Market Size of Stair Lift Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.08 Billion |
| Market Size (2029) | USD 1.36 Billion |
| CAGR (2024 - 2029) | 4.73 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Stair Lift Market Analysis
The Stair Lift Market size is estimated at USD 1.08 billion in 2024, and is expected to reach USD 1.36 billion by 2029, growing at a CAGR of 4.73% during the forecast period (2024-2029).
The factors such as the aging population, accompanied by challenges such as mobility, and safety, have been driving the stairlift market's growth in the past few years.
- According to the report published by World population prospects in 2022, The global population share of people aged 65 years or above is projected to increase from 10% in 2022 to 16% in 2050, which means people aged 65 years or over worldwide are projected to be twice more than the number of children under age five and about the same as the number of children under age 12 by 2050. So, this age group is more likely to have issues with mobility and would require assistance.
- Also, the World Health Organization (WHO) in 2022, an estimated 1.3 billion people - about 16% of the global population - currently experience significant disability. Around 75 million people rely on a wheelchair for their daily commute. These instances limit the disabled population's access to services such as healthcare centers, work, and educational institutions while increasing their dependency.
- Further, one of the primary drivers for the demand for stairlifts by elderly and disabled people living in healthcare facilities remains their inability to move safely, as professional caregivers cannot be expected to be available around the clock. Furthermore, added cost expense in hiring caregivers is beyond the financial reach of many seniors. This instance drives the growth of the market in non-residential sectors.
- Vendors in the market are leveraging technological advancements to help the disabled and aged population lead self-reliant lives. There has been an increase in the launch of modern aids like stairlift with integrated wheelchair support and curved stairlift that works into any custom stairway structure, among others. A few players in the market have also reported profit gains for the same.
- Moreover, amidst the COVID-19 pandemic, the end-user are likely be unable to spend many upfront costs on stairlifts. Global vendors such as the Handicare group are taking several measures to adapt to the situation by making necessary adjustments such as substantial cost reduction and decreased production capacity.
