The Global Wheelchair Lift Market Is Expected To Reach at Around $2.6 Billion By 2022 And Is Anticipated To Grow At A CAGR Of Approximately 10% During The Forecast Period.

Wheelchair Lift Market - Overview

The expansion of the global market for wheelchair lifts will be propelled by the dynamic policies of various governments and the effect of these restrictions on a variety of important retail industries, such as healthcare, travel, and consumer goods. The global market will undergo a transformation as a result of the creation of innovative product offerings that meet the fundamental mobility requirements that enable individuals with varying degrees of mobility to travel or cover short distances using mobility scooters, crutches, and wheelchairs.

A wide variety of end-users in the market are searching for mobility-friendly solutions in several modes of transportation, including public transportation, private automobiles, stairs, and escalators. Leading manufacturers are working on stair lifts specifically for long distance travel, which requires vehicles to be adapted to comfortably accept and transport mobility scooters and wheelchairs. These lifts are being developed by leading vendors. The increasing emphasis placed on individualised layouts will drive up the demand for these products in markets all around the world. Lifts that have been specifically developed for buildings can be found in a variety of settings, including residential structures, hospitals, and clinics, as well as commercial venues like shopping malls and workplaces. One of the most important factors driving the global market is the growing demand for technologically enhanced mobility aids among the disabled and elderly populations as a result of improved levels of awareness.

The development of Medicare and other universal health systems, as well as private insurance and lucrative reimbursement policies, will all contribute to an increase in chairlift adoption in the global market. It is expected that companies will be able to get a greater proportion of the worldwide market as a result of the rise in the number of innovative products that are being driven by modular development with an emphasis on safety and space efficiency. It is predicted that the global market for wheelchair lifts will produce revenues of roughly $2.6 billion by the year 2023 and is anticipated to increase at a CAGR of approximately 10% during the period covered by the forecast.

Wheelchair Lift Market - Dynamics

The growth of the market for wheelchair lifts around the world will be helped by the work of more public and private organisations. The main goals of these groups are to plan for the economic and social changes that come with an ageing population and to make sure that development efforts are moving forward. The Second World Assembly on Aging, which was held in Madrid in 2002, passed the Madrid International Plan of Action on Aging (MIPAA). This plan said that older people must be able to participate actively and benefit from development policies to improve their health and well-being, and that organisations must make this possible. Such programmes are pushing governments to make sure that public services and new policies, like healthcare, housing, infrastructure, and social security, meet the needs of the elderly. When these policies are put into place in both developed and developing countries around the world, the wheelchair lift business will change.

Wheelchair Lift Market - Segmentation

This market research report includes a detailed segmentation of the market by automotive lift, building lift, power type.

Wheelchair Lift Market - By Automotive Lift

Customized and convenient lifts will increase sales in the vehicle wheelchair lift market.

By automobile lifts, the worldwide wheelchair lift market is divided into occupied (single-post split platform, regular dual-post platform, and under vehicle lifts (UVLs)) and unoccupied lifts (outside lifts, inside lifts, and hybrid lifts). In 2017, occupied elevators had more than half of the market share and are predicted to increase at a CAGR of approximately 11% during the forecast period. Because they facilitate wheelchair users' access to the car, occupied lifts are the most desired alternative. Braun Ability and VMI are the major companies in this market category. Dual-post platform lifts and UVLs are more stable than single-post split platform lifts. In the coming years, the development of efficient chairlifts that facilitate movement and can hold bigger loads with two arms will alter the market.

Wheelchair Lift Market - By Building Lift

Customized and convenient lifts will increase sales in the vehicle wheelchair lift market.

Residential (vertical platform lifts (VPLs) and inclined platform lifts (IPLs)) and commercial (vertical platform lifts (VPLs) and inclined platform lifts (IPLs)) and non-residential (inclined platform lifts (IPLs)) (VPLs and IPLs). In 2017, the residential sector held the lion's share of the market and is projected to increase at a CAGR of over 8% over the forecast period. The residential sector instals platform lifts in homes as a means for disabled or rehabilitating individuals to overcome architectural obstacles in the area. The adoption of hydraulic or electrically powered stair lifts will alter the global market. There are enclosed, shaft way, stage, and opal versions offered in the residential lifts market area. Europe and North America are the leading areas driving demand for residential wheelchair lift products in the wheelchair lift industry.

Wheelchair Lift Market - By Power Type

During the time frame that is expected, hydraulic-powered wheelchair lifts will be the most popular type of lift.

By the type of power they use, electrical and hydraulic, the global wheelchair lift market is split into two segments. In 2017, the hydraulic power sector had a large share of the market, and it is expected to grow at a CAGR of over 9% over the next five years. This market segment is growing mostly because it is made of strong steel and can lift a lot of weight. Hydraulic lifts need the floor to be lowered or the ceiling to be raised so that passengers have enough headroom to travel safely, securely, and comfortably in the chair. On the global market, most of the people who buy hydraulic lifts are businesses. During the time frame of the projection, hydraulic lifts will be replaced by electric lifts because they are hard to fix and cost a lot to keep up.

North America to occupy the largest market share the global wheelchair lifts market during forecast period

The worldwide wheelchair lift market is divided into five regions: APAC, Europe, North America, Latin America, and the Middle East and Africa. North America had the biggest share of the market in 2017, and it is expected that this region will grow at a CAGR of almost 10% during the forecast period. Demand for platform lifts is going up in North America because people are getting more and more interested in cars and new technology, both of which are popular in the American market. The economy's rapid growth is attracting investors, improving job prospects, and raising disposable income, all of which make it easier for end users to buy things. The need for chair lifts in the American market is partly caused by the things we've already talked about. The United States and Canada are the two countries that bring in the most money for the North American market. In the region, the main competitors are those who either have a wide range of mobile devices or a large network for selling and servicing them. Now, these companies have the largest share of the market in the area.

Scope Analysis:

Competitive Analysis

The Wheelchair Lifts Sales Market research report provides a close watch on major competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis, and a comprehensive description of the market's circumstances during the forecast period. This is a professional and comprehensive report that focuses on key and secondary drivers, market share, leading segments, and geographic analysis. In addition, the research examines significant actors, major collaborations, mergers & acquisitions, innovative trends, and business strategies.

Savaria, Garaventa Lift, BraunAbility, Wabtec Corporation, Harmar, Genie, JLG, Vestil, WESCO, Stiltz Lifts, Schumacher Elevator, ThyssenKrupp Access, Terry Lifts

Recent Development                                                                                                                                                            

• In August 2021, WheelAir launches new rigid back integration service to support wheelchair users. The WheelAir System, which helps wheelchair users to regulate their own temperature and humidity, can be integrated or retrofitted into a rigid back in two weeks, the firm has confirmed.
• In November 2019, IIT Madras in collaboration with Phoenix Medical Systems launches India’s first indigenously-designed ‘Standing Wheelchair’ that enables a differently-abled person requiring a wheelchair to shift from sitting to standing position, and vice versa, independently and in a controlled manner.
• Leading wheelchair manufacturer Ottobock, with headquarters in Germany, had double-digit growth in the wheelchair market in 2019. However, the pandemic crisis significantly decreased its sales. Many other businesses encountered same difficulties. By the end of 2020, the business had begun to operate and was providing its clients with e-services like home delivery, video chats for e-appointments, and tips on social media.

Market Segmentation

This portion of the study on the Wheelchair Lifts market gives detailed data on the segments at the country and regional level, thereby aiding the strategist in determining the target demographics for the relevant product or service and the impending opportunities.

By Automotive Lift

• Occupied Lifts
• Outside Lifts

By Building Lift

• Residential
• Commercial

By Power Type

• Hydraulic
• Electrical

By Companies:

• Savaria
• Garaventa Lift
• BraunAbility
• Wabtec Corporation
• Harmar
• Genie
• JLG
• Vestil
• WESCO
• Stiltz Lifts
• Schumacher Elevator
• ThyssenKrupp Access
• Terry Lifts