Vertical Platform Lift Market Outlook (2023 to 2033)
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 liftsis 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
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Growing demand for accessibility solutions: The demand for accessibility solutions has been increasing steadily in recent years, as more people seek ways to make their homes and businesses more inclusive for individuals with disabilities. Vertical platform lifts provide a safe and reliable way for people with mobility impairments to access buildings, homes, and other spaces. As a result, the demand for these lifts is growing, particularly in aging societies where accessibility becomes an even greater concern.
Increasing focus on safety: Safety is always a top concern when it comes to mobility devices, and vertical platform lifts are no exception. These lifts are designed to meet the highest safety standards, making them a safe and reliable option for individuals with mobility impairments. As the focus on safety continues to grow, demand for vertical platform lifts is expected to increase.
Growing market for smart homes: The market for smart homes is also expected to drive the growth of the vertical platform lift market. Smart homes are becoming increasingly popular, and many people are seeking ways to make their homes more accessible for individuals with disabilities. Vertical platform lifts can be integrated into smart home systems, making them a convenient and efficient way to provide accessibility.
Growing market for aging-in-place solutions: The market for aging-in-place solutions is another key driver of the vertical platform lift market. As the population ages, more people are looking for ways to stay in their homes as they get older. Vertical platform lifts provide a safe and effective way for seniors to access their homes, making them a popular choice for aging-in-place solutions.
Rising Demand, Innovation, and Collaboration: The Prominent Opportunities Fuelling Growth in the Vertical Platform Lift Market
Growing demand in the residential sector: One of the biggest opportunities in the vertical platform lift market is the growing demand for these lifts in the residential sector. As more people age and choose to remain in their homes, the demand for accessibility solutions like vertical platform lifts is expected to rise. This presents a significant opportunity for companies in the industry to expand their offerings and improve their presence in the residential market.
Customization of products: Another opportunity in the vertical platform lift market is the customization of products. As the needs of customers continue to evolve, there is a growing demand for products that can be tailored to meet specific requirements. Companies that offer customized products will be able to meet the needs of a wider range of customers and gain a competitive advantage in the market.
Green and sustainable products: With an increasing focus on sustainability and reducing the carbon footprint of buildings, there is a growing demand for green and sustainable products. The vertical platform lift market is no exception, and there is a significant opportunity for companies to develop and market sustainable products that meet the needs of environmentally conscious customers. This presents an opportunity for companies to differentiate themselves from their competitors and attract a new customer base.
Service and maintenance: Service and maintenance is another opportunity in the vertical platform lift market. As the demand for these lifts continues to grow, there will be an increasing need for service and maintenance. Companies that offer high-quality service and maintenance will be well-positioned to capitalize on this opportunity and improve their revenues and profitability.
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.
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What is Driving Demand for Vertical Platform Lift?
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.
Residential Segment to Lead the Vertical Platform Lift Market
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.
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Asia Pacific Market Assessment
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 Market Outlook
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.
Europe Demand Scenario
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
Who are the Key Manufacturers and Suppliers of Vertical Platform Lift?
Some of the leading manufacturers and suppliers include
Harmar
Savaria
Genie
JLG
Vestil
WESCO
Stiltz Lifts
Schumacher Elevator
Garaventa Lift
ThyssenKrupp Access
Terry Lifts
Daytona Elevato
Express Lift
AreaLift.
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.
