July 19, 2024

Stairlifts Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2030

The global Stairlifts Market is estimated to be valued at US$ 1.03 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Stairlifts are devices used for transporting individuals with limited mobility from one level to another level in a home. They are usually installed on staircases and move individuals in a seated position to navigate stairs safely. Stairlifts come in three main types namely straight stairlifts used for stairs in a straight configuration, curved stairlifts used for rounded stairs, and platform lifts for transporting individuals and light loads to different levels in a home. Stairlifts offer independent mobility to aged and disabled individuals and help them access different floors in their homes without external assistance. Growing geriatric population base and rising installation of accessibility equipment in homes and public spaces are major drivers boosting demand for stairlifts.

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Market key trends:

One of the key trends in the stairlifts market is growing installation of stairlifts in public spaces and commercial buildings to improve accessibility. Public facilities, train/bus stations, airports and other multi-level commercial buildings are increasingly adopting platform stairlifts and wheelchair platform lifts to help mobility impaired individuals easily access different floors. Accessibility laws in various countries also mandate installation of stairlifts in public buildings. This is expected to significantly drive the commercial segment of the stairlifts market during the forecast period.

Porter’s Analysis

Threat of new entrants: Low-medium, high capital requirements for R&D, manufacturing and brand building act as entry barriers.

Bargaining power of buyers: Medium, large buyers can negotiate on price but customized solutions enhance customer lock-in.

Bargaining power of suppliers: Low, components are readily available from various vendors globally.

Threat of new substitutes: Medium, elevators pose competition but accessibility and affordability drives demand for stairlifts.

Competitive rivalry: High, industry players compete on technology, sales & service network, brand image and after-sales support.

Key Takeaways

The global Stairlifts market is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period 2023 to 2030, due to increasing aging population globally and rising investmnets in assisted living infrastructure like nursing homes and old age homes. The North American region dominates currently due to presence of key players and availability of customized solutions. The Asia Pacific region is projected to be the fastest growing market owing to large geriatric population and changing lifestyle in countries like China and India.

Key players operating in the Stairlifts market are ThyssenKrupp Elevator Technology, Handicare Group, Bruno Independent Living Aids, Stannah Lifts Holdings Ltd, Acorn Stairlifts. The total stairlifts market stood at US$ 1.03 Bn in 2023 and is estimated to reach US$ 1.5 Bn by end of forecast period in 2030. ThyssenKrupp is a leading player with wide range of products while Handicare offers wide range of customized solutions. Acorn and Stannah Lifts majorly dominate the UK and European markets with proven safety and reliability of their products.

Regional analysis

North America holds the major share of stairlifts market currently with United States accounting for over 40% share. Asia Pacific is projected to exhibit highest CAGR over forecast period with China and India emerging as key high potential markets. Increasing geriatric population, growing healthcare infrastructure and changing consumer lifestyles will drive the demand for stairlifts across APAC region.