Stair lifts are mobility devices used by disabled and aging people for vertical mobility. These devices enable them to travel between floors and high-rise buildings effectively. Stair lift find its major application in residential buildings, hospitals and clinics, and commercial spaces such as shopping malls and offices. The installation type in these places is majorly dependent upon footfalls and the curvature of stairs and building architecture.
The global stair lift market is likely to cross US$1.7 billion, growing at a CAGR of 8.4% during 2016−2022. Major drivers for this growth are aging population, increased incidence of lifestyle diseases such as obesity and large tracts of age groups reporting osteoarthritis. The demand is also on the rise due to innovation and product development, resulting in a broad range of customized offerings that are not only turning out to be ergonomic in design and installation but also are offering better functionality and safety features at nominal prices.
Global Stair Lift Market Size in Revenue
The report provides a holistic view of the global market, the companies involved in the market, and the factors driving its growth. It also provides information about the latest trends that have emerged and are likely to become strong market driving forces over the next five years. This report also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the market. Further the report also provides complete value chain analysis of the global market.
Stair lift Market: Key Vendor Analysis
The market holds high growth prospects for vendors.
The market can be termed as attractive due to the growth prospects it holds. However, the market opportunity can be termed to be small to accommodate many players and large enough for the existing vendors to scale up. The competition among vendors is often termed to be in terms of diversity of functional offerings and market reach rather than price.
Major vendors in the market are Acorn, Bruno Independent Living Aids, Stannah, Handicare, ThyssenKrupp AG.
Other vendors include Platinum Stair lifts, Harmar, Otolift, MediTek, Savaria, Sugiyasu, DID – Daido, Kumalift, Hiro Lift, and Access BDD.
Stair Lift Market Dynamics
Inclination of aging and disabled population toward active and independent living to drive the market growth
Increased emphasis of government and private organizations for productive and active lifestyle for disabled population is one of the emerging trends for the growth of the market. Further, increasing prevalence of people suffering from disabilities, coupled with the high adoption of devices, new technology innovations, and high awareness for new variants of assistive devices, combined with supportive government grants is driving the market growth.
Stair Lift Market: Segmental Overview
The seated lift segment to post a CAGR of 9.7%.
Seated stair lifts, which host a provision for comfortable seating for the end-user, are the most preferred types, constituting as much as 72.25% of the total market revenue in 2016. The growth of seated stair lift outperforms perched lifts, which is characterized by safety concerns. However, stair lifts with integrated wheelchair platforms are growing at a faster pace as they offer better self-control to the user during mobility. The market for with integrated wheelchair platforms market is estimated to grow more than $214 million by 2022, growing at a CAGR of 8.8% during the forecast period.
In terms of installation type, the indoor stair lift market is expected to reach to a significant number than outdoor. Similarly, by end-user segment, the residential segment is by far the largest segment by demand as there are no better cost-effective alternatives to stair lift for in-house mobility between multiple floor levels. The marginal utility of stair lifts in residential spaces is high, driven by low usage, long lifecycles, and easy installation and maintenance.
Stair Lift Market: Geographical Analysis
The US to remain the largest market in terms of revenue
This report considers four major regions: APAC, Europe, North America, and RoW. It also provides the market size and growth in major countries along with the driving factors, trends, and restraints.
The US is the largest market in terms of revenue generated not only for the stair lift market but also for the mobility-assistance and devices market. Rising geriatric population and increasing incidence of disability and obesity in the US are major factors driving the demand for mobility-assisting equipment in the region. Also, the presence of leading manufacturers of mobility-assisting equipment, including wheelchairs, mobility scooters, and chairlifts in the region further contributes to the growth of the market in the region.
The UK is the largest market in Europe followed by Germany and the Netherlands; wherein there is a high ownership of mobility-assisting equipment and devices among the disabled and elderly population. Also, APAC is expected to grow at a faster rate driven by continually improving healthcare infrastructure and expanding target audience in key economies of India and China.
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