The global stair lift motors market is expected to reach a value of US$ 196.2 million in 2023 and is projected to grow to US$ 307.6 million by 2033, with a significant CAGR of 4.6% during the forecast period.
Stair lift motors are in demand, particularly in urban areas, as a comfortable solution for the elderly who have difficulty using stairs. They are also used in medical emergencies and are increasingly installed in supermarkets and shopping malls.
The drivers for the market include convenience, safety features, technological progress, and energy efficiency. The flexibility, low maintenance cost, and reduced weight of stair lift motors make them convenient for users.
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Advanced safety features reduce the risk of falls and increase their adoption by handicapped individuals, the elderly, and children. Technological advancements in the industry and energy-efficient AC power stair lift motors contribute to market growth. However, there are some restraints to consider.
The installation of stair lift motors requires trained personnel and a lack of familiarity with local elevator codes can hinder the market growth. The high cost and negative customer feedback regarding post-sales service are also challenges. Moreover, concerns about potential injuries due to improper installation present ongoing challenges for the market.
Regional Analysis
Europe is expected to dominate the global stair lift motors market, with a projected market share of 44% during the forecast period. The demand for mobility wheelchair drives is anticipated to rise in countries like the United Kingdom, Germany, and France, driven by the growing geriatric population.
The North American region is expected to hold the second position with a market share of 27%. The adoption of stair lift motors is increasing in North America, particularly in hospitals, contributing to market growth.
India is emerging as a promising market with a growth trajectory of 5.9%. The country’s increasing elderly population and government initiatives promoting inclusivity and accessibility have fueled the demand for stair lift motors.
Straight-rail stair lifts hold a significant market share of 31.9% and are widely used in residential and commercial settings.
The commercial sector is expected to account for 52.2% of the stair lift motor market, as commercial buildings install these lifts to improve accessibility and comply with regulations.
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How the Start-ups Have Altered the Traditional Stair lift Market Trends?
Recently, new start-up companies are coming forward with their innovative skills to expand the stair lift motors market growth. The start-ups are using advanced and technical methods such as permanent magnet DC brush motors to solve many issues related to stair lift motors. They are settings goals to make the motors more convenient, reliable, and budget-friendly for consumers in the coming years.
Recent Developments
Stannah established an e-commerce portal in November 2020 to allow clients to purchase a stair lift online. Through an omnichannel approach, the firm can improve its sales revenue.