The global wheelchair lift market is expected to generate revenues of around $2.6 billion by 2023 growing at a CAGR of approximately 10% during 2017-2023.
CHICAGO, IL, UNITED STATES, April 16, 2018 /EINPresswire.com/ — Arizton’s recent market research report on the global wheelchair lift market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by automotive lift (occupied lifts and unoccupied lifts), by building lift (residential and commercial), by power type (electric and hydraulic), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
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.
Rising Awareness among Differently Abled and Elderly Persons to Drive the Market Growth
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.
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.
Electrical lifts to grow at the fastest CAGR in the global wheelchair lift market during the forecast period
The power type segment in the wheelchair lift market is classified into hydraulic and electrical. The electrical lifts are the fastest growing segment of the market, at an impressive CAGR of over 10% during the forecast period. Electrical wheelchair lifts are gaining immense traction in residential and commercial buildings in the global market. These electrical lifts are made of lightweight aluminum and have typical features that include seat elevations, reclining chair, and leg elevations. These chairlifts are less expensive than hydraulic lifts, thereby, boosting the demand for these products in the global wheelchair market. These lifts have just one drawback; it cannot operate during power failure or outages as it operates on electricity.
The development of innovative product portfolio with use of innovative technologies will enable leading vendors in the wheelchair lift market to attract new consumers and gain a larger market share.
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
Bruno Independent Living Aids
Cibes Lift Group
Prominent Players in the Wheelchair Lift Market
ACA Adaptation Automobile
ACME Home Elevator
Adaptive Engineering Inc.
Arealift by Vertico Group
Ascension by AGM Container Controls
Les Escalateurs Atlas
BC lift A/S
Bramalea Elevator Ltd.
Butler Mobility Products
D.I.D – Daido Kogyo Co.
Faboc Due Srl
Federal Elevator Systems Inc.
Florlift of New Jersey, Inc.
Gartec by Aritco Group
HANDYTECH – CARROZZERIA 71
Herkules Liftwerk GmbH
Inclinator Company of America
KIRCHHOFF Mobility GmbH & Co. KG
Kumalift Co. Ltd.
Lehner Lifttechnik GmbH
LIFT-U, a Division of Hogan Mfg., Inc.
Mobility Networks (Holdings)
NAMI Lift AB
Phoenix Lifting Systems
Precision Lift Industries
Pride Mobility Products Corp
RAM Manufacturing Ltd.
Symmetry Elevating Solutions
TKS Heis AS
Market Segmentation by Automotive Lift
Single-Post Split Platform
Standard Dual-Post Platform
Under Vehicle Lifts (UVLs)
Market Segmentation by Building Lift
Vertical Platform Lifts (VPLs)
Inclined Platform Lifts (IPLs)
Market Segmentation by Power Type
Market Segmentation by Geography
View report details: https://www.arizton.com/market-reports/wheelchair-lift-market-2023
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Source: EIN Presswire