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Mobility Aids And Transportation Equipment Global Market 2024 - Industry Analysis, Future Trends, Segmentation And Key Players
Mobility Aids And Transportation Equipment Global Market
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According to The Business Research Company's, The mobility aids and transportation equipment market size has grown strongly in recent years. It will grow from $3.23 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to aging population, medical conditions and disabilities, rehabilitation and healthcare services, legislation and accessibility initiatives.
The mobility aids and transportation equipment market size is expected to see strong growth in the next few years. It will grow to $4.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to personalized mobility solutions, advanced materials and design, telehealth and remote consultations, aging-in-place solutions. Major trends in the forecast period include smart mobility aids, innovative transportation solutions, sustainable and eco-friendly aids, robot-assisted mobility.
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Market Drivers and Trends:
A large aging population will give an impetus to the mobility aids & transportation equipment market. Elderly populations suffer from age-related diseases resulting in impaired mobility. The risk from rheumatoid arthritis and osteoporosis is more in the geriatric population. According to WHO, the worldwide geriatric population will double by 2050 from 12% to 22%, propelling the mobility aids & transportation equipment market growth.
Japanese automakers introduced a single-seat self-driving car to aid and assist people who find walking or using public transit difficult. This self-driving car is smartphone or tablet enabled - pick a destination on the map and the pathfinding system in the vehicle will take care of the rest. It is equipped with a navigation system which will help to get from point A to B, a gyro sensor helps the car to remain stable on uneven surfaces, 2D and 3D laser sensors will be used to judge distance from items and stereo cameras will be used to detect obstacles in its path. The car is designed to maneuver easily through city streets, pavements, and footpaths. Sensors and guidance systems will help the vehicle to navigate around bumps, potholes, and pedestrians.
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Major Key Players of the Market:
Medline Industries, Hoveround Corporation, Sunrise Medical LLC, OttoBock Healthcare GmbH, Stryker Corporation, GF Health Products Inc., Invacare Corporation, LEVO AG, Permobil AB, Hill-Rom Holdings Inc., Merivaara Corporation, UpLyft, Mobius Mobility, SitnStand, Authority Medical Group, Ease Seating Systems, Matia Mobility, National Seating & Mobility, Pride Mobility Products Corp., Drive Medical Design & Manufacturing, Quantum Rehab, 21st Century Scientific Inc., Ki Mobility, Colours Wheelchair, Motion Composites, Karman Healthcare, Merits Health Products Co. Ltd., Nova Medical Products, Active Mobility Systems, Convaid Products LLC, R82 Inc.
Mobility Aids And Transportation Equipment Market 2024 Key Insights:
• The mobility aids and transportation equipment market size is expected to see strong growth in the next few years. It will grow to $4.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Aging Population Driving Growth In Mobility Aids & Transportation Equipment Market
• Japanese Single-Seat Self-Driving Car For Enhanced Accessibility And Convenience
• Asia-Pacific was the largest region in global mobility aids and transportation equipment market in 2023
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