According to Future Market Insights, the Vertical Platform Lift market is poised to achieve a value pool of US$ 8 billion by the end of 2023. The global demand for vertical platform lifts is projected to surge at a CAGR of 6.5%, reaching US$ 15 billion by 2033.
The surge in construction activities worldwide, spanning industrial, residential, and commercial sectors, stands out as a primary catalyst propelling market expansion. The installation of vertical platform lifts is witnessing a significant uptick, driven by the growing need for lightweight, reliable, smooth, and quiet rides. Additionally, the defense sector remains a lucrative avenue for manufacturers, presenting ample opportunities for market growth.
Vertical platform lifts serve various purposes, including facilitating the movement of disabled and injured individuals, transporting goods and equipment, and enabling access to different levels. This multifaceted utility of the device emerges as a pivotal factor fueling market growth, as it addresses diverse accessibility needs across different settings.
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Demand Factors
The demand for accessibility solutions has been on the rise, driven by a growing awareness of the importance of inclusivity. Vertical platform lifts offer a reliable and safe means for individuals with mobility challenges to access various spaces, contributing to their increasing popularity. This trend is particularly pronounced in societies with aging populations, where accessibility considerations become paramount.
Safety remains a paramount concern in the realm of mobility devices, including vertical platform lifts. These lifts are engineered to meet stringent safety standards, instilling confidence in users and further fueling demand. As safety continues to be a focal point, the market for vertical platform lifts is anticipated to experience sustained growth.
The burgeoning market for smart homes presents another avenue for the expansion of the vertical platform lift market. With the rising adoption of smart home technologies, there is a growing need to integrate accessibility features seamlessly into these systems. Vertical platform lifts, with their ability to be incorporated into smart home setups, offer a convenient solution to enhance accessibility in residential settings.
Moreover, the market for aging-in-place solutions is witnessing notable growth, driven by demographic shifts toward an aging population. As more individuals seek to age comfortably in their own homes, the demand for vertical platform lifts as part of aging-in-place solutions is expected to surge. These lifts provide seniors with a safe and efficient means to navigate their homes independently, aligning with the preferences of aging homeowners.
Key Manufacturers and Suppliers of Vertical Platform Lift
- Harmar
- Savaria
- Genie
- JLG
- Vestil
- WESCO
- Stiltz Lifts
- Schumacher Elevator
- Garaventa Lift
- ThyssenKrupp Access
- Terry Lifts
- Daytona Elevato
- Express Lift
- AreaLift.
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Market Segmentation
By Types:
- Enclosed Vertical Platform Lift
- Open Vertical Platform Lift
By Applications:
- Residential
- Commercial
By Region:
- North America
- USA
- Canada
- Latin America
- Brazil
- Mexico
- Others
- Europe
- Germany
- Italy
- France
- United Kingdom
- Spain
- Nordics
- Benelux
- Russia
- South Asia & Pacific
- India
- ASEAN
- Oceania
- East Asia
- China
- Japan
- South Korea
- Middle East and Africa
- GCC Countries
- Turkey
- Northern Africa
- South Africa