Dublin, Oct. 08, 2024 (GLOBE NEWSWIRE) -- The "Stair Lifts Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Stair Lifts Market was valued at USD 2.16 Billion in 2023, and is expected to reach USD 3.60 Billion by 2029, rising at a CAGR of 8.89%
The global stair lifts market report contains exclusive data on 37 vendors. The market is highly concentrated, with many local and international players. The competition among these players is intense. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in stair lifts and related products.
The manufacturers are focusing on offering stair lifts with free installation services, which attracts new consumers. They also focus on expanding their presence across the global market by making a strong network of dealers and distributors. Many of the companies are offering products on online platforms to gain a more consumer base in the market. Acorn Stairlifts, Ameriglide, Bruno Independent Living Aids, Harmar, HIDRAL, Otolift, Savaria, Stannah, ThyssenKrupp, & Vimec are the major vendors in the global stair lift market.
The APAC region showcases prominent growth, with the highest CAGR of the global stair lifts market. The APAC stair lifts market is expected to experience a rapid increase in demand and market size in the upcoming years. This growth results in rising awareness & acceptance of mobility aids and a rising prevalence of disabilities. APAC is the world's most populous region, with the increasing middle-class population as a major driver for the region's growth.
The increasing disposable income, coupled with the changing lifestyles of consumers, particularly in the developing countries of APAC, is expected to boost market growth during the forecast period. The growth prospects in the emerging and advanced economies of the APAC region are expected to be challenging over the next few years. China and Japan are the two largest economies in the region. The stair lift market in APAC is continuously striving towards developing newer techniques in mobility solutions, catering to consumers' changing needs and requirements. This includes the latest technologies in the straight and curved stair lift processes, thereby giving excellent results to individuals.
MARKET TRENDS & DRIVERS
Technological Innovations
Technological innovations are a significant trend in the global stairlift market. Key innovations driving the market include smart technology integration, customizable & sleek designs, enhanced safety features, outdoor stair lifts, and power efficiency. The stair lifts are now available with remote controls, voice control, and smartphone connectivity in the wall-mounted cradle.
Modern stair lifts include smart sensors in the footrest or the chair's footplate, which will stop the lift if an object is detected along the chair's pathway. Most modern-day stair lift models come with pressure-sensitive controls, similar to a joystick - innovations like automatic braking, self-diagnostic tools, and obstacle detection systems. Modern-day stair lifts have battery backups, which help automatically charge the lift when not in use. The newer models are more energy-efficient, with regenerative braking systems and advanced battery technologies.
The durable and weatherproof outdoor stair lifts cater to a wider consumer base. With technological advancements, stair lifts continuously witness changes in their features, making them competitive over the other players. These technological advancements improve the user experience and functionality of stair lifts. This helps to grow the demand for the global stair lift market.
Modularity, Safety, & Space Optimization to Drive Product Development
Modularity, safety & space optimization are the key trends driving product development in the global stair lifts market. The modularity includes customization, adaptability, and ease of installation. Modular stair lifts allow for customization and can fit various configurations of stairs. This ensures a better user experience. Modular designs often simplify maintenance processes and installations. It helps to reduce costs and downtime. Safety includes enhanced features, smart technology, and improved stability.
The manufacturers offer stair lifts with improved stability mechanisms to prevent falls or tipping, particularly during stops, turns, and starts. Safety features like obstruct sensors, emergency stop buttons, swivel seats, and seat belts are increasingly integrated into lift designs. These features help to ensure user safety by preventing accidents. Some stair lifts are available with smart technology, which can monitor usage patterns and detect the hazards in stair lifts.
Space optimization includes slim designs, vertical parking, and folding options. Stair lifts are becoming increasingly compact and slim to minimize their footprints on the staircase. Otolift offers Otolift Modul-Air Smart, specially designed for narrow and steep stairs. Some companies offer folding seats and footrests to maximize space when the lift is unused.
Rising Aged Population with Increased Life Expectancy
The rising aged population with increased life expectancy is a major driver in the global stair lift market. This is due to the aging population, desire for aging in place, and increased life expectancy. In today's scenario, the world is on the verge of a demographic milestone. Over the next few years, the global population aged above 60 years is expected to rise significantly.
One of the major factors for the advanced age is the proficient medical care being developed. Old age brings many chronic and genetic diseases, and the cost of treatment also tends to increase with age. Older people typically are more susceptible to several medical problems than younger individuals. A few of these problems include arthritis, dementia, diabetes, and Alzheimer's, wherein individuals need special care in their daily lives. Counterintuitively increases faster in human life expectancy, leading to a slower population aging process.
Japan has a life expectancy of around 84 years. Many seniors prefer to remain in their homes instead of moving to assisted living facilities like nursing homes. Stair lifts are helpful for such people to do so comfortably and safely. During the forecast period, their demand will drive the demand for stair lifts in the global market.
INDUSTRY RESTRAINERS
High Cost
High cost includes the purchase, installation & maintenance cost of stair lifts, which is a major challenge in the global market. The installation process requires specialized and skilled technicians, which adds to the overall cost. Regular maintenance can be expensive due to the complex stair lift mechanisms. This cost barrier limits the accessibility of lifts for many families and individuals who want to benefit from them, particularly in low and middle-income demographics.
The pricing of stair lifts depends on various factors such as the shape of the stairways, height, width, maintenance, energy source, and the model type. Straight stair lifts are more affordable than curved ones since they must be custom-built for every angle or curve, making them expensive. Hence, higher purchase, installation, and maintenance costs are expected to lead to several hurdles and challenges for the stair lift industry.
SEGMENTATION HIGHLIGHTS
Indoor Segment
- Holds the largest market share in the global stairlift market.
- Designed for installation inside buildings or homes to assist individuals with mobility issues navigating stairs.
- Commonly used in residential homes, public buildings, and healthcare facilities.
- Available in various configurations, including curved and straight rails.
- Particularly beneficial for individuals with arthritis and those needing assistance in corporate workplaces and medical facilities.
Curved Stair Lifts
- Show significant growth and have the fastest-growing CAGR during the forecast period.
- Designed for staircases with turns, landings, or bends; custom-made to fit specific staircase dimensions.
- More expensive than straight stair lifts but increasingly popular due to their versatility and ability to accommodate unique stair designs.
- Demand driven by the need for mobility solutions in homes and healthcare facilities, along with high disposable incomes and customization trends in developed countries.
Seated Stair Lifts
- Dominates the market and holds the largest market share.
- Most common type due to comfort and ease of use, primarily used by individuals with health issues like arthritis and elderly persons.
- Consist of a seat or chair attached to a track or rail, designed for use on both curved and straight staircases.
- Increasing demand driven by the rising prevalence of mobility-related issues and an aging population.
Residential Segment
- Holds the largest market share in the global stair lifts market.
- Driven by factors such as an aging population, increasing prevalence of disabilities, and technological advancements.
- Many seniors prefer to stay in their homes, creating a significant need for mobility solutions.
- The elderly population, particularly those aged 65 and over, often faces mobility challenges, making stair lifts valuable for maintaining daily routines.
Online Segment
- Shows the highest growth rate in the global stair lifts market.
- Includes major online retailers, manufacturers' websites, and e-commerce platforms.
- Advantages include convenience, competitive pricing, and a wider selection of products.
- Customers can easily purchase stair lifts from home, often at lower prices than in offline stores, and enjoy delivery options that eliminate the need to visit physical stores.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $2.16 Billion |
| Forecasted Market Value (USD) by 2029 | $3.6 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
Key Vendors
- Acorn Stairlifts Inc.
- Ameriglide, Inc.
- Bruno Independent Living Aids, Inc.
- Harmar
- HIDRAL, S.A.
- Otolift
- Savaria
- Stannah
- ThyssenKrupp AG
- Vimec s.r.l.
Other Prominent Vendors
- Bespoke Stairlifts Limited
- Brooks Stairlifts
- Cibes Lift
- DAIDO KOGYO Co., LTD.
- Electra Group
- Extrema S.r.l.
- Faboc Due srl
- Halton Stairlifts
- HAWLE Treppenlifte
- HIRO LIFT
- Hogg Liftsysteme AG
- Lehner Lifttechnik GmbH
- Les Escalateurs Atlas
- Liftavator, Inc.
- Lobsang
- Meditek
- Millepiani Elevators
- MPR Lifts
- Platinum Stairlifts
- Precision Stairlifts
- Prism Healthcare
- Qingdao Sinofirst Machinery Co., Ltd
- SECOM
- SUGIYASU Co., Ltd
- SUZHOU FUJILF Elevator Co., Ltd.
- Symax Lift
- Tai Hee Engineering Trading Pte Ltd
For more information about this report visit https://www.researchandmarkets.com/r/o0s840
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