Global stair lifts market expected to reach $1,000 million by the end of 2025
Stair lifts are a mechanical setup that aims to help disabled people. This is a chair or platform that is motorized to travel along the rail or track guided along the stairway. A new research based on these lifts by Persistence Market Research is titled 'Stair Lifts Market: Global Industry Analysis 2012 -2016 and Forecast 2017 – 2025'. This comprehensive research is intended to guide people with useful insights on this market. The stair lifts market study involves assessment of global market opportunities by representing annual sales volume (units) and value (US$ Mn) of various types of stair lifts installed in residential and commercial or public spaces. The report indicates that the global stair lifts market is expected to reach a market value of over US$ 1,600 Mn by the end of 2025.
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The market is projected to register a robust CAGR of 6.5% during the forecast period. Over the last decade, stair lifts have witnessed a substantial surge in demand in the U.S and Japan market. This demand is mainly driven by a growing geriatric population. Market players lay emphasis on increasing their product offerings and providing innovative products to achieve competitive edge, specifically over other local players.
Global Stair Lifts Market: Segmental Analysis
On the basis of region, North America leads the global market with over US$ 420 Mn market revenue expected by the end of 2025, growing at a CAGR of 7.3% during the forecast period. Europe is also expected to emerge as an attractive region during the forecast period.
In terms of rail type, curved stair lifts is projected to have the largest market share by the end of 2025, whereas straight stair lifts is expected to be the fastest growing segment with a growth rate of 7.5% during the forecast period.
Based on install location, the residential spaces segment is ahead of commercial spaces with a higher market share, but the commercial spaces segment is projected to witness a higher growth rate during the forecast period.
On the basis of power source, the direct current segment dominates the global stair lifts market with a projected market value of over US$ 1,300 Mn by the end of 2025, growing at a CAGR of 7.2% by the end of forecast period.
Global Stair Lifts Market: Competitive Landscape
The report comprises brief profiles of all major players in the global stair lifts market along with a SWOT analysis of these key players. Some of these key players mentioned in the report are Savaria Corp., Handicare Group AB, Lehner Lifttechnik GmbH, Otolift Stairlifts Ltd., Harmar Mobility LLC, Prism U.K. Medical Limited, Bruno Independent Living Aids, Inc., Platinum Stair Lifts Ltd., HIRO LIFT (Hillenkötter + Ronsieck GmbH), Kumalift Co., Ltd., SUGIYASU Co., Ltd., Symax Lift (China) Co, Ltd., Qingdao Sinofirst Machinery Co., Ltd., Taamal Seed Electra Group and Gruppo Millepiani S.p.a etc.
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