The global stairlift market is estimated to value US$ 1.2 Bn in 2017 and is projected to register a CAGR of 6.2% in terms of value during forecast period 2017–2026.
Stairlifts are basically mobility devices mainly used by disabled and aging people for vertical mobility. These devices help people to travel between floors and high-rise buildings efficiently. Stairlifts used in applications such as in residential buildings, hospitals and clinics, educational institutes, restaurants, and commercial or public spaces such as shopping malls, and offices.
Global Stairlift Market Dynamics:
Increasing aging population and increasing incidence of lifestyle diseases such as obesity and large tracts of age groups reporting osteoarthritis are major factors expected to drive growth of the global Stairlift Market over the forecast period. In addition, rising technological advancements for developing products offering better functionality and advanced safety features is expected to fuel growth of the target market.
However, high installation as well as equipment cost is a key factor expected to restrain growth of the global stairlift market. In addition, country/region wise changing residential structure is another factor expected to hamper growth of the target market in the near future.
Analysis By Segmentation:
Among all product type segments, the straight stairlift product type segment in the global stairlift market is expected to register highest share in the target market and is expected to register CAGR of over 6% over the forecast period, owing to its easy installation and comfort.
Among all the application segments, the residential area application segment is projected to register highest CAGR of over 6% and is expected to continue its dominance over the forecast period, owing to increasing inclination of aging and disabled population towards active and independent living.
The market in Europe is expected to account for highest share in terms of revenue in the global stairlift market, expanding at a CAGR over 6% from 2017 to 2026. Increasing demand for multi-functional stairlifts and presence of prominent manufacturers with strong domestic presence in various countries in the region are major factors expected to drive growth of the Europe stairlift market.
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