A new report by Arizton predicts that the global wheelchair lift market will generate revenues of around $2.6 billion by 2023, growing at a CAGR of approximately 10% during the forecast period. This market report offers analysis on market size and forecast, market share, industry trends, growth drivers and vendor analysis.
Wheelchair lifts are platform lifts that lift a wheelchair along with its occupant to overcome a step or similar vertical barrier. A wheelchair or scooter user can simply roll onto the platform of the device and easily access raised porches, decks and other elevated areas in residential and commercial settings. Wheelchair lifts in New Jersey have improved the quality of life of milions of people with mobility concerns. The report identifies the factors driving the growth of global wheelchair lift market as:
- Dynamic governmental policies and the effect of these regulations on various vital retail sectors, including healthcare, travel, and consumables.
- The development of innovative product offerings that meet the basic mobility requirements, which allows the elderly and mobility challenged individuals to travel or cover short distances in wheelchairs, crutches and mobility scooters.
- The demand for mobility – friendly options in public transportation, private vehicles, stairs and escalators.
- Growing focus on personalized designs.
- Wheelchair lifts designed specifically for buildings are a great option for use in residential buildings, hospitals and clinics and in commercial spaces such as shopping malls and offices.
- Increasing use of advanced mobility equipment by the disabled and geriatric population due to better awareness and the proliferation of Medicare, universal health schemes, private insurance, and lucrative reimbursement policies.
In addition, the growing efforts from various government and private organizations will drive the growth of the global wheelchair lift market. The Madrid International Plan of Action on Ageing (MIPAA) urged 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 that will suit older persons, including healthcare, housing, infrastructure and social protection. The formation of these policies across developed and emerging countries around the world are expected to transform the global wheelchair lift market.
This market study includes a detailed segmentation of the market by automotive lift, building lift, power type and geography.
Wheelchair Lift Market by Automotive Lift
The wheelchair lift market by automotive lifts are classified in to occupied lifts including single-post split platform, standard dual-post platform, and under vehicle lifts (UVLs) and unoccupied lifts including outside lifts, inside lifts, and hybrid lifts. Occupied lifts dominated more than half of the market share in 2017, and this segment is anticipated to grow at CAGR of around 11% during the forecast period. Occupied lifts allow wheelchair users to easily access vehicles, making them the most preferred option.
Wheelchair Lift Market by Building Lift
The wheelchair lift market is segmented into residential wheelchair lifts and commercial wheelchair lifts which include vertical platform lifts (VPLs) and inclined platform lifts (IPLs). Residential lifts dominated the market share in 2017, which is estimated to grow at a CAGR of over 8% during the forecast period. The leading regions propelling the demand for products in the residential segment in the wheelchair lift market are North America followed by Europe.
Wheelchair Lift Market by Power Type
The global wheelchair lift market by power type is divided into electrical and hydraulic. The hydraulic power segmented that occupied a significant market share in 2017, is estimated to grow at a CAGR of more than 9% during the forecast period. The major factors driving the growth of this market segment are robust steel construction and high lifting capacity. The largest consumers of hydraulic powered lifts in the global market are commercial users.
Wheelchair Lift Market by Geography
The global wheelchair lift market by geography is classified into APAC, Europe, North America, Latin America, and MEA. North America that dominated the market share in 2017 is projected to grow at a CAGR of around 10% during the forecast period. The factors driving the demand for platform lifts in the American market are the growing preference for automobiles and smart tech in the American market and rise in the purchasing power of end-users.
This market report identifies the key players in the global stairlift market as: Savaria, Garaventa Lift, BraunAbility, ThyssenKrupp Access, Bruno Independent Living Aids, Cibes Lift Group, Harmar and Ricon.