Stair Lifts And Climbing Devices Market Analysis by Application and Competitive Insights to 2028

Posted on 2022-08-25 by researchinsights in Industrial // 0 Comments

Stair Lifts and Climbing Devices Industry Overview

The global stair lifts and climbing devices market size was valued at USD 1.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028.

The market is projected to witness critical growth on account of the rise in the number of injured people and increasing disability in senior adults. According to the world report on disability 2011 by the World Health Organization (WHO), about 15% of the world population is suffering from some form of disability who are in need of mobility aids, which can give independence to people and reduce pain. There are various items such as stair lifts, wheelchairs, and climbing canes that are intended to assist individuals with restricted portability to move around freely and autonomously.

These devices are easy to use and provide effective mobility solutions to people. In recent years, stair lifts have become a popular choice for the elderly and people with limited mobility. A stair lift is fundamentally an engine-controlled wheelchair on rails. They are fabricated to work on the ‘pinion and racks’ innovation, empowering wheelchair-bound individuals or people with portability issues to utilize flights of stairs and steps effortlessly.

Gather more insights about the market drivers, restrains and growth of the Global Stair Lifts And Climbing Devices Market

COVID-19 keeps on making market growth unsure, and consequently, momentary demand is hard to anticipate. In any case, upheld by the appealing basic long haul development essentials that portray the accessibility of the market and expected market recovery, the market sees emphatically on the advancement post-COVID-19. Due to the pandemic, almost certainly, the end users will not have the option to spend a sufficient measure of upfront expense on stair lifts. Global sellers like Handicare group are taking a few measures to adjust the circumstance by making vital changes, like considerable expense decrease and a decline production limit.

Technological advancements, like outdoor, curved, and wheelchair-incorporated lifts, are expected to boost the market growth. Sellers are probably going to positively affect the market by giving free conveyance and various financing alternatives to purchasers. The expanding accessibility of these machines in the market is projected to reinforce the interest during the forecast period.

Today, numerous individuals know about the upsides of stair lifts, which has prompted expanded demand for this versatility equipment. With trend-setting innovation, step lifts with a wide scope of helpful highlights like movable seats, collapsing step, flip-up rail, battery segregation switches, call stations, speed regulator, safety belts, delicate stop button, and so forth are currently accessible on the lookout.

According to the WHO, 2 billion people of the world’s population are expected to be aged 60 years by 2050. This shows that the demand for stair lifts is expected to increase later on. However, this development might be deterred by the expanded expense brought about in the purchase and establishment of stair lifts. The normal expense for purchasing a straight stair lift is around USD 3, 000 to USD 4,000 and the cost of bent stair lifts and those with extra in-assembled highlights is around USD 15,000 – substantially more costly than the straight stair lift.

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