The global stair lift market will observe significant growth on account of the rise in physical disabilities in the aging population and adults. Stairlifts are likely to be deployed in residential and commercial sectors as they are cost-effective and provide efficient mobility solutions to consumers. The application will increase in healthcare centers, schools, and corporate workplaces. Moreover, homeowners opting to stay at respective homes are likely to install stairlifts to move independently is another factor driving market growth.
Technological innovations such as curved, outdoor, and wheelchair integrated stair lifts will further boost the market. Vendors are likely to positively impact the market by providing free delivery and multiple financing options to consumers. The increasing availability of these appliances in the market will bolster the demand during the forecast period.
- The geriatric population of the US is likely to reach around 84 million by 2050, which will generate significant demand.
- China’s population is aging at a faster rate than the middle and less-income countries. The proportion of the population aged 60 years and above will witness an increase to 28% by 2040.
- In the UK, approximately over 500,000 fragility fractures are expected to occur annually, thereby increasing the demand for advanced mobility solutions.
STAIR LIFT MARKET SEGMENTATION
This research report includes a detailed segmentation by following types
- Rail orientation
- User orientation
- Distribution channel
INSIGHTS BY INSTALLATION
The demand for indoor stair lifts is expected to increase in medical centers due to patients’ physical disabilities obstructing them from climbing stairs. They are likely to gain popularity in corporate workplaces for the ease and convenience they offer. The application is expected to increase in the residential sector as they minimize the obstruction on the stairways that enable users to access the staircase and perform tasks effectively easily.
Outside stair lifts have profound usage as they help to remove movement barriers and offer excellent mobility solutions. They are weather and UV light resistant and finding increasing applications in resorts and beach houses.
INSIGHTS BY RAIL ORIENTATION
The application of straight rails is majorly preferred in the residential sector as they are easy to install. The demand for straight lifts is likely to increase among the elderly population because they allow individuals to enter and exit and are cost-effective safely.
The deployment of curved stair lifts enables the user to move around the corners with ease as they bend precisely at the same angle as the staircase. Hence, the segment is likely to capture the revenue during the forecast period.
INSIGHTS BY USER ORIENTATION
Seated stair lifts are preferred in the residential segment. The adoption enables the user to traverse with ease at different levels in their houses. The increasing musculoskeletal conditions in the aging population are likely to bolster the demand. The demand for standing stair lifts will to grow due to the rise in individuals suffering from joint stiffness, ailments, and hip and knee-related pain. Increased product innovations by vendors are likely to increase market dynamics, which is likely to impact market growth favorably.
Wheelchair integrated platform lifts will gain traction from individuals with physical disabilities. They are easy to operate and offer high accessibility to the user in buildings. Moreover, wheelchair lift platforms can be easily folded to allow others to access stairs. These mobility solutions are likely to bolster the market as the application is growing in the commercial sector and are increasingly deployed in schools, hospitals, and auditoriums. In schools, platform lifts are installed to provide easy access to physically disabled students, faculty and staff to enter highly elevated platforms.
INSIGHTS BY APPLICATION
The residential segment is expected to dominate the market due to the growing aging population with limited mobility. The deployment offers cost-effective and quick solutions to the elderly population. Moreover, these mobility solutions diminish the risk of fall, and advanced technology helps users to operate these lifts efficiently and enable them to traverse and independently within different floors in the house.
The healthcare segment will fuel the growth because of the increasing number of disabled people and baby boomers that opt to live in healthcare facilities due to physical disabilities. Professional caretakers cannot be expected to offer help round-the-clock. Hence, the demand in healthcare centers is likely to increase as these lifts enable individuals to traverse independently. The leisure and entertainment sector will emphasize the adoption by replacing space-consuming elevators and escalators. They would allow users to switch between floor levels, provide easy access to concert pits, and help at the entrance and exit points at public buildings.
INSIGHTS BY DISTRIBUTION CHANNELS
Manufacturers are likely to bolster market growth by their unique offerings. Several manufacturers deliver stair lifts to consumers with no additional charges and provide multiple financing options. Besides, vendors are engaged in providing high-value services as well as customer-focused solutions. Dealers and distributors will bolster the sale of these products by identifying the preference of customers.
INSIGHTS BY GEOGRAPHY
The European market is likely to grow at the fastest CAGR due to the growing aging population, coupled with an increase in per capita disposable income. Moreover, the increasing number of osteoporosis diseases in the aging population is likely to generate demand for stair lifts in residential or commercial areas. In North America, the growing prevalence of people suffering from physical disabilities and the increasing adoption of technological innovations are expected to boost the demand. The increasing number of obesity cases and the growing elderly population, which is likely to cross 95 million by 2060, is expected to bolster the demand.
Furthermore, the presence of market leaders with a wide range of mobility devices portfolios and strong distribution networks is another factor likely to fuel the demand for such lifts in the region. Increasing disposable incomes, coupled with the changing lifestyles of consumers, particularly in the developing countries of APAC, are expected to boost the growth during the forecast period. The growing geriatric population is expected to fuel the demand for high-end home care technology, thereby increasing the demand.
INSIGHTS BY VENDORS
The global stair lift market is highly concentrated with several local and international players in the market. The rapidly changing technological environment will adversely affect vendors as customers expect continual innovations and upgrades in stair lifts. Manufacturers emphasize on identifying opportunities, thereby setting up certain goals to achieve productivity and efficiency. The current scenario is driving vendors to alter and refine their unique value propositions to make a strong market presence. Companies are striving to offer differentiated channels for distribution and better product mix, thereby catering to the dynamic needs and requirements of customers in the market. Key manufacturers are likely to provide and expand their product lineup, with the launch of several innovative techniques, they are expected to gain an edge over their competitors. Key competitive factors include reliability and quality, product innovation, product support, pricing, warranty, distribution, and financing options. The increasing competition is expected due to changing market conditions and shifting consumer demands in different geographical regions across the world.
The global stair lift market research report provides market size in terms of revenue and unit shipment for the following segments:
Market Segmentation by Installation
Market Segmentation by Rail Orientation
Market Segmentation by User Orientation
- Wheelchair Integrated Platform
Market Segmentation by Application
- Leisure & Entertainment
- Government & Local Authorities
Market Segmentation by Distribution Channel
- Direct Channels
- Dealers & Distributions
- Government & Local Authorities
Market Segmentation by Geography
- Nordic Countries
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia