Stair Lift Market Estimated to Grow at a CAGR of Over 8% During 2019–2025
Research and Markets predicts that the global stair lift market will grow at a CAGR of over 8% during the period 2019–2025.
Mobility problems are common with aging. Stair lifts are designed to enable people with mobility issues to overcome the barriers posed by stairs. National Seating & Mobility offers straight and curved stair lifts from the industry’s leading manufacturers. Research and Markets estimates that the global stair lift market will grow at a CAGR of over 8% during the period 2019–2025.
The rise in physical disabilities in the aging population and adults are the main factors driving the growth of the stair lift market. These lifts can be deployed in both residential and commercial settings.
People opting to stay in their own homes are likely to install stair lifts to move around independently. The other factors that are likely to boost the growth of the market are –
- Rising aging population with increased life expectancy rate
- Increasing chances of osteoarthritis, knee problems, and other age-related diseases
- Promotion of active and independent living for elders and disabled
- Growing efforts from governments and private organizations
- Increasing technological innovations such as curved, outdoor, and wheelchair integrated stair lifts
- Presence of market leaders with a wide range of mobility devices portfolios and strong distribution networks
The report segments the market on the basis of installation, rail orientation, user orientation, application, distribution channel, and geography.
By installation, the market is divided into
Due to patients’ physical disabilities obstructing them from climbing stairs, the demand for indoor stair lifts is expected to increase in medical centers. The market is also likely to gain popularity in corporate workplaces for the ease and convenience they offer. In residences, stair lifts allow users to move up and down a staircase safely and independently.
By rail orientation, the market is segmented into straight and curved stair lifts. Straight rails are preferred in the residential sector as they are easy to install. The demand for straight stair lifts is likely to increase among the elderly population as they allow for easy entry and exit.
By user orientation, the market is divided into – Seated, Standing and Wheelchair Integrated Platform. Seated stair lifts are preferred in residences and the increasing incidence of musculoskeletal conditions in the aging population are likely to bolster the demand for this option. 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.
By application, the market includes
- Leisure & Entertainment
- Government & Local Authorities
Of these, the residential segment is expected to dominate the market due to the growing aging population with limited mobility. Stair lifts offer cost-effective and quick solutions to the elderly population. It diminishes the risk of falling, and advanced technology helps users to operate these lifts efficiently. Owing to the increasing number of disabled people and baby boomers that opt to live in healthcare facilities due to physical disabilities, the healthcare segment will fuel the growth. The leisure and entertainment sector will emphasize the adoption of stair lifts, as it can replace space-consuming elevators and escalators.
By distribution channel, the market includes Direct Channels, Dealers & Distributions and Government & Local Authorities. Manufacturers are engaged in providing high-value services as well as customer-focused solutions, and are expected to bolster market growth with offerings such as delivery with no additional charges and multiple financing options. Dealers and distributors will bolster the sale of these products by identifying and catering to customer preferences.
By geography, the market is divided into – Europe, Nordic Countries, UK, Germany, France, Spain, Italy, North America, US, Canada, APAC, China, Japan, Australia, South Korea, Latin America, Brazil, Mexico, Argentina, MEA, South Africa, Saudi Arabia and UAE. Owing to the factors such as the growing aging population coupled with an increase in per capita disposable income, the European market is likely to grow at the fastest CAGR. Also, the increasing number of osteoporosis diseases in the aging population is likely to generate demand for stair lifts in residential or commercial areas. The growing prevalence of people suffering from physical disabilities and the increasing adoption of technological innovations are expected to boost the demand of the market in North America. The report notes that the increasing number of obesity cases and the growing elderly population is expected to bolster the market.
Vendors mentioned in the report include Acorn Stairlifts, Bruno Independent Living Aids, Handicare Group, ThyssenKrupp Elevator Technology, Stannah, Mobility, American Elevator, and AmeriGlide. The report notes that vendors are focused on providing high-value services as well as customer-focused solutions.
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