Stair Lift Installation in Residential Space Segment to Reach US$ 1,000 Mn by 2025

Due to the convenience they offer, stair lifts are now widely used in residential and commercial spaces/public spaces. In the residential domain, new stair lifts are being installed in most dwelling places. Stairlifts are also being increasingly installed in commercial settings such as hospitals, restaurants/hotels, and other public spaces.

According to a report from Persistence Market Research, the residential spaces segment in the global stair lifts market which was US$ 631.5 Mn in 2017, is predicted to reach a market valuation of over US$ 1,000 Mn by the end of 2025. With the rising popularity of stair lifts in commercial buildings, the commercial spaces segment is expected to witness a CAGR of 6.4% during the forecast period 2017-2025.

The report segments the stair lifts market on the basis of rail type, install location, power source, and region.

Rail Type

• Straight Stair Lifts
• Curved Stair Lifts
• Platform Stair Lifts

Location

• Residential Spaces
• Commercial Spaces

Power Source

• Alternating Current (AC)
• Direct Current (DC)

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

The key findings of the report are as follows –

• Stair lift installation in residential spaces has increased over that in commercial spaces as stairlifts are a preferred option for home accessibility among older people.
• The stair lifts market is expected to grow even further with the growing incidence of medical issues osteoporosis, arthritis and fractures in vertebrae among the elderly.
• Helped by numerous government and non-government organizations, several public places are expected to experience an increase in the installation of stair lifts in the coming years.
• Due to the high equipment and installation costs associated with stair lifts, the residential spaces segment might face a restriction in revenue growth.
• Commercial use of stair lifts may not be affected, as projects pertaining to public places typically come with a higher budget and factor in user friendly infrastructure.

A wide variety of stair lifts are now available with customized features to meet the customer application requirements.