives across several regional pockets has led to advancements in manufacturing of personal mobility devices. Use of these devices such as electric scooters and electric hoverboards across smart cities has aided market growth. Smart mobility devices are expected to reduce the carbon footprint across key regional pockets. This trend is slated to give an impetus to the growth of the global personal mobility devices market.
- European countries have invested in the development of clean and green technologies. The smart city initiatives across this region have paved way for the use of carbon-free mobility devices. Electric scooters are widely used by youngsters in the region, and this trend shall aid market growth. Footpaths are developed such that personal mobility devices can be easily strolled across these pathways. Over the next decade, the total volume of revenues within the global personal mobility devices market is projected to multiple by a noticeable chase.
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Personal Mobility Devices Market – Innovation to Keep Growth Wheels Moving
The concept of 'curative care' continues to wither in importance with the scramble of the healthcare industry towards ‘preventive care’. The healthcare industry has embedded its trust in assistive technology to improve the functional capabilities of the disabled population.
As social ideologies – workplace equality – penetrate in developed as well as developing countries, the popularity of wheelchairs and crutches is markedly mounting and attracting more capital towards the personal mobility devices market. Besides, the susceptibility of the geriatric population to motion control disorders is opening up lucrative prospects for personal mobility devices.
Owing to the high cost of personal mobility devices, manufacturers are incited to lucidly finance R&D initiatives for the development of new-age devices, and health insurance companies have been resolving the price-rise crisis with favorable reimbursement plans.
Sensing the potential of the personal mobility devices market to overcome these hurdles with innovation and reimbursement plans, Transparency Market Research (TMR) lays bare the undercurrents influencing the size of the market, and offers a gist of the underlying opportunities for stakeholders.
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Evolutionary Growth Curve of the Personal Mobility Devices Market
The most common of all assistance for disabled individuals began with walking sticks and wheelchairs, since time immemorial. However, the real dawn for the personal mobility devices market can be traced back to the 20th century, when the intelligence apropos of blurring the physical barriers began spreading.
Post this, buildings with numerous floors started spectating the construction of ramps and lifts for easy access for all. As consumers started rising above the social stigma, the adoption of personal mobility devices further moved to higher scales and grew in terms of volume and value. In 2018, ~ 46 million units of personal mobility devices were sold, which corresponds to a value of ~ US$ 9.8 billion.
In recent times, the advent of sophisticated technology has been governing the development of personal mobility devices. Being a trending device, manufacturers evince their interest in the development of technologically-advanced wheelchairs, which has engendered the emergence of electric and powered wheelchairs. However, the future of personal mobility devices is likely to remain abreast with laser, AI, GPS, and IoT technologies being at the serving end.
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North America’s Hold on Personal Mobility Devices Market to Remain Immovable
As the geriatric population is highly susceptible to motion disorders such as osteoporosis and rheumatoid arthritis, the popularity of personal mobility devices has been on the rise in developed countries such as the U.S. and Canada. Supportive government initiatives that cushion the blow of high cost, coupled with growing reimbursement policies, have resulted in a high volume utilization of personal mobility devices.
Companies concentrated in North America gain the first slice of novel technology, which facilitates the development of technologically-forward devices in a short timeframe. However, when it comes to expansion, players in developed countries target the cost-sensitive regions of Asia Pacific, which makes it a lucrative region for gaining high returns on investments.
The personal mobility devices market in Asia Pacific is likely to spectate exponential growth, given the improving healthcare infrastructure in the private and public sectors. Besides, the focus of leading players on targeting new end users by squeezing their profit margins is likely to drive significant revenue to the personal mobility devices market.
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