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Stairlifts are beneficial assistive devices that help elderly and less able individuals safely navigate stairs, allowing independent mobility and accessibility within the home. Stairlifts provide a comfortable seat and protective rail or arms, while an electric motor powers movement along guided track rails firmly installed on each staircase. Battery or hardwired power supplies allow operation without disruption. The global Stairlifts Market is estimated to be valued at US$ 1.03 Billion 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 key trends:
One of the key trends in the stairlifts market is the development and adoption of innovative technologies. Leading manufacturers are focusing on incorporating advanced features like swivel seating, programmable keypads, battery indicators, obstruction sensors, powered footrests and wireless connectivity capabilities to enhance usability, comfort and safety. For instance, the launch of slim rail stairlifts allows installation on staircases with limited space. Folding and rail-free stairlifts are other innovative models gaining traction. Artificial intelligence is also finding increasing usage, with voice controls and automatic call for assistance functions. Such developments are expanding product choices for customers and driving positive adoption rates. Growing aging populations continue to support increased demand for stairlifts globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the stairlifts market as it requires high initial capital investment for infrastructure and R&D. Moreover, existing players have established brand names and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is moderate. While buyers have various options available, most demand established brands for quality and safety reasons.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of component suppliers. However, suppliers are dependent on large players for bulk orders.
Threat of new substitutes: The threat of substitutes is low as stairlifts offer the only viable solution for mobility up and down stairs. While elevators can substitute on a case to case basis, they are a more expensive option.
Competitive rivalry: The competitive rivalry is high among major global players. Players compete based on product innovation, pricing, and service/installation.
Key Takeaways
The global stairlifts market is expected to witness high growth over the forecast period driven by the rising geriatric population globally and increasing cases of disability requiring mobility assistance.
Regional analysis: North America currently dominates the global stairlifts market owing to the large elderly population in countries like the US which are early adopters of technologies to aid mobility. Europe follows suit with Germany, UK and France among the major country markets in the region. Asia Pacific is expected to witness the fastest growth led by China and India due to rising incomes and healthcare spending.
Key players: Key players operating in the stairlifts market are ThyssenKrupp Elevator Technology, Handicare Group, Bruno Independent Living Aids, and Stannah Lifts Holdings Ltd. These players are focusing on new product launches catering to different ranges of mobility needs as well as expanding into high growth regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
