The global personal mobility vehicle market is experiencing a dynamic shift driven by the burgeoning tourism industry. Tourist destinations are increasingly integrating bicycles and electric scooters as convenient transportation options, enhancing the demand for personal mobility devices. The market is further propelled by advancements in manufacturing techniques, facilitated by the proliferation of smart city initiatives in various regions. These developments reflect a growing trend towards sustainable and efficient urban mobility solutions, positioning the personal mobility vehicle market as a crucial player in modern transportation ecosystems.
According to Data Bridge Market Research, the Global Personal Mobility Vehicle Market was valued at USD 12.36 billion in 2021 and is expected to reach USD 22.05 billion by 2029, registering a CAGR of 7.50% during the forecast period of 2022-2029.
“Increase in the target population facilitate market growth”
The increase in the target population serves as a significant driver for the global personal mobility vehicle market. As the aging population grows and people with mobility impairments seek enhanced independence, the demand for personal mobility vehicles rises. These vehicles offer a convenient and accessible means of transportation for individuals who face challenges in walking or moving. The expanding user base, driven by aging demographics and mobility-related conditions, fuels the market's growth by catering to the specific needs of this diverse and growing population.
What restraints the growth of the global personal mobility vehicle market?
“Lack of available safety equipment”
The lack of available safety equipment poses a significant restraint to the global personal mobility vehicle market. As individuals increasingly rely on these vehicles for mobility assistance, the absence of proper safety gear can undermine user confidence and deter adoption. The absence of essential safety features, such as airbags, seat belts, and impact-absorbing materials, hinders the market's growth potential and may raise concerns among potential users about their well-being while using these vehicles.
Segmentation: Global Personal Mobility Vehicle Market
The personal mobility vehicle market is segmented on the basis of type, power output, and application.
- On the basis of type, the personal mobility vehicle market is segmented into gasoline, electric, and diesel.
- On the basis of application, the personal mobility vehicle market is segmented into golf courses, airports, hotels and resorts, industrial facilities, and other.
- On the basis of power output, the personal mobility vehicle market is segmented into <8 kw, 8 –15 kw, and>15 kw.
Regional Insights: North America dominates the Global Personal Mobility Vehicle Market
North America's dominance in the personal mobility vehicle market is attributed to the region's higher prevalence of age-associated diseases and a rapidly growing geriatric population. These factors drive the demand for personal mobility solutions that cater to the mobility challenges faced by older individuals. The advanced healthcare infrastructure in North America also facilitates the adoption of such vehicles as part of improving the quality of life for elderly citizens.
Asia-Pacific (APAC) region, the forecasted growth is underpinned by rising disposable income levels and a growing awareness of personal mobility solutions. As disposable income increases, consumers are more inclined to invest in convenient and efficient modes of transportation that align with their lifestyle needs. Additionally, the heightened awareness of personal mobility vehicles as a solution for accessibility and convenience further drives their adoption across the diverse markets within the APAC region.
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Recent Developments in Global Personal Mobility Vehicle Market
- In September 2020, 800Wheelchair introduced the 'Feather Chair' brand, offering seniors a line of exceptionally lightweight mobility products. The launch aimed to provide enhanced mobility and convenience for elderly users seeking comfortable and portable solutions.
- In December 2020, Scottish designer Phoenix Instinct unveiled a groundbreaking lightweight wheelchair. This innovative design features a movable axle position that dynamically adjusts the chair's center of gravity, minimizing the risk of overbalancing and enhancing stability for users.
The Prominent Key Players Operating in the Global Personal Mobility Vehicle Market Include:
- Polaris Inc. (U.S.)
- Textron Inc (U.S.)
- Deere & Company. (U.S.)
- The Toro Company. (U.S.)
- Ingersoll-Rand plc (Ireland)
- Yamaha Motor Co., Ltd. (Japan)
- KUBOTA Corporation. (Japan)
- American Landmaster (U.S.)
- Columbia Vehicle Group Inc. (U.S.)
- AGT Electric Cars (Canada)
- Bintelli Electric Vehicles. (U.S.)
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China)
- SpeedwaysElectric (India)
- Marshell Green Power (China)
- Garia A/S (Denmark)
- JH Global Services, Inc. (U.S.)
- HDK Co.,Ltd. (Japan)
- Tropos Technologies Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global personal mobility vehicle market companies contact, https://www.databridgemarketresearch.com/de/contact
Research Methodology: Global Personal Mobility Vehicle Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
