Potential growth opportunities in the electric scooter market for the elderly

Potential growth opportunities in the electric scooter market for the elderly
As the global population ages, the electric scooter market for the elderly is showing a rapid growth trend. According to Wise Guy Reports, the market size of electric scooters for the elderly is estimated to be US$1.017 billion in 2023 and is expected to grow to US$2.21 billion by 2032, with a compound annual growth rate of approximately 9.01%. This growth trend not only reflects the increasing demand for travel-assisting devices among the elderly, but also reflects the importance that governments attach to the convenience of travel for the elderly. This article will explore in detail the potential growth opportunities in the electric scooter market for the elderly to help related companies and consumers better understand market dynamics.

1. Growth opportunities brought by technological progress
(I) Improvement of battery technology
The continuous advancement of battery technology is one of the important factors driving the growth of the electric scooter market for the elderly. Modern battery systems not only have longer lifespans, but also higher energy density, which means that electric scooters can provide longer driving range while maintaining a smaller size and lighter weight. For example, electric scooters with a battery capacity of “50-100 Ah” accounted for the largest market share in 2023, accounting for about 35% of the global senior electric scooter market revenue, as batteries in this series achieve a good balance between range and economy. As technology further develops, the market for battery capacities of “100-150 Ah” and “150 Ah and above” is expected to grow steadily to meet the demand for scooters with longer range and faster speeds.

(ii) Integration of smart features
The integration of smart technology is becoming an important trend in the senior electric scooter market. For example, features such as GPS tracking, remote monitoring, and smartphone connectivity are increasingly being integrated into electric scooters. These features not only enhance the user experience but also improve safety standards. For example, many electric scooters are now equipped with automatic braking systems and customizable speed settings, ensuring that users can maneuver safely and confidently. In addition, smart technology can also help users better manage the device, such as monitoring battery status, adjusting settings, and receiving maintenance reminders through mobile phone applications.

(iii) Design improvements
Manufacturers are constantly improving the design of electric scooters to improve their comfort and portability. For example, lightweight, compact and foldable designs make electric scooters easier to carry and store, especially suitable for users who need to move frequently or have limited storage space. In addition, comfortable seats, easy-to-use controls and advanced safety features are also the focus of manufacturers to meet the specific needs of elderly users.

II. Opportunities brought by growing market demand
(I) Increase in the elderly population
The continued increase in the global elderly population is one of the main factors driving the growth of the elderly electric scooter market. With the advent of an aging society, more and more elderly people need travel assistive devices to maintain their independence and mobility. For example, the number of elderly people aged 60 and above in China increased from 17.9% in 2018 to 21.1% in 2023, showing an accelerated aging trend. This change in demographic structure provides huge potential demand for the electric scooter market.

(II) Increase in disposable income
The increase in disposable income of the elderly makes them more capable of purchasing electric scooters. In many developed countries, the elderly have higher levels of pensions and savings, and they are more willing to invest in equipment that improves the quality of life and convenience. For example, the US government’s Medicare program pays part of the cost of mobility scooters for eligible individuals. This subsidy policy not only reduces the economic burden on the elderly, but also promotes the growth of the market.

(III) Urbanization process
The accelerated urbanization process has also promoted the development of the electric mobility scooter market for the elderly. In urban environments, the demand for short-distance travel is more frequent. As a convenient and environmentally friendly means of transportation, electric mobility scooters can effectively solve the “last mile” travel problem. In addition, public transportation facilities and road conditions in cities are also more suitable for the use of electric mobility scooters, further promoting market demand.

III. Growth opportunities brought by policy support
(I) Government subsidies and incentives
Many governments recognize the importance of providing travel assistance equipment for the elderly and have therefore introduced a series of support policies. For example, the US government’s Medicare program pays part of the cost of mobility scooters for eligible individuals. This subsidy policy not only reduces the economic burden on the elderly, but also promotes the growth of the electric mobility scooter market for the elderly. In China, the government has also implemented a series of energy-saving, emission-saving and green travel policies, such as the “Green Travel Creation Action Plan” and the “Notice on the Comprehensive Work Plan for Energy Conservation and Emission Reduction during the 14th Five-Year Plan Period”, which aim to promote green projects and reduce vehicle pollution. As a low-energy, zero-emission means of transportation, electric scooters meet the requirements of these policies and are therefore supported and promoted by policies.

(II) Construction of barrier-free facilities
The construction and improvement of barrier-free facilities by governments of various countries are also driving the development of the electric scooter market for the elderly. For example, many cities have added barrier-free passages, ramps and dedicated parking spaces, making the use of electric scooters more convenient and safe. These infrastructure improvements have not only improved the convenience of travel for the elderly, but also promoted the popularization of electric scooters.

IV. Growth opportunities brought by emerging markets
(I) Market potential in the Asia-Pacific region
Although North America and Europe currently dominate the electric scooter market for the elderly, emerging economies in the Asia-Pacific region are rising rapidly. With the continuous growth of the elderly population and the government’s promotion of elderly care initiatives, the market potential in the Asia-Pacific region is huge. For example, the aging rate in countries such as China and India is accelerating, and the demand for electric scooters is also increasing. In addition, the economic development and the improvement of residents’ income levels in these countries have also provided strong support for the growth of the market.

(II) Popularization of rental and subscription services
The increasing popularity of rental and subscription services has brought new growth opportunities to the electric scooter market for the elderly. This service model not only reduces the cost of use, but also improves the utilization rate of equipment. For example, the increasing popularity of shared travel services and the cost-effectiveness of renting electric scooters have promoted the growth of the rental service sector. The elderly can flexibly choose short-term or long-term rentals according to their needs, without having to own the equipment for a long time, which makes electric scooters more acceptable and usable.

V. Growth opportunities brought by product innovation

(i) Personalization and customization
Today’s consumers want products that reflect their personal style and meet their specific needs. Manufacturers are responding to this trend by providing customizable options for electric scooters for the elderly. Choose from a variety of colors, accessories and even functions to meet personal health conditions or lifestyle requirements. This personalized trend not only improves user satisfaction, but also encourages more elderly people to regard electric scooters as viable mobility solutions

(ii) Multifunctional integration
In addition to basic travel functions, manufacturers are also integrating multiple functions into electric scooters to increase their added value. For example, some electric scooters are equipped with shopping baskets, awnings, seat heating and other functions, making them not only suitable for daily travel, but also for shopping, leisure and other activities. In addition, some high-end models are also equipped with emergency call systems and health monitoring functions, which further improve the safety and practicality of the product.

VI. Conclusion
The market for electric scooters for the elderly is showing a strong growth trend worldwide, mainly due to technological progress, increased market demand, policy support and the rise of emerging markets. Companies can seize these growth opportunities in the following ways:

Technological innovation: Invest in research and development, improve battery technology, integrate intelligent functions, and improve product design to improve product performance and user experience.
Market expansion: Focus on regions with growing elderly populations and increasing disposable income, especially emerging markets such as Asia Pacific, to expand market share.
Policy utilization: Actively utilize government subsidies and incentive policies, participate in the construction and improvement of barrier-free facilities, and improve the market competitiveness of products.
Service innovation: Provide rental and subscription services to meet the needs of flexible use of the elderly and lower the threshold for use.
Product personalization: Provide personalized and customized product options to meet the specific needs of different users and improve user satisfaction.
With the continuous advancement of technology and further standardization of the market, electric scooters for the elderly are expected to be more widely used worldwide, providing more convenience and safety for the elderly’s travel. I hope this article will help you understand the potential growth opportunities in the electric scooter market for the elderly. If you have any questions or require further information, please feel free to contact us.