The global wheelchair lift market size is likely to reach revenues of over $2.6 billion by 2023 and is estimated to grow at a CAGR of around 10% during 2018-2023
Arizton’s recent market research report on the global wheelchair lift market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by automotive lift (occupied lifts and unoccupied lifts), by building lift (residential and commercial), by power type (electric and hydraulic), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
The growing focus on customization and personalization of wheelchair lifts and stair lifts will propel the development of the global market. The prevalence of effective reimbursement policies, universal health schemes, and private insurance is expected to boost the demand in the global wheelchair lift market.
The top 3 drivers and trends augmenting the growth of the wheelchair lift market are discussed below:
Promotion of Active and Independent Living for Elders and Differently-Abled Individuals
The growing focus on providing assistance and development of innovative products that support independent living for the differently abled, seniors, or those with an injury or a medical condition will revolutionize the wheelchair lift market. The introduction of well-designed, high-quality assistive devices, and daily living aids will help these individuals lead a regular and normal life. The exponential use of accessibility equipment that enables individuals to handle different aspects of their daily lives has an immense impact on enhancing the overall quality of life and independence. The government initiatives to promote independent living with a particular focus on health and home-based services will boost the demand for stair lifts, wheelchair lifts, platform lifts, and chairlifts in the global market. The increasing investments in public health infrastructure, private investments and insurance, and the penetration of e-commerce will facilitate better and independent living standards among the elderly and differently abled individuals. The increasing availability of support services across developed and emerging nations will augment the growth of the global wheelchair lift market.
Shift in Automotive Designs and Rise of EVs
The introduction of alternative fuel engines, self-driving vehicles, and technological innovations in terms of design and performance is transforming the automotive industry. The leading OEMs are leveraging advanced technology to meet customization requirements of specific target users and boost their revenues in the global wheelchair lift market. For instance, Allied Mobility offered Peugeot Expert that can accommodate five passengers and a wheelchair with customization, including manual rear ramp and lowered floor. Such developments will boost the adoption of these products in the global market. The advent of automotive customization will help accommodate mobility aids for differently abled individuals in high-end models and other models in the global market. The standardization of safety regulations and increased fuel standards is leading to the development of compact lift designs, automated ramps, and comfortable cushioning with impact insulations in the global wheelchair lift market.
Rising Awareness among Differently Abled and Elderly
The growing incidence of knee disorders, osteoporosis, heart ailments, and obesity is boosting the demand in the global wheelchair lift market. The easy access to public health infrastructure in developed countries in propelling the awareness among the differently able and elderly individuals in the region. Emerging countries such as India, China, Brazil, and Indonesia that encouraging foreign investments for the development of hospital infrastructure, medical devices, pharmaceuticals, and health insurance, thereby developing the global wheelchair lift market in these regions. Widespread public health measures will increase the awareness amongst individuals in the global market and attribute to the demand for wheelchair lifts and other such devices. Furthermore, the implementation of welfare schemes will improve the affordability for a wide range of durable medical equipment for individuals and help provide mobility assistance to a larger group in the global market.
The leading vendors in the wheelchair lift market are BraunAbility, Bruno Independent Living Aids, Cibes Lift Group, Garaventa, Harmar, Ricon, Savaria, and ThyssenKrupp.
The complete overview of the latest market research report on wheelchair lift market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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