Stair Lift Installation in Residential Space Segment to Reach US$ 1,000 Mn by 2025
Due to the convenience they offer, stair lifts are now widely used in residential and commercial spaces/public spaces. In the residential domain, new stair lifts are being installed in most dwelling places. Stairlifts are also being increasingly installed in commercial settings such as hospitals, restaurants/hotels, and other public spaces.
According to a report from Persistence Market Research, the residential spaces segment in the global stair lifts market which was US$ 631.5 Mn in 2017, is predicted to reach a market valuation of over US$ 1,000 Mn by the end of 2025. With the rising popularity of stair lifts in commercial buildings, the commercial spaces segment is expected to witness a CAGR of 6.4% during the forecast period 2017-2025.
The report segments the stair lifts market on the basis of rail type, install location, power source, and region.
Rail Type
- Straight Stair Lifts
- Curved Stair Lifts
- Platform Stair Lifts
Location
- Residential Spaces
- Commercial Spaces
Power Source
- Alternating Current (AC)
- Direct Current (DC)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
The key findings of the report are as follows –
- Stair lift installation in residential spaces has increased over that in commercial spaces as stairlifts are a preferred option for home accessibility among older people.
- The stair lifts market is expected to grow even further with the growing incidence of medical issues osteoporosis, arthritis and fractures in vertebrae among the elderly.
- Helped by numerous government and non-government organizations, several public places are expected to experience an increase in the installation of stair lifts in the coming years.
- Due to the high equipment and installation costs associated with stair lifts, the residential spaces segment might face a restriction in revenue growth.
- Commercial use of stair lifts may not be affected, as projects pertaining to public places typically come with a higher budget and factor in user friendly infrastructure.
A wide variety of stair lifts are now available with customized features to meet the customer application requirements.