wheelchair lift market research report
SECOND EDITION

Wheelchair Lift Market - Global Outlook and Forecast 2018-2023

PUBLISHED DATE : Apr 2018 | Pages : 209

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WHEELCHAIR LIFT MARKET SIZE WILL REACH USD 2.6 BILLION BY 2023, GROWING AT A CAGR OF AROUND 10% DURING 2017-2023

Wheelchair Lift Market Size, Share, & Trends Analysis Report By Automotive Lift (occupied lifts and unoccupied lifts), by Building Lift (residential and commercial), by Power Type (electric and hydraulic), and by Geography (APAC, Europe, North America, Latin America, and MEA) Global Analysis Report, Global Outlook, Market Trends, Competitive Landscape, Share, Growth Potential & Forecast, 2018 – 2023

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Most Exhaustive Report

209 Pages

43 Tables

74 Charts

5 Regions

6 Countries

70 Companies

4 Market Segment

WHEELCHAIR LIFT MARKET REPORT SCOPE

Report Attribute Details
Market Size (Revenue) USD 2.6 BILLION (2023)
CAGR 10% (2017-2023)
Base Year 2017
Forecast Year 2023
Market Segments By Automotive Lift (occupied lifts and unoccupied lifts), by Building Lift (residential and commercial), by Power Type (electric and hydraulic)
Geographic Analysis APAC, Europe, North America, Latin America, and MEA
Countries Covered US, Canada, UK, Germany, China, and Japan

INDUSTRY INSIGHTS

The dynamic governmental policies and the effect of these regulations on various vital retail sectors, including healthcare, travel, and consumables will propel the growth of the global wheelchair lift market. The development of innovative product offerings that meet the basic mobility requirements that enable the elderly and differently abled individuals to travel or cover short distances in wheelchairs, crutches, and mobility scooters will transform the global market. Various end-users in the market are looking for mobility-friendly options in public transportation, private vehicles, stairs,  elevators and escalators. Leading vendors are developing stair lifts especially for long distance travels, wherein vehicles need to be customized to accommodate and carry a wheelchair or a mobility scooter easily. The growing focus on personalized designs will fuel the demand for these products in the global market. Lifts specifically designed for buildings find applications in residential buildings, hospitals, and clinics, and in commercial spaces such as shopping malls and offices. The increasing adoption of advanced mobility equipment by the disabled and geriatric population due to better awareness is one of the key drivers in the global market.

The proliferation of Medicare, universal health schemes, private insurance, and lucrative reimbursement policies will augment the adoption of the chairlifts in the global market. The rise in the number of innovative products driven by modular development with emphasis on safety and space optimization will help players gain larger share in the global market. The global wheelchair lift market is expected to generate revenues of around $2.6 billion by 2023 and is anticipated to grow at a CAGR of approximately 10% during the forecast period.

WHEELCHAIR LIFT MARKET - DYNAMICS

The growing efforts from various government and private organizations will attribute to the growth of the global wheelchair lift market. These agencies are focusing on preparing for economic and social shifts associated with an aging population and to ensure progress in development activities. The Madrid International Plan of Action on Ageing (MIPAA), adopted by the Second World Assembly on Aging held in Madrid 2002, insisted that elderly individuals should be able to participate actively and benefit from development policies to improve their health and wellbeing, and organizations should provide enabling conditions. Such initiatives are encouraging governments to design public services and innovative policies specifically suited to older persons, including healthcare, housing, infrastructure, and social protection. The inception of these policies across developed and emerging countries around the world will revolutionize the global wheelchair lift market.

WHEELCHAIR LIFT MARKET - SEGMENTATION

This market research report includes a detailed segmentation of the market by automotive lift, building lift, power type, and geography.

WHEELCHAIR LIFT MARKET - BY AUTOMOTIVE LIFT

Development of customized and hassle-free lifts will boost sales in the automotive wheelchair lift market

The global wheelchair lift market by automotive lifts are classified in to occupied (single-post split platform, standard dual-post platform, and under vehicle lifts (UVLs)) and unoccupied lifts (outside lifts, inside lifts, and hybrid lifts). The occupied lifts dominated more than half of the market share in 2017 and is projected to grow at CAGR of around 11% during the forecast period. Occupied lifts are the most preferred in option as it offers wheelchair users ease of access while entering the vehicle. The leading vendors operating in this segment are BraunAbility and VMI. Standard dual-post platform lifts and UVLs have more stability compared to single-post split platform. The development of efficient chairlifts that offer easy of mobility and that can handle heavier loads with two arms to support will transform the market over the next few years.

WHEELCHAIR LIFT MARKET - BY BUILDING LIFT

Development of customized and hassle-free lifts will boost sales in the automotive wheelchair lift market

The building lift segment in the global wheelchair lift market is divided into residential (vertical platform lifts (VPLs) and inclined platform lifts (IPLs)) and commercial (VPLs and IPLs). The residential sector dominated the majority of market share in 2017 and is estimated to grow at a CAGR of over 8% during the forecast period. The residential sector uses platform lifts at homes as an accessible solution for differently abled or recuperating individuals to negotiate the architectural hurdles in the location. The use of stair lifts powered by hydraulic or electric energy will transform the global market. the different model designs available in the residential lifts segment are enclosed, shaftway, stage, and opal models. North America followed by Europe are leading regions propelling the demand for products in the residential segment in the wheelchair lift market.

WHEELCHAIR LIFT MARKET - BY POWER TYPE

Hydraulic powered lifts to dominate the global wheelchair lift market during the forecast period

The global wheelchair lift market by power type is categorized into electrical and hydraulic. The hydraulic power segmented occupied a significant market share in 2017 and is projected to grow at a CAGR of more than 9% during the forecast period. Robust steel construction and high lifting capacity are the major factors attributing to the growth of this market segment. Hydraulic lifts require a lowered floor or a raised roof to enable sufficient headroom for users to ride safely, securely, and comfortably inside the chair. Commercial end-users are the largest consumers of hydraulic powered lifts in the global market. The high maintenance and expensive nature of hydraulic lifts will pave the way for electrical lifts during the forecast period.

WHEELCHAIR LIFT MARKET - BY GEOGRAPHY

North America to occupy the largest market share the global wheelchair lift market during forecast period

The geographical segment in the global wheelchair lift market is classified into APAC, Europe, North America, Latin America, and MEA. North America dominated the market share in 2017 and is anticipated to grow at a CAGR of around 10% during the forecast period. The growing preference for automobiles and smart tech in the American market is propelling the demand for platform lifts in the region. The exponential economic development is attracting investors, improving employment opportunities, and increasing disposable income, leading to the rise of purchasing power of end-users. These factors are attributing to the demand for chair lifts in the American market. The US and Canada are the largest revenues generators in the North American market. The top players with a wide range of mobility devices portfolios or extensive distribution and service network is occupying the largest market share in the region.

KEY VENDOR ANALYSIS

The global wheelchair lift market is highly fragmented, and the top vendors are commanding majority market share. The companies in the global market are competing in the terms of features such as quality, technology, and price. Technological innovations and strategic M&A will help vendors sustain the intense competition in the global market. The growing demand from Asian countries such as China, South Korea, Japan, and Taiwan will encourage players to expand their businesses in these region during the forecast period.

The wheelchair lift market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

Market Segmentation by Automotive Lift

  • Occupied Lifts
    • Single-Post Split Platform
    • Standard Dual-Post Platform
    • Under Vehicle Lifts (UVLs)
  • Unoccupied Lifts
    • Outside Lifts
    • Inside Lifts
    • Hybrid Lifts

Market Segmentation by Building Lift

  • Residential
    • Vertical Platform Lifts (VPLs)
    • Inclined Platform Lifts (IPLs)
  • Commercial
    • VPLs
    • IPLs.

Market Segmentation by Power Type

  • Hydraulic
  • Electrical

Market Segmentation by Geography

  • North America
    • US
    • Canada
  •  Europe
    • UK
    • Germany
  • APAC
    • China
    • Japan
  • Latin America
  • MEA

Frequently Asked Questions

The global wheelchair lift market size to reach revenues of $2.6 billion by 2023 and is anticipated to grow at a CAGR of approximately 10% during 2018-2023.
Leading vendors are developing stair lifts especially for long distance travels, wherein vehicles need to be customized to accommodate and carry a wheelchair or a mobility scooter easily.
The top players in the wheelchair lift market BraunAbility, Bruno Independent Living Aids, Cibes Lift Group, Garaventa, Harmar, Ricon, Savaria, and Thyssenkrupp.
The occupied lifts dominated more than half of the market share in 2017 and is projected to grow at CAGR of around 11% during the forecast period.
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