Personal Mobility Devices Market to Reach USD 23.54 Bn by 2030 at 6.8% CAGR

Personal Mobility Devices Market Poised to Reach $23.54 Billion by 2030, Driven by Aging Population and Technological Advancements

The Personal Mobility Devices Market Size is projected to reach $23.54 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.8% during the forecast period.This growth is primarily fueled by the increasing aging population and continuous technological advancements in mobility devices.

Market Growth Drivers and Opportunities

Several factors are contributing to the robust expansion of the personal mobility devices market:

• Aging Population: The global increase in the elderly population has led to a higher prevalence of mobility impairments, thereby boosting the demand for personal mobility devices.
• Technological Advancements: Innovations in device design and functionality, such as the development of lightweight materials and smart features, have enhanced user experience and broadened the market appeal.
• Increased Disability Cases: Rising incidents of disabilities due to accidents, workplace injuries, and chronic health conditions have escalated the need for mobility solutions.
• Supportive Reimbursement Policies: Favorable reimbursement policies for the rental and purchase of personal mobility devices have made these products more accessible to a broader consumer base.

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Segmentation Analysis

The personal mobility devices market is segmented based on product type, with key categories including walking aids and wheelchairs.

• Walking Aids: This segment dominated the market in 2023 and is expected to witness significant growth during the forecast period. The increasing incidence of osteoporotic fractures and injuries has led to a higher demand for walkers, walking scooters, and crutches. Additionally, the production of cost-effective personal mobility devices has further propelled market growth.
• Wheelchairs: Projected to experience rapid growth, wheelchairs remain one of the most common and widely used assistive devices. Technological developments in existing wheelchair models and the rising demand for comfortable electric wheelchairs are key factors driving this segment's expansion.

Country-Level Analysis

The personal mobility devices market exhibits varying trends across different countries:

• United States: The U.S. market was valued at $3.64 billion in 2023 and is projected to grow at a CAGR of 7.0% from 2024 to 2030. Factors such as an aging population, rising number of accidents causing disabilities, and technological advancements are driving the demand for personal mobility devices.
• China: In 2023, the China personal mobility devices market generated revenue of $687.4 million and is expected to reach $1,218.6 million by 2030, growing at a CAGR of 8.5%. The country's robust EV supply chain and government support have positioned it favorably in the personal mobility devices sector.
• Germany: As a leading market in Europe, Germany has seen significant growth in the adoption of personal mobility devices, driven by a well-established healthcare system and a growing elderly population.
• United Kingdom: The UK has experienced a 24% increase in electric vehicle sales, indicating a growing acceptance of advanced mobility solutions, which is expected to positively impact the personal mobility devices market.
• India: The personal mobility devices market in India is projected to reach $751.5 million by 2030, making it the fastest-growing regional market in the Asia Pacific. Factors such as a large aging population and increasing awareness about mobility solutions are contributing to this growth.

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Competitor Analysis

The personal mobility devices market is characterized by the presence of several key players:

• Drive DeVilbiss Healthcare: A leading manufacturer of medical products, offering a range of mobility devices including wheelchairs and walking aids.
• Graham-Field Health Products: Provides a comprehensive portfolio of healthcare products, including personal mobility devices designed for enhanced patient comfort and mobility.
• Invacare Corporation: Specializes in the manufacture and distribution of innovative home and long-term care medical products, with a focus on mobility and respiratory products.
• Carex Health Brands: Offers a wide range of mobility aids, including canes, crutches, and walkers, catering to the needs of individuals seeking independence and mobility.
• Medline Industries: Provides quality medical products, including a variety of mobility devices designed to improve patient care and comfort.

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Recent Developments

In January 2018, WHILL, Inc. launched its latest Model Ci, a smart personal electric vehicle (PEV) aimed at reducing the stigma associated with traditional wheelchairs and scooters.

Conclusion

The personal mobility devices market is on a robust growth trajectory, driven by demographic shifts, technological innovations, and increasing awareness about mobility solutions. With significant growth opportunities across various regions and continuous advancements by key industry players, the market is well-positioned to meet the evolving needs of consumers seeking enhanced mobility and independence.

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