Electric Scooter Lift & Carrier Market Segmented by Type, Country and Growth Forecast
The global electric scooter lift and carrier market size is estimated to reach USD 201.7 million by 2027 registering a CAGR of 4.5%, according to a study conducted by Grand View Research, Inc. Increasing demand for mobility equipment, which facilitates easy transportation of physically challenged people, is anticipated to drive the market growth over the forecast period. Moreover, technological advancements in material strength, crane systems, and electronic control systems have led to improved functionalities in the electric scooter lifts and carriers.
Thus, owing to which there has been an increased demand for scooter lifts and carriers among end-use customers. Furthermore, government initiatives to promote the use of the electric scooter for physically impaired persons are expected to positively impact the market growth. In addition, the market is expected to witness significant growth over the forecast period due to the introduction of newer products with advanced features.
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The market is characterized by intense competition by the major companies, which focus on mergers and acquisitions as part of their growth strategy to strengthen their position in the market. Moreover, the companies are investing in R&D to capitalize on advanced product offerings. Thus, numerous products with varied functionalities are being introduced to match the needs of the consumers.
Electric Scooter Lift & Carrier Market Report Highlights
- The exterior type segment held the largest revenue share in 2019 owing to the benefits offered by this product type, such as compact structure and stability
- The exterior product segment is also estimated to register the fastest CAGR over the forecast period
- The interior segment is projected to witness substantial growth over the forecast period owing to the ability of these equipment to transport the electric scooters safely without interaction with external environment
- North America held the largest revenue share of over 40% in 2019 and is anticipated to register the fastest CAGR of 5.4% over the forecast period
- This share is attributed to the extensive awareness about these products in the region
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