Stair Lift Market SWOT Analysis, Key Indicators, Forecast and COVID 19 Impact Analysis 2028

According to Precision Business Insights (PBI), the latest report, stair lift market size is expected to be worth USD 810.3 million in 2022, growing at a 6.3% CAGR from 2022 to 2028. The primary driver of the expansion of the global stair lift market includes the increasing incidence of musculoskeletal disorder and frequent osteoarthritis (OA), and the prevalence of lifestyle disorders such as obesity.

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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.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Stair Lift market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In July 2021, AmeriGlide launched the UP Stair Lift with the most advanced and innovative features and the utmost safety and comfort when going up and down the stairs. In Nov 2020, Stannah launched a revolutionary stairlift platform.

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The stair lift market is segmented based on rail type, install location, power source, application, and geography.
Based on the rail type, the market is segmented into the following:
• Platform Stair Lifts
• Curved Stair Lifts
• Straight Stair Lifts

Based on the install location, the market is segmented into the following:
• Residential Spaces
• Commercial Spaces

Based on the power source, the market is segmented into the following:
• Direct Current (DC)
• Alternating Current (AC)

Based on the application, the market is segmented into the following:
• Residential
• Governments
• Leisure &Entertainment
• Healthcare

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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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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This release was published on openPR.