Personal Mobility Devices Market Key Players Analysis, Opportunities, and Growth Forecast by 2031

The Personal Mobility Devices Market is expected to register a CAGR of 6.8% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.

The report is segmented by Product (Wheel Chairs, Mobility Scooter, Walkers, Rollators and Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.

Purpose of the Report

The report Personal Mobility Devices Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:

• Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
• Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
• Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.

Personal Mobility Devices Market Segmentation

Product

• Wheel Chairs
• Mobility Scooter
• Walkers
• Rollators and Others

End User

• Hospitals
• Homecare
• Others

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Personal Mobility Devices Market Growth Drivers

• Chronic Diseases and Disabilities: There is an increased need for mobility aids due to the growing incidence of ailments like obesity, multiple sclerosis, arthritis, and spinal injuries. These gadgets enhance people's quality of life and give them more independence. In addition, as life expectancy increases worldwide, more and more older adults need help moving around. The market for products like powered wheelchairs, walking aids, and mobility scooters is significantly influenced by this change in demographics.
• Technological Advancements: Advancements in battery longevity, low weight, and condensed form factor have rendered personal mobility devices more effective and intuitive to operate. Demand is also being driven by intelligent technologies such as voice control, IoT integration, and GPS navigation. Honda has created the inventive—and admittedly bizarre—UNI-ONE, a seated personal mobility device that operates hands-free. The user only needs to adjust their body weight while seated to operate the electric assistance, which is intended to assist both healthy individuals and those with mobility problems. By keeping both hands free to move naturally in all directions as if walking this increases mobility potential beyond walking and broadens the range of applications for a traditional wheelchair.
• Strategic Developments: In order to lower freight costs and transit times, the market players are also implementing a number of strategic initiatives, such as shifting their distribution footprints. For example, Invacare Corporation's net sales climbed by 2.6% between 2020 and 2021 as a result of cost-cutting measures in the supply chain and administrative tasks, as well as worldwide IT modernization programs aimed at streamlining the business's organizational structure.

Personal Mobility Devices Market Future Trends

• Personalization and Customization: These days, consumers prefer mobility devices that meet their individual needs. This has caused a growing trend of devices that can be made more or less aesthetically pleasing, comfortable, or large. For many people, personal mobility is an essential part of daily life, and improvements in the production of personal mobility equipment (PME) have significantly raised the standard of living for those who struggle with mobility. From personalized wheelchairs to mobility scooters, the market is constantly changing to accommodate consumers' varied needs. In the PME manufacturing sector, customization is a significant trend because every person has different needs and preferences when it comes to mobility aids. Wheelchair customization options are provided by the Ostrich Verve FX and Ostrich Pristine suppliers, enabling users to tailor their equipment to meet their specific needs.
• Increase in Demand for Personal Mobility Devices: The demand for innovative and personalized PME is growing, and this bodes well for the future of personal mobility. People with mobility challenges can look forward to a future where their needs are met with state-of-the-art solutions that improve their quality of life due to technological advancements and a focus on customization. Giving people the freedom and independence they deserve is the mission of the PME manufacturing sector, whether it be through the production of electric mobility scooters or customized wheelchairs.
• Improved Quality of Life: Personal mobility devices have a direct and positive impact on the quality of life for individuals with disabilities, older adults, and those with mobility impairments. They offer increased independence and improved mental well-being. Moreover, the rise in mobility devices complements the trend toward home-based healthcare solutions. More individuals managing their health at home enhances the patient's quality of life.

Personal Mobility Devices Market Opportunities

• Emerging Markets: There are tremendous growth prospects in developing nations with aging populations and rising knowledge of mobility solutions. The demand for personal mobility devices is increasing in countries in Asia-Pacific, Latin America, and parts of Africa due to increased access to healthcare and disposable income. The PMD market is anticipated to grow at an accelerated rate as these opportunities are taken advantage of. Growing product categories and emerging markets will make a substantial contribution to market expansion.
• Rental and Sharing Models: The potential for short-term rentals or shared mobility devices—similar to bike and scooter sharing programs—is expanding as cities increase their offerings in the mobility space. Travelers, transient users, and those who cannot afford their own devices can all benefit from such models. More recently, three new vehicle rental models have emerged that offer profitable business opportunities: the growing demand for small electric vehicles (EVs), the electrification of mopeds, and the increasing popularity of mobility scooters.
• Government and Corporate Partnerships: Partnerships amongst governments, corporations, and device makers may result in public procurement initiatives, corporate health initiatives, and subsidies. These alliances have the potential to quicken market penetration, particularly in areas with robust healthcare regulations.

Personal Mobility Devices Market Regional Insights

The regional trends and factors influencing the Personal Mobility Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Personal Mobility Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Personal Mobility Devices Market Report Scope

Personal Mobility Devices Market Players Density: Understanding Its Impact on Business Dynamics

The Personal Mobility Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Personal Mobility Devices Market are:

1. Carex Health Brands
2. Mobility+Designed, LLC
3. WHILL Inc.
4. Pride Mobility Products Corp.
5. Invacare Corporation.

Disclaimer: The companies listed above are not ranked in any particular order.

Key Selling Points

• Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Personal Mobility Devices Market, providing a holistic landscape.
• Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
• Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
• Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.

The research report on the Personal Mobility Devices Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.