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Rising Geriatric Population across the Globe to Drive the Growth of Elderly Mobility Vehicle Market in Future, According to Research Nester

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“Elderly Mobility Vehicle Market: Global Demand Analysis & Opportunity Outlook 2024”

The global elderly mobility vehicle market is segmented into application such as commercial and residential. Among these segments, residential elderly mobility vehicle segment is expected to occupy top position in overall elderly mobility vehicle market during the forecast period. Rapid growth in aging population is expected to trigger the growth of the residential elderly mobility vehicle. Apart from this, rising number of people suffering from knee disorders are anticipated to boost the growth of the elderly mobility vehicle market.

Global elderly mobility vehicle market is expected to flourish at a significant CAGR of 5.3% during the forecast period. Moreover, the global elderly mobility vehicle market is expected to garner USD 3.1 Billion by the end of 2024.  Growing old age population across the globe, favorable government initiatives and rising disposable income are some of the major factors which are envisioned to bolster the growth of the elderly mobility vehicle market during the forecast period.

North America captured the largest market share of overall elderly mobility vehicle market in 2016. Further, North America is likely to continue its dominance over the forecast period owing to the rising geriatric population in the region. Moreover, favorable government reimbursement policies in U.S. are expected to surge the adoption of elderly mobility vehicle market. Europe is projected to witness significant growth during the forecast period. This can be attributed to favorable government funded mobility allowances in the region. For instance, motability scheme by U.K. government is anticipated to significantly impact the growth of the market.

Increasing Aging Population in the World

Growing old age population is expected to increase the demand for elderly mobility vehicle market during the forecast period. According to World Bank Group, the percentage of population aging 65 and above has witnessed a growth to 8.4% in 2016 from 7.6% in 2010. Further, increasing mobility problems in old age population is anticipated to accelerate the growth of the elderly mobility vehicle market.

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Favorable Government Schemes and Policies

Government schemes and policies for old age population such as affordable care act, motability scheme and other such schemes are propelling the demand for elderly mobility vehicle market. Apart from this, collaboration of government agencies and mobility manufacturers is also expected to positively impact the growth of the market.

Although, high cost of elderly mobility vehicles and availability of alternatives such as wheelchair are some of the key factor which are likely to dampen the growth of elderly mobility vehicle market during the forecast period.

The report titled Elderly Mobility Vehicle Market: Global Demand Analysis & Opportunity Outlook 2024delivers detailed overview of the global elderly mobility vehicle market in terms of market segmentation by design type, by number of wheel, by application, by drive power and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global elderly mobility vehicle market which includes company profiling of Pride Mobility Concepts Corporation, Medical Depot, Inc., Golden Technologies, Solax Mobility, Amigo mobility international Inc., Invacare Corporation, Merits Health Products Inc., Sunrise Medical LLC, Van Os Medical B.V. and TGA Mobility. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global elderly mobility vehicle market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

About Research Nester

Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.

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Ajay Daniel

Email: ajay.daniel@researchnester.com

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Ajay Daniel

Research Nester is a leading service provider for strategic market research and consulting, serving clients from 120+ countries across the globe. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.

Through our robust, unbiased extensive primary and secondary research, we help organizations to understand current and future market trends, thus letting them making a prolonged yet dynamic financial investment. We never believe in working as a consultant for our clients but as a business partner, helping the business to grow with a positive wave. With our high level of in-depth industry knowledge and analysis, you always can rely upon us for current market estimation and respective future market forecast for every geographical region.

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