Stair Lift Market Size | Share | Growth Analysis 2023-29
The global stair lift market size was valued at USD 810.3 million in 2021 and is poised to grow at a significant CAGR of 6.3% during the forecast period 2023-29. The primary driver of the expansion of the global stair lift market includes the increasing incidence of the musculoskeletal disorder and frequent osteoarthritis (OA), and the prevalence of lifestyle disorders such as obesity.
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The global stair lift market segmentation:
- By Rail Type: Platform Stair Lifts, Curved Stair Lifts, and Straight Stair Lifts
- By Install Location: Residential Spaces, and Commercial Spaces
- By Power Source: Direct Current (DC), and Alternating Current (AC)
- By Application Type: Residential, Governments, Leisure &Entertainment, and Healthcare
Residential Spaces Segment to Dominate the Stair Lift Market:
The residential spaces segment is expected to account for a larger revenue share in the global stairlift market, with a value share worldwide. In residential spaces, individuals require a variety of stairlift products for self-walk. Globally, a part of the population suffers from musculoskeletal issues, increasing the demand for stairlift products. Continuous modification in the stair lift products for individual use also propels the market growth.
North America Stair Lift Market:
North America is expected to increase in the global stair lift market over the forecast period. North American market is expanding due to the region's inactive lifestyle and increase at the old age of the population. With specific government concerns towards the elderly, problems enhance the market growth. Furthermore, the region also has the existence of prominent manufacturers that confirm the products meet the user's requirements. Europe would also anticipate leading the stairlift market by investing in these technologically advanced products. For instance, In May 2019, Candor Care Limited proclaimed the launch of a curved rail system-based stairlift that uses patented technology-based individual parts as a mark of expansion in the stairlift UK market.
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Key players’ profiles in the Stair Lift market report are Otolift Stairlifts Ltd., Acorn Stairlifts Inc., Stannah International, Savaria Corp, Handicare Group AB, SUGIYASU Co., Ltd., Otolift Stairlifts Ltd., Prism U.K. Medical Limited, Bruno Independent Living Aids, Inc., Harmar Mobility LLC, Platinum Stair Lifts Ltd., HIRO LIFT, Kumalift Co., Ltd, Symax Lift (China) Co, Ltd. Taamal Seed Electra Group.
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