Straight Stairlift Market to Reach $1.1 billion, Globally, by 2032 at 7.5% CAGR: Allied Market Research
An increase in the number of old age population, surge in incidents of disabling accidents, rise in disposable income of people in developing parts of the world, and various advantages of straight stairlift over its counterparts drive the straight stairlift market growth.
Wilmington, Delaware , April 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Straight Stairlift Market by Installation Site (Indoor and Outdoor), Maximum Load Capacity (Less than 130 Kg, 130-160 Kg, and More than 160 Kg), and Ownership Type (Owned and Rental): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global straight stairlift industry generated $0.4 billion in 2020, and is anticipated to generate $1.1 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032. *Prime determinants of growth*
An increase in the number of old age population, surge in incidents of disabling accidents, rise in disposable income of people in developing parts of the world, and various advantages of straight stairlifts over its counterparts drive the straight stairlift market growth. However, high installation costs and frequent maintenance needs restrict the market growth. Moreover, technological advancements and innovations in straight stairlifts present new opportunities in the coming years.
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*Report coverage & details:*
*Report Coverage* *Details* Forecast Period 2023–2032 Historical Year 2020-2021 Base Year 2022 Market Size In 2022 $0.4 Billion Market Size In 2032 $1.1 Billion CAGR 7.5% No. Of Pages In Report 189 Segments Covered Installation Site, Ownership Type, Maximum Load Capacity, And Region. Drivers Rise In Number Of Old Age Population Increase In Disposable Income Opportunities Technological Advancements And Innovation Is Straight Stairlifts Restraints High Installation And Maintenance Cost
*COVID-19 Scenario*
· The outbreak of the COVID-19 pandemic had a negative impact on the global straight stairlift care market, owing to temporary closure of manufacturing firms during the lockdown.
· The production and sale were both hampered due to the closure of construction sites across the globe, especially in the initial period of the pandemic.
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*The indoor segment to maintain its leadership status throughout the forecast period *
By installation site, the indoor segment held the highest market share in 2020, accounting for nearly two-thirds of the global straight stairlift market revenue, and it is estimated to maintain its leadership status throughout the forecast period. Most of the stairs that provide accessibility between the floors are commonly installed inside the home; thus, increasing the demand for indoor straight stairlifts. However, the outdoor segment is projected to manifest the highest CAGR of 7.9% from 2023 to 2032, owing to the improving living standards across consumers where they install stairlifts in gardens or backyards.
*The owned segment to **maintain** its leadership status throughout the forecast period*
By ownership type, the owned segment held the highest market share in 2020, accounting for nearly nine-tenths of the global straight stairlift market, and is estimated to maintain its leadership status throughout the forecast period. The long-term cost of a stairlift is less as compared to the rental ones; eventually, increasing the demand for owned straight stairlifts. However, the rental segment is projected to manifest the highest CAGR of 8.0% from 2023 to 2032. People with temporary disability such as people who have gone through some surgery install rented stairlifts.
*The 130-160 Kg segment to **maintain** its lead position during the forecast period*
By maximum load capacity, the 130-160 Kg segment accounted for the largest share in 2022, contributing to more than half of the global straight stairlift revenue, and is projected to maintain its lead position during the forecast period. The 130-160 Kg segment include stairlifts that cater to the needs of a wide variety of population. However, the less than 130 Kg segment is expected to portray the largest CAGR of 8.3% from 2023 to 2032. The less than 130 Kg segment offers a perfect balance between the affordability and functionality.
*Europe to **maintain** its dominance by 2032*
By region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly half of the global straight stairlift market revenue, and is likely to dominate the market during the forecast period. Europe has the largest old age population that has a significantly high disposable income; two factors paramount for the growth of stairlifts in any region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.9% from 2023 to 2032, owing to rapidly increasing disposable income of people and increasing number of old age population.
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*Leading Market Players: - *
· Acorn Stairlifts
· Bruno Independent Living Aids
· Stannah Stairlifts
· Handicare Group
· Harmar Mobility
· Savaria, Platinum Stairlifts
· Thyssenkrupp Access Solutions
· Bespoke Stairlifts
· Summit Lifts
The report provides a detailed analysis of these key players in the global straight stairlift care market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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