Latest News- Stair Lift Market: Straight is expected to lead the Type segment during 2024-2028

The Stair Lift Market is being driven by Growing prevalence of disabilities

The Stair Lift Market is expected to grow at a CAGR of 6.11% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 359.3 million. The aging population demographic trend and the subsequent rise in health issues among this demographic are key drivers for the stair lift market. According to The World Bank Group, approximately 10% of the global population reached the age of 65 years and above in 2021. This figure represents a significant increase from the 12% reported by the World Health Organization (WHO) in 2015. Furthermore, WHO data reveals that the global population aged 60 years and above has doubled from 12% to 22% between 2015 and 2022. This demographic shift will undoubtedly fuel the demand for stair lifts as an accessible and cost-effective solution for individuals facing mobility challenges due to age-related health issues or injuries. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Straight
  • Curved
• End-user
  • Residential
  • Healthcare
  • Others
• Geography
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • APAC
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing prevalence of disabilities
• Technological advances
• Increasing number of healthcare facilities

However, the market also witnesses some limitations, which are as follows:

• Pricing risk in certain markets
• Intense competition
• Growth in traditional lifts or elevators

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Market Scope in Stair Lift Market Research Report

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Research Analysis Overview

The Stair Lift market encompasses a range of mobility solutions designed to help individuals navigate stairs, particularly those with mobility challenges due to age, disability, or injury. The market includes straight and curved lifts, as well as outdoor models, catering to various customer bases, including the elderly, disabled people, and professional caregivers in healthcare facilities and educational institutions. Primary drivers of the Stair Lift market include the growing aging population, increasing demand for mobility solutions, and the significant disability population. Curved lifts are gaining popularity in the residential segment due to their ability to navigate complex staircases, while outdoor lifts provide mobility solutions for those facing challenges during daily commute. Climbing canes and wheelchairs remain alternative options, but stairlifts offer greater safety and independence. The global population's increasing awareness of mobility and safety needs is expected to fuel the demand for Stair Lifts in the coming years.

Market Research Overview

The global stair lift market is a segment of the broader industrial machinery market, as classified by Technavio. This market encompasses businesses involved in the production of industrial machinery and components, which include presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The global industrial machinery market is projected to expand at a moderate rate, fueled by the increasing industrial output in process and discrete industries. This growth is attributed to the rising demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing economies. Technavio estimates the size of the global industrial machinery market based on the combined revenue generated by manufacturers of machinery and components utilized in industrial settings.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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