As per Future Market Insights, the Vertical Platform Lift market is anticipated to attain a value pool of US$ 8 billion by 2023-end. Global demand for vertical platform lifts is expected to rise at a CAGR of 6.5% to US$ 15 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 8 billion |
| Projected Market Value in 2033 | US$ 15 billion |
| Growth Rate (2023 to 2033) | 6.5% CAGR |
Demand for the device will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Increasing demand from daily life of people will extend its opportunities in near future, however, sales of Vertical Platform Lift in defense sector will provide momentum.
With growing construction activities, such as industrial, residential and commercial buildings across the globe, installation of the vertical platform lifts is the major driving factor for market growth. Growing end-user demand for lightweight, dependable, smooth and quite ride continues to drive demand for Vertical Platform Lift. Defense applications continue to be a lucrative possibility for the manufacturers.
The device provides access to different levels, such as moving disable & injured people, transporting goods & equipment, and people. Thus, the need of device is to provide access to different levels as a pivotal factor which considerably boosting the market growth.
The residential segment is primarily driving the vertical platform lift market on account of the cumulative residential construction activities across the globe. Moreover, the existing need for geriatric population, the advancements in designs, and high government expenditures provide a push to the segment growth.
On the other hand, the commercial segment is projected to witness exponential growth on account of rising investments to build Hospitals, corporates and office spaces. The step lifts eliminate the need for a deep pit and are best suited for tight spaces.
On account of rapidly expanding construction activities, Asia pacific is expected to be a leading regional market coupled with growing government investments.
Countries such as China, India, Vietnam, and Indonesia are included in the largest construction markets with its increasing population, which results in abundant development in residential constructions. Prompt industrialization and rapid urbanization with growing expenses on infrastructure plans drive the regional market growth.
North America is expected to remain frontrunner over the forecast period in terms of market growth where USA is considered as one of the largest market in the globe. High installment of lifts in residential and commercial building in USA and Canada is expected to deliver high growth for the regional market.
Presence of many manufacturers in many European countries will surge the market growth. Also, the mandatory rules and regulations of European government to provide access to the wheelchair at public places such as theaters, museums, restaurants, hotels, and others are likely to upsurge the market growth during the forecast period.
European countries have been severely impacted by the COVID-19 crisis, which has led to a decline in engineered equipment production and supply. However, demand from healthcare sector is expected to be unabated with requirement of mobility aids in patient care procedures thereby necessitating the use of vertical platform lifts
Some of the leading manufacturers and suppliers include
Many leading manufacturers and suppliers have longstanding contracts with end-users to supply customized of the device as per customer’s requirements.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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