Stair Lift Market to Flourish with an Impressive CAGR During by 2024

A stairlift is used for transporting people over stairway who are unable or have problem with climbing the stairs. Such lifts are normally used by elderly people or patients. The stairlifts are installed on rails which are either straight or curved. A stairlift is typically an assembly of rail, seat and motor (A.C.or D.C). In terms of application, straight stair lift is used for single floor or multi floor buildings. Whilst, curved stairlift is mainly used for multistory building or house. Straight stairlifts are mainly made from extruded aluminum and curved stairs. Stairlifts are anticipated to capture the eyes of geriatric population owing to its outstanding features such as they can be folded while not in use. Curved rails are made from materials such as steel or aluminum and can come in various cross-sectional shapes as per the design and customization required. in terms of price, curved stairlifts are costlier when compared with straight stairlifts owing to more length of rail and high power of motor is required. The stairlifts are manufactured in parts and are installed as per the client’s requirements. The manufacturers take the whole responsibility of shipping the parts and stairlift installations. Apart from homes, stairlifts foresee a bright future in case of hill climbing. In the future instance, the global stairlift market is projected to grow with double digit CAGR during the forecast period.

Stair Lift Market: Dynamics

Geriatric population or 65+ aged people having a problem with taking stairs and increasing the home aesthetics in some cases are the driving factors for the global market during the forecast period. Furthermore, increasing single family houses particularly in hilly area is projected to drive the market. In Europe, hip replacement cases are increasing day by day owing to increase the demand for stairlifts in near future.

Modern stair lifts can be found with a wide variety of features such as adjustable seat height, battery isolation switches, call stations, 'flip-up' rail, key switch, folding step, speed governor, seatbelt, soft start and soft stop. Introduction of IoT has also been a trending factor for the market.

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Stair Lift Market Segmentation:

The global Stairlift market can be segmented on the basis of Rail Type:

  • Straight Stair Lifts
  • Curved Stair Lifts

The global stair lift market can be segment on the basis of Application:

  • Residential
  • Commercial

The global stair lift market can be segment on the basis of Power Source:

  • C. (Alternating Current)
  • C. (Direct Current)

Stair Lift Market: Regional Outlook

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North America is projected to dominate the global stairlift market owing to increasing demand from U.S. Europe is anticipated to second largest market for the global stair lift market. Furthermore, APAC is projected to grow with significant CAGR over the forecast period. Middle East and Africa in anticipated to grow with sluggish CAGR and China is anticipated to gain superior traction in the global market between the historical and forecast period.

Stair Lift Market: Key Players

Research Methodology:

RRI surveys a number of companies in order to estimate the data covered in the report through triangulation methodology. A detailed market understanding and assessment of the drive and application segments covered in the study. The research methodology also includes interviews conducted for various industry leaders by the research experts. This helps the researchers to match their previous findings with the ones confirmed from various resource persons. The report focuses on analyzing the supply-side approaches and keeps a track of that of the demand-side so as to make sure the findings are true. The global market scenario has been derived by consolidation of regional market overviews.

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