Global wheelchair lift market is expected to cross $2.3 billion by 2022

The global wheelchair lift market is expected to cross $2.3 billion, growing at a CAGR of close to 10% during 2016–2022. Major drivers for this growth are aging population, increased incidence of lifestyle diseases such as obesity, and growth of osteoarthritis among aging population. The automotive end-user segment is going to have the highest market share and the outside lifts segment is likely to dominant the market. North America is expected to lead the market in terms of geography.

View report: https://www.arizton.com/reports/automotive-mobility/wheelchair-lift-market

Major vendors profiled in the report are as following:
● BraunAbility
● Harmar
● ThyssenKrupp AG
● Savaria
● AAT

Other vendors include Antano Group, Baronmead, SANO, Högg, EZ-Access, KSP Italia, Focaccia, Sugiyasu, D.I.D – Daido Kogyo, Kumalift.

Inclination of aging and disabled population toward active and independent living is a major driver

Increased emphasis on government and private organizations on productive and active lifestyle for disabled population is one of the emerging trend that is going to drive the market growth. Further, revolutionary shift in automotive designs and rise of electric vehicles, and better knowledge of mobility equipment among disabled and elderly population are among the other latest trends that will shape the market in a positive way. Among the major growth driving factors are medicaid and private insurance enabling expenditure on wheelchair lifts, funding and incentives for these lifts in vehicular modification, and inclination of aging and disabled population toward active and independent living. The report also includes the upcoming restraints that are going to be a major hindrance to the market growth.

Automotive wheelchair lift market to witness the highest market share.
The automotive wheelchair lifts segment is expected to grow at a CAGR of 9.78% during the forecasted period, which is the highest among other end-user segments because of advancement in technology and ever-changing lifestyle that has driven the market for customized vehicles, which employ a proper and hassle-free mechanism for wheelchair lifts. The outside lifts segment has the highest market share and is expected to grow at tremendously during the forecasted period.

North America to be the largest market

North America is likley to be the largest market followed by Europe. The market ranks ahead of others in terms of innovation and standards in the region, paves well for product development and market structure, wherein the competition is limited, and is often termed to be more because of customer centricity, range, and service and low price. While the demand for wheelchair lift installation in the European region is propelled by the presence of large elderly population, stringent welfare mandates for elderly and disabled, high disposable incomes, and better availability of wheelchair lift designs and solutions, the same is restrained by high prices and presence of cheaper substitutes such as ramps, portable wheelchairs, crutches, and mobility aids. The wheelchair market in APAC region is also going to witness traction due to the changes supported by government healthcare reforms.

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Source Link: Arizton Advisory & Intelligence Report

link: https://www.arizton.com/reports/automotive-mobility/wheelchair-lift-market

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