The market size of the Stair Lifts and Climbing Devices Market was held at around USD 2 Billion in 2022 and is expected to grow with a CAGR of 12% from 2023 to 2033. The growing elderly population, as well as technological advancements in lifts, are boosting the market. Stair Lifts and Climbing Devices Market accounted for an absolute dollar opportunity of nearly USD 4.7 Billion from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Stair Lifts and Climbing Devices Market (2023) | USD 2.2 Billion |
| Global Stair Lifts and Climbing Devices Market (2033) | USD 6.9 Billion |
| Global Stair Lifts and Climbing Devices Market CAGR (2023 to 2023) | 12% |
| The USA Stair Lifts and Climbing Devices Market CAGR (2023 to 2023) | 13% |
| Key Companies Profiled | Brooks Stairlifts; Stannah; Handicare Group; Garaventa Lift; Acorn Stairlifts; Platinum Stairlifts; Bruno Independent Living Aids; ThyssenKrupp Elevator Technology; American Elevator; Precision Stairlifts |
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As per the Stair Lifts and Climbing Devices Market industry research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 10% CAGR. The market is projected to grow at a CAGR of 12% over the coming ten years.
Stairlifts are simple to operate and provide people with efficient mobility alternatives. Stairlifts have been increasingly getting popular among the elderly and those with restricted mobility in recent years.
A stair lift is a wheelchair with rails that are driven by an engine. They are made to function with the pinion and racks technology, allowing wheelchair users and anyone with mobility challenges to easily navigate flights of stairs and steps.
Stair lifts feature a variety of useful features, such as adjustable seats, collapsible steps, flip-up rails, battery segregation switches, call stations, speed regulators, safety belts, and delicate stop buttons.
Arthritis affects more than 350 million individuals worldwide. According to the United Nations, by 2050, those over the age of 60 will make up more than 20% of the world's population. This indicates that the demand for stair lifts is projected to rise in the future. However, the increased cost of purchasing and installing stairlifts may dissuade this trend.
Osteoarthritis is expected to become the fourth largest cause of global disability, owing to rising life expectancy and rising obesity rates. Growing technology in healthcare equipment, especially mobility products like wheelchairs and stairlifts, is expected to have a significant impact on market growth.
The market is projected to develop due to technological advancements such as outdoor, curved, and wheelchair-integrated lifts. By providing free conveyance and numerous financing options to buyers, sellers are most likely to have a favorable impact on the market. During the projection period, the increasing availability of these machines in the market is expected to fuel market growth.
In 2022, North America accounted for a significant revenue of the global stair lifts and climbing devices market. The market in North America is being driven by an increase in the number of people who are disabled and technical improvements.
According to a projection released by the United States Census Bureau in 2018, America's elderly population will reach 1 billion people by 2030. As a result of this, demand for stair lifts and climbing equipment is projected to escalate significantly. Manufacturers of stairlifts and climbing devices are focusing on incorporating technologically advanced components into their products.
The USA is expected to account for a market of USD 2.7 Billion by 2033 and is expected to grow with a CAGR of 13% during the forecast period. A vast majority of people in the United States rely heavily on online shopping to purchase a variety of products.
Because of the growing popularity of e-commerce, stair lifts and climbing devices are now easier to trade, and several companies have started to sell refurbished stair lifts.
The utilization of rising digital trends such as virtual reality and 3D imaging in the development of utilized stair lifts improves the quality of the product. Customers can also visualize how the stairs will look once they are installed using 3D imaging.
Furthermore, by boosting the measuring speed, the virtual reality devices optimize the stair lift installation, allowing for additional room for visualization of graphical characteristics like rail color.
The stair lift and climbing devices market in the United States is expected to increase rapidly due to this and is projected to experience an absolute dollar growth of USD 1.9 Billion from 2023 to 2033.
The market in The United Kingdom is expected to reach a valuation of USD 301 Million by 2033. Growing with a CAGR of 11.8% in the forecast period, the market in the country is projected to garner an absolute dollar opportunity of around USD 202 Million.
In Japan, the market is expected to grow at a CAGR of 10.2% from 2023 to 2033, reaching around USD 263.5 Million by 2033. The market in the country is expected to gross an absolute dollar opportunity of USD 165.2 Million during the forecast period.
The market in South Korea is expected to reach a valuation of around USD 135.1 Million by 2033, growing at a CAGR of 11.4% from 2023 to 2033. The market in the country is expected to witness an absolute dollar opportunity of around USD 89.2 Million.
Due to the patient’s physical limitations that prevent them from climbing stairs, the need for indoor stair lifts is likely to rise in medical facilities. For the ease and convenience they provide, they are likely to acquire favor in corporate settings.
This is also projected to grow in popularity in the residential sector since it reduces stairwell obstructions, allowing users to quickly access the staircase and complete duties.
Manufacturers' distinctive offers are anticipated to contribute to market growth. Consumers can get stair lifts at no extra cost from several manufacturers, and they can finance them in a variety of ways. Vendors are also focusing on delivering high-value services and customer-centric solutions. Dealers will identify customers’ preferences, which will help boost product sales.
Due to the expanding aging population with limited mobility, the residential sector is likely to dominate the market. For the senior population, the deployment provides cost-effective and timely solutions.
Furthermore, these mobility solutions reduce the risk of falling, and innovative technology assists users in operating these lifts efficiently and allowing them to move around the house autonomously.
Since they are simple to install, straight rails are generally used in the residential sector. They are expected to become more popular among the elderly, as they allow people to enter and exit safely and at a minimal cost.
In the residential sector, seated stair lifts are recommended. The adoption allows users to move around their homes with ease at various levels.
The elderly population's increased musculoskeletal issues are expected to drive up the demand. Due to the rise in people suffering from joint stiffness, illnesses, and hip and knee discomfort, the need for standing stair lifts will continue to climb.
The key players in the global Stair Lifts and Climbing Devices market are Brooks Stairlifts, Stannah, Handicare Group, Garaventa Lift, and Acorn Stairlifts.
The market is estimated to be valued at USD 2.2 billion.
Brooks Stairlifts, Handicare Group, and Stannah are the key players in the market.
The market is estimated to reach 6.9 billion by 2033.
The Market secured a CAGR of 10% from 2018 to 2022.
North America emerged as a lucrative market.
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Stair Lifts and Climbing Devices Market
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