The global wheelchair lift market is expected to generate revenues of around $2.6 billion by 2023
LONDON, Dec. 3, 2018 /PRNewswire/ -- This market research report on wheelchair lift market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by automotive lift (occupied lifts and unoccupied lifts), by building lift (residential and commercial), by power type (electric and hydraulic), and by geography (APAC, Europe, North America, Latin America, and MEA).
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Wheelchair Lift Market - Overview
The dynamic governmental policies and the effect of these regulations on various vital retail sectors, including healthcare, travel, and consumables will propel the growth of the global wheelchair lift market. The development of innovative product offerings that meet the basic mobility requirements that enable the elderly and differently abled individuals to travel or cover short distances in wheelchairs, crutches, and mobility scooters will transform the global market. Various end-users in the market are looking for mobility-friendly options in public transportation, private vehicles, stairs, and escalators. Leading vendors are developing stair lifts especially for long distance travels, wherein vehicles need to be customized to accommodate and carry a wheelchair or a mobility scooter easily. The growing focus on personalized designs will fuel the demand for these products in the global market. Lifts specifically designed for buildings find applications in residential buildings, hospitals, and clinics, and in commercial spaces such as shopping malls and offices. The increasing adoption of advanced mobility equipment by the disabled and geriatric population due to better awareness is one of the key drivers in the global market.
The proliferation of Medicare, universal health schemes, private insurance, and lucrative reimbursement policies will augment the adoption of the chairlifts in the global market. The rise in the number of innovative products driven by modular development with emphasis on safety and space optimization will help players gain larger share in the global market. The global wheelchair lift market is expected to generate revenues of around $2.6 billion by 2023 and is anticipated to grow at a CAGR of approximately 10% during the forecast period.
Wheelchair Lift Market - Dynamics
The growing efforts from various government and private organizations will attribute to the growth of the global wheelchair lift market. These agencies are focusing on preparing for economic and social shifts associated with an aging population and to ensure progress in development activities. The Madrid International Plan of Action on Ageing (MIPAA), adopted by the Second World Assembly on Aging held in Madrid 2002, insisted that elderly individuals should be able to participate actively and benefit from development policies to improve their health and wellbeing, and organizations should provide enabling conditions. Such initiatives are encouraging governments to design public services and innovative policies specifically suited to older persons, including healthcare, housing, infrastructure, and social protection. The inception of these policies across developed and emerging countries around the world will revolutionize the global wheelchair lift market.
Wheelchair Lift Market - Segmentation
This market research report includes a detailed segmentation of the market by automotive lift, building lift, power type, and geography.
Wheelchair Lift Market – By Automotive Lift
Development of customized and hassle-free lifts will boost sales in the automotive wheelchair lift market
The global wheelchair lift market by automotive lifts are classified in to occupied (single-post split platform, standard dual-post platform, and under vehicle lifts (UVLs)) and unoccupied lifts (outside lifts, inside lifts, and hybrid lifts). The occupied lifts dominated more than half of the market share in 2017 and is projected to grow at CAGR of around 11% during the forecast period. Occupied lifts are the most preferred in option as it offers wheelchair users ease of access while entering the vehicle. The leading vendors operating in this segment are BraunAbility and VMI. Standard dual-post platform lifts and UVLs have more stability compared to single-post split platform. The development of efficient chairlifts that offer easy of mobility and that can handle heavier loads with two arms to support will transform the market over the next few years.
Wheelchair Lift Market – By Building Lift
Development of customized and hassle-free lifts will boost sales in the automotive wheelchair lift market
The building lift segment in the global wheelchair lift market is divided into residential (vertical platform lifts (VPLs) and inclined platform lifts (IPLs)) and commercial (VPLs and IPLs). The residential sector dominated majority of the market share in 2017 and is estimated to grow at a CAGR of over 8% during the forecast period. The residential sector uses platform lifts at homes as an accessible solution for differently abled or recuperating individuals to negotiate the architectural hurdles in the location. The use of stair lifts powered by hydraulic or electric energy will transform the global market. the different model designs available in the residential lifts segment are enclosed, shaftway, stage, and opal models. North America followed by Europe are leading regions propelling the demand for products in the residential segment in the wheelchair lift market.
Wheelchair Lift Market – By Power Type
Hydraulic powered lifts to dominate the global wheelchair lift market during forecast period
The global wheelchair lift market by power type is categorized into electrical and hydraulic. The hydraulic power segmented occupied a significant market share in 2017 and is projected to grow at a CAGR of more than 9% during the forecast period. Robust steel construction and high lifting capacity are the major factors attributing to the growth of this market segment. Hydraulic lifts require a lowered floor or a raised roof to enable sufficient headroom for users to ride safely, securely, and comfortably inside the chair. Commercial end-users are the largest consumers of hydraulic powered lifts in the global market. The high maintenance and expensive nature of hydraulic lifts will pave the way for electrical lifts during the forecast period.
Wheelchair Lift Market – By Geography
North America to occupy the largest market share the global wheelchair lift market during forecast period
The geographical segment in the global wheelchair lift market is classified into APAC, Europe, North America, Latin America, and MEA. North America dominated the market share in 2017 and is anticipated to grow at a CAGR of around 10% during the forecast period. The growing preference for automobiles and smart tech in the American market is propelling the demand for platform lifts in the region. The exponential economic development is attracting investors, improving employment opportunities, and increasing disposable income, leading to the rise of purchasing power of end-users. These factors are attributing to the demand for chair lifts in the American market. The US and Canada are the largest revenues generators in the North American market. The top players with a wide range of mobility devices portfolios or extensive distribution and service network is occupying the largest market share in the region.
Key Countries Profiled
The key countries profiled in the report are:
• US
• Canada
• UK
• Germany
• China
• Japan
Key Vendor Analysis
The global wheelchair lift market is highly fragmented, and the top vendors are commanding majority market share. The companies in the global market are competing in the terms of features such as quality, technology, and price. Technological innovations and strategic M&A will help vendors sustain the intense competition in the global market. The growing demand from Asian countries such as China, South Korea, Japan, and Taiwan will encourage players to expand their businesses in these region during the forecast period.
The major vendors in the global market are:
• BraunAbility
• Bruno Independent Living Aids
• Cibes Lift Group
• Garaventa
• Harmar
• Ricon
• Savaria
• Thyssenkrupp
Other prominent vendors include ACA Adaptation Automobile, ACME Home Elevator, Adaptive Engineering Inc., AmeriGlide, AMF-BRUNS, Arealift by Vertico Group, Arrow Lift, Ascension by AGM Container Controls, Les Escalateurs Atlas, Autoadapt, Autochair Ltd, Autolift, BC lift A/S, Bramalea Elevator Ltd., Butler Mobility Products, D.I.D – Daido Kogyo Co., Discount Ramps, Elap Mobility, Extrema SRL, EZ Carrier, EZ-Access, Faboc Due Srl, Federal Elevator Systems Inc., Florlift of New Jersey, Inc., Focaccia Group, Gartec by Aritco Group, Handicaps Inc, Handicare Auto, Handi-Lift, HANDYTECH - CARROZZERIA 71, Herkules Liftwerk GmbH, Hidral, HIRO LIFT, Högg Liftsysteme, HURT s.r.o., Inclinator Company of America, Invalifts Ltd, KIRCHHOFF Mobility GmbH & Co. KG, KIVI srl, Kumalift Co. Ltd., Lehner Lifttechnik GmbH, Liftavator Inc., LIFT-U, a Division of Hogan Mfg., Inc., Liftup A/S, Mobilitätsmanufaktur KADOMO, Mobility Networks (Holdings), MPR Lifts, NAMI Lift AB, Newlift Holdings, PARAVAN GmbH, Phoenix Lifting Systems, Precision Lift Industries, Pride Mobility Products Corp, RAM Manufacturing Ltd., Steering Developments, SUGIYASU, Symmetry Elevating Solutions, Terry Lifts, TKS Heis AS, Trilift Mobility, Vimec SRL, and WheelChair Carrier.
Key market insights include
1. The analysis of wheelchair lift market provides market size and growth rate for the forecast period 2018-2023.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the wheelchair lift market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of wheelchair lift market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
Report Snapshot
The global wheelchair lift market size is expected to reach values of around $2.6 billion by 2023, growing at an impressive CAGR of approximately 10% 2017–2023.
The growing incidences of obesity, spinal cord injuries, and lifestyle diseases in developed countries is propelling the growth of the wheelchair lift market. Better awareness of mobility equipment among the differently abled and elderly population will drive the adoption of these products in the global market. The market research report provides in-depth market analysis and segmental analysis of the global wheelchair lift market by automotive wheelchair lift, building wheelchair lift, power type, and geography.
Base Year: 2017
Forecast Year: 2018–2023
The report considers the present scenario of the global wheelchair lift market and its market dynamics for the period 2018?2023. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Major Vendors in the Wheelchair Lift Market
• BraunAbility
o Business Overview
o Harmar in the Global Market
o Major Product Offerings
o Key Strategies
o Key Strengths
o Key Opportunities
• Bruno Independent Living Aids
• Cibes Lift Group
• Garaventa
• Harmar
• Ricon
• Savaria
• Thyssenkrupp
Prominent Players in the Wheelchair Lift Market
• ACA Adaptation Automobile
•
o Business Overview
• ACME Home Elevator
• Adaptive Engineering Inc.
• AmeriGlide
• AMF-BRUNS
• Arealift by Vertico Group
• Arrow Lift
• Ascension by AGM Container Controls
• Les Escalateurs Atlas
• Autoadapt
• Autochair Ltd
• Autolift
• BC lift A/S
• Bramalea Elevator Ltd.
• Butler Mobility Products
• D.I.D – Daido Kogyo Co.
• Discount Ramps
• Elap Mobility
• Extrema SRL
• EZ Carrier
• EZ-Access
• Faboc Due Srl
• Federal Elevator Systems Inc.
• Florlift of New Jersey, Inc.
• Focaccia Group
• Gartec by Aritco Group
• Handicaps Inc
• Handicare Auto
• Handi-Lift
• HANDYTECH - CARROZZERIA 71
• Herkules Liftwerk GmbH
• Hidral
• HIRO LIFT
• Högg Liftsysteme
• HURT s.r.o.
• Inclinator Company of America
• Invalifts Ltd
• KIRCHHOFF Mobility GmbH & Co. KG
• KIVI srl
• Kumalift Co. Ltd.
• Lehner Lifttechnik GmbH
• Liftavator Inc.
• LIFT-U, a Division of Hogan Mfg., Inc.
• Liftup A/S
• Mobilitätsmanufaktur KADOMO
• Mobility Networks (Holdings)
• MPR Lifts
• NAMI Lift AB
• Newlift Holdings
• PARAVAN GmbH
• Phoenix Lifting Systems
• Precision Lift Industries
• Pride Mobility Products Corp
• RAM Manufacturing Ltd.
• Steering Developments
• SUGIYASU
• Symmetry Elevating Solutions
• Terry Lifts
• TKS Heis AS
• Trilift Mobility
• Vimec SRL
• WheelChair Carrier
Market Segmentation by Automotive Lift
• Occupied Lifts
o Single-Post Split Platform
o Standard Dual-Post Platform
o Under Vehicle Lifts (UVLs)
• Unoccupied Lifts
o Outside Lifts
o Inside Lifts
o Hybrid Lifts
Market Segmentation by Building Lift
• Residential
o Vertical Platform Lifts (VPLs)
o Inclined Platform Lifts (IPLs)
• Commercial
o VPLs
o IPLs.
Market Segmentation by Power Type
• Hydraulic
• Electrical
Market Segmentation by Geography
• North America
o US
o Canada
• Europe
o UK
o Germany
• APAC
o China
o Japan
• Latin America
• MEA
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