US Stair Lift Market size was valued $230.5million in 2019, estimated to grow at a CAGR of 4.5% during 2020-2025. The rising geriatric population especially including aged people having difficulty while climbing on the stairs and the growing home aesthetics are the most significant factors that are driving the US stair lift market. Furthermore, stair lifts provides the ability to be installed on any type of staircase, and are also added with optional features such as curved stair lift, straight stair lift and so on. These features thus meet the needs of the people making the adoption easy which will further lead to propel the US Stair Lift market growth during the forecast period.
- The increasing demand for curved stair lift among the elderly population in the US is highly enhancing the stair lift market
- The growing use of e-commerce platforms and the changing customer’s behavior towards online shopping are also making the trade of stair lifts more economical which is further fuelling the growth of the US stair lift market.
- Moreover, the adoption of 3D imaging and virtual reality has also become the key factors that are significantly driving the US stair lift market.
- The high cost of installation and the increasing requirement of electricity in order to run the stair lifts are the major disadvantages that are hindering the growth of the market.
Type of Product - Segment Analysis
Curved stair lift segment held the largest share in the US stair lift market in 2019. The curved stair lifts are specifically designed to suit different types of staircases having turns or are in spiral form. This type of stair lift are widely used by the elderly as it does not require any extra support to handle. Also, in 2019 Platinum Stairlift has launched curved stair lifts in order to address the growing demand for stair lift among the geriatric population. Thus, the growing demand for curved stair lift in the US will further fuel the growth of the stair lift market.
Mobility - Segment Analysis
The majority of the sales occurs through the use of stair lift for indoor purposes and it is forecasted to grow at a CAGR of 3.2% in 2019. The stair lifts can be mounted on any stairs irrespective of their installation location, indoor or outdoor surroundings. However, the use of stair lift for indoor setup is growing significantly and is also considered to be the most lucrative technology in the stair lift industry used in the US. Furthermore, the primary use of the stair lifts occurs in hospitals, rehabilitation centers and residential environments are leading to the rising use of stair lifts for the indoor purposes.
Drivers – US Stair Lift Market
- Rising outreach of E-commerce
The rising of the E-commerce industry in the recent times has made a positive impact on the US stair lift market. Moreover, majority of the population in the US highly relies on online shopping for purchasing various products. This increasing outbreak of e-commerce has resulted in the easy trading of stair lifts and most of the companies are selling refurbished stair lifts at a relatively economical rates. Also, the proliferation of the e-commerce industry is becoming dense on a daily basis, and the demands for stair lifts are expected to flow through virtual platforms including Amazon, Alibaba and so on. This factors in turn support the growth of the stair lift market in the US.
- Adoption of Emerging Digital Trends
The adoption of emerging digital trends such as the latest technologies including virtual reality and 3D imaging improve the construction of used stair lifts. Furthermore, 3D imaging also helps the customers to imagine the appearance of the stairs once they are mounted. In addition, the virtual reality device hololens optimizes the installation of the stair lift by increasing the measuring speed, thereby providing more room for visualization of graphical features such as rail color. These factors significantly propel the growth of the US stair lift market.
Challenges – US Stair Lift Market
- High Installation Cost and Requirement of Electricity
The high cost of installation of stair lift and the need for electricity are the major factor hampering the growth of the US stair lift market. The stair lift which are used nowadays incurs high cost of installation and maintenance which affects the use of stair lifts for indoor purposes. Moreover, stair lifts need electricity to run which are not possible in every area and also lead to increase in the electric bill which hinders the use of stair lift in many home care settings. These key factors dampens the growth of the US stair lift market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the US stair lift market. In 2019, the market of US stair lift has been consolidated by the top ten players – Acorn Stairlifts Inc., Bruno Independent Living Aids, Harmar, Kumalift Co. Ltd., Otolift, Savaria Corp., MediTek, Platinum Stair lifts, ThyssenKrupp AG, Handicare, Stannah Lifts Holding Ltd
- In March 2019, Platinum Stairlift launched its single tube curved stairlift, which is designed to fulfill the increasing demand for the domestic stairlifts. Additionally, the company has also chosen Dolphin Mobility as an integral launch partner of the new product which will also lead to evaluation and development of the product leading to provide reliability the customers.