Press release
Stair Lifts Market Forecasted to Grow at 7% CAGR by 2024
The global stair lifts market is anticipated to expand at a CAGR of 7% during the forecast period 2016-2024. Europe will remain the largest market, while North America will grow at the fastest rate during the forecast period.
Ease of accessibility and low installation costs are the key factors driving the growth of the stair lifts market. Moreover, the rise in geriatric population and ageing-related health conditions, such as osteoarthritis is also accelerating the demand for stair lifts. High level of mobility and user-friendliness is considered to be a top feature of stair lifts. In addition, the quick premarket approval process is expected to play a key role in pushing the demand for stair lifts during the forecast period.
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High prices and negative customer reviews regarding the post-sales service are longstanding challenges in the stair lift market. In addition, concerns regarding the potential risk of injury owing to inappropriate installation will continue to pose challenges to growth.
Owing to their numerous advantages, various government and private organisations are looking to invest in star lifts, and this is expected to create growth opportunities for manufacturers during the forecast period. Implementation of latest technology to enhance safety is expected to increase confidence among consumers, thereby, bolstering demand during the forecast period.
Incorporation of adaptive technology, such as manual and powered Swivel technology along with a safety switch is a key trend among manufacturers. Another key trend in the stair life market is the use of rechargeable batteries which has led to simplified operations and high efficiency.
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Europe will remain the numero uno market for stair lifts during the forecast period 2016-2024. The Europe stair life market is expected to reach US$ 396 Mn by the end of 2016 and witness a CAGR of 7.2% through 2024. Strong distribution strategy and unparalleled product innovation will primarily drive the European stair lifts market. The UK, Germany, and France are expected to retain their position as the top 3 markets in Europe during the forecast period, with the UK stair lifts market expected to surpass US$ 167 Mn in 2016.
North America will remain the second largest market for stair lifts, with overall demand dominated by the US. Innovative products and quicker premarket approvals are expected to play a key role in driving the growth of the North America stair lift market. Moreover, increased awareness about stair lifts among patients with disabled mobility is also expected to fuel demand during the forecast period. In the backdrop of these factors, the North America stair lift market is anticipated to reach US$ 284.9 Mn in 2016.
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Asia Pacific, the third largest market for stair lifts, is expected to witness impressive growth during the forecast period. The APAC stair lift market is expected to grow by 5% in terms of revenues in 2016. Japan is expected to remain the largest market during the forecast period, followed by China.
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