Europe Stair Lift Market Size

Europe Stair Lift Market Analysis

The European stair lift market was valued at USD 257.64 million the previous year and is expected to register a CAGR of 5.67%, reaching USD 358.69 million by the next five years.

Factors like the aging population and mobility and safety challenges have driven the stairlift market growth in the past few years. A stairlift is a seat moving along a rail or track attached to a stairway. An engine inside the seat's foundation is generally controlled by a battery inside the seat's foundation.

• The market is expected to grow rapidly due to the increased number of injured people and the increasing number of disabilities among senior adults. Because of their physical condition, senior adults and people with disabilities struggle to climb stairs. Nowadays, the best option, adopted by most institutions such as hospitals and nursing homes, is a stair lift.
• As per the 2021 Ageing Report by the European Commission, The EU's demographic old-age dependency ratio (i.e., the balance between people aged 65 and over and those aged 20-64) is expected to increase in the coming years. From approximately 29 percent in 2010, it had risen to 34 percent in 2019 and is projected to increase further to 59 percent in 2070, i.e., a shift from less than four working-age people for every person aged 65 years and over in 2010 to below two in 2070.
• Moreover, as per Eurostat, in 2022, more than one-fifth (21.1%) of the EU population was aged 65 and above, and the median age of the EU's population increased to 44.4 years on 1st January 2022.
• These devices are simple to use and provide people with effective mobility solutions. Stairlifts have become a popular choice for older people and people with limited mobility in recent years. A stair lift is essentially an engine-driven wheelchair on rails. They are designed to work on the 'pinion and racks' technology, allowing wheelchair-bound individuals or people with portability issues to easily use flights of stairs and steps.
• Furthermore, with recent technological advancements, vendors are trying to help the elderly and disabled population lead independent lives. There has been a rise in the launch of modern aids such as stairlift with integrated wheelchair support and curved stairlift that fits into any custom stairway structure, which in turn is boosting the stairlift market in the region.
• However, high installation costs and post-installation services are some of the challenges hindering the growth of the stairlift market in the region. Also, the potential risk of injury and faulty mechanisms due to incorrect installation is one of the challenges faced by the end-users in the market.
• However, stairlift demand faced some challenges during COVID-19 regarding market expansion. However, the market heavily concentrated on post-COVID-19 development, supported by the appealing fundamental long-term development necessities that highlighted the market's accessibility and anticipated market recovery. Due to the pandemic, the end users were likely to buy the stairlifts for senior adults and the disabled population.