Stairlift Market Prognosticated To Perceive a Superior Growth with 6.20% of CAGR By 2026

The global stairlift market is estimated to value US$ 1.2 Bn in 2017 and is projected to register a CAGR of 6.2% in terms of value during forecast period 2017–2026. The first five-year cumulative revenue (2017-2021) is projected to be US$ 6.9 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period.Technological advancements for manufacturing effective and safe equipment is a major factor expected to drive growth of the global market over the forecast period.

The global stairlift market is segmented on the basis of product type, application, and region. On the basis of product, the target market is segmented into straight stairlift and curved stairlift. The straight stairlift product segment is expected to account for highest share in the target market over the forecast period, owing to its easy installation.

The straight stairlift product type segment accounted for highest revenue share contribution in 2016, as compared to curved product type segments, and is expected to register a CAGR of over 6% between 2017 and 2026.

On the basis of application, the target market is segmented into residential area, healthcare area and public place. The residential area application segment is expected to register highest CAGR in terms of revenue and is expected to continue its dominance over the forecast period.

The residential area application segment is projected to account for highest revenue share as compared to that of other application segments, and register a CAGR of around 6% over the forecast period.

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Based on the region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is estimated to account for highest share in terms of revenue over the forecast period, owing to increasing demand for multi-functional stairlifts and presence of prominent manufacturers in countries in the region. The market in North America is estimated to account for second-highest share in terms of revenue over the forecast period, owing to increasing initiatives by government in various countries in the region for spreading awareness about home and recreational safety, comparatively quicker premarket approvals, and subsidies provided in the form of medical expense tax deduction for people with disabilities and senior citizens who need stairlifts for better mobility are major factors expected to drive growth of the North America market in the near future.

The market in Europe accounted for highest revenue share in the global stairlift market in 2016, and is expected to register a CAGR of over 6% between 2017 and 2026.

Key players operating in the global stairlift market include Acorn Stairlifts Inc., Handicare AB, Stannah Lifts Holdings Ltd., Bruno Independent Living Aids, Inc., Otolift Stairlifts, Harmar Mobility LLC, thyssenkrupp AG, Platinum Stairlifts Ltd., Meditek, Cremer Lifts Ltd., Savaria Corp., SUGIYASU Corporation, and Taicang Kanghui Technology Development Co. Ltd. – JIU YAN YANG.

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