Future Market Insights (FMI)’s upcoming research study on the global Platform Lifts market lays bare undercurrents and opportunities for key market stakeholders. The report provides in-depth insights on the Platform Lifts market through a detailed analysis of key growth drivers, restraints, trends, challenges, and revenue growth based on historical data. Valuable information and forecast statistics covered in the Platform Lifts market report will help to exist and potential new market players to craft long-term strategies as well as maintain business continuity during a crisis.
Platform lifts are primarily designed to give reasonably priced access to people who have difficulty with a staircase. These platform lifts are available in the market in different sizes and shapes according to the application. Platform lifts are installed in low-rise buildings where passenger lifts are not available. Each platform lift has a different advantage depending on the installed area and the functionality of the lift in the needed area.
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COVID-19 Impact Analysis
As with many industries, the recent outbreak of the COVID-19 has adversely affected the industrial automation & equipment industry. The Platform Lifts market is no exception. Following government’s measures, particularly social distancing norms and shelter-in-place orders, companies active in the Platform Lifts market have put their production on a halt. Additionally, movement restrictions have created a logistical nightmare for market players, while the lack of ‘essential’ status caused a decline in sales.
The FMI’s report covers an exclusive chapter on the initial COVID-19 impact on the Platform Lifts market. This allows both incumbent companies and new entrants to understand the market scenario during a crisis and helps them make sound decisions to gain a distinct competitive edge.
Platform Lifts Market: Market Dynamics
Consumer inclination towards leisure facilities has increased substantially in the last few years due to high growth in the disposable incomes in the developed as well as in the developing countries. The recent trend observed in the platform lifts market is that the better customers are treated the more they tend to spend and there are higher chances of their return. Therefore, global retailers are focusing more on enhancing the customer experience in their stores.
The global population of 60 years and older people is expected to witness very high growth and is expected to nearly double from 12% in 2015 to 22% in 2050. This will also accelerate the demand for platform lifts in the global market. Government authorities all over the world are also focusing to uplift the community of disabled people.
According to Disability Discrimination Act 1995, it is mandatory for every cinema, museum, restaurant, hotel, and other leisure facility to have easier access in every area for people with walking difficulties and who are using wheelchairs. Such rules and regulations will also contribute to an upsurge in the demand for platform lifts.
Platform Lifts Market: Regional outlook
North America is expected to remain platform lifts market frontrunner over the forecast period. High installment of platform lifts in residential and commercial buildings in the U.S. and Canada is expected to deliver high growth for the platform lifts market. The European platform lifts market is estimated to gain high traction as governments in European countries raise new standards for the safety requirement of the platform lift. The factors such as increasing purchasing power of people, developing infrastructure, and improved consumer sentiments are all together driving the quality of living people, which in turn, increases the demand for platform lifts.
A large number of platform lift manufacturers are setting up their manufacturing units across India and China, and this is expected to upsurge the demand for platform lifts on a domestic level. Manufacturers in Japan are focusing on product innovation to develop new and advanced products and advancement of manufacturing techniques to cater to the demand from respective end customers. Latin America and the Middle East are also expected to deliver positive growth in the platform lifts market, over the forecast period.
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Platform Lifts Market: Segmentation
To analyze the Platform Lifts market effectively and efficiently, the information has been segregated into key segments and sub-segments.
Based on product type, the platform lifts market can be segmented as
Low-Speed platform Lift
Cabin Lift
Enclosed Platform Lift
Open Platform Lift
Wheelchair Platform Stairlift
Based on platform type, the platform lifts market can be segmented as
Vertical Platform Lifts
Inclined Platform Lifts
Portable Platform Lifts
Based on end-use type, the platform lifts market can be segmented as
Residential area
Commercial office
Public applications
Platform Lifts Market: Competition Analysis
The FMI’s study presents an extensive analysis of global, regional, and country-level players operating in the Platform Lifts market based on their innovative launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Platform Lifts market report.
Key players covered in the report include:
Dover Corporation
Express Lift
Fujitec Co. Ltd.
HyundaiElevator
Mitsubishi Electric
SchindlerElectric
Otis Elevator
Crucial Questions Answered in the Report
Which end-use industry remains the top consumer of Platform Lifts in different regional markets?
At what rate has the global Platform Lifts market been expanding during the forecast period?
How will the global Platform Lifts market look like by the end of the forecast period?
What innovative technologies are the Platform Lifts market players adopting to stay ahead of the pack?
What are the restraints affecting the growth of the global Platform Lifts market?
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Key Offerings of the Report
Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for market players in different regional markets
Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with the necessary information to make critical decisions
Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Platform Lifts market