The global wheelchair lift market is expected to cross $2.3 billion growing impressively at a CAGR 9% during 2016-2022.
Wheelchair lifts have turn out to be great mobility equipment for geriatric and physically disabled population, enabling them to travel between floors and high-rise buildings effectively. They are considered as the best alternative, especially for long distance travels, wherein vehicles need to be customized to accommodate and carry a wheelchair or a mobility scooter.
The demand is also on the rise due to innovation and product development, resulting in a broad range of customized offerings that are not only turning out to be ergonomic in design and installation but also are offering better functionality and safety features at nominal prices. Growing population of adult is also driving the market.
The report provides a holistic view of the global wheelchair lift market, the companies involved in the market, and the factors driving its growth. The report also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. This report also provides the Porter's Five Forces analysis along with a description of each force and its impact on the market. Further, the report also provides complete value chain analysis of the global market.
Wheelchair Lift Market: Key Vendor Analysis
The wheelchair lift market can be termed as attractive one on account of the growth prospects it holds. Major vendors in the global market are BraunAbility, Harmar, ThyssenKrupp AG, Savaria, and AAT.
Other vendors include Antano Group, Baronmead, SANO, Hgg, EZ-Access, KSP Italia, Focaccia, Sugiyasu, D.I.D - Daido Kogyo, Kumalift.
Wheelchair Lift Market Dynamics
Inclination of aging and disabled population toward active and independent living is a major driver
Increased emphasis on government and private organizations on productive and active lifestyle for disabled population is one of the emerging trend that is going to drive the market growth. Further, revolutionary shift in automotive designs and rise of electric vehicles, and better knowledge of mobility equipment among disabled and elderly population are among the other latest trends that will shape the market in a positive way.
Among the major growth driving factors are medicaid and private insurance enabling expenditure on wheelchair lifts, funding and incentives for these lifts in vehicular modification, and inclination of aging and disabled population toward active and independent living. The report also includes the upcoming restraints that are going to be a major hindrance to the market growth.
Wheelchair Lift Market: Segmental Overview
Automotive wheelchair lift market to witness the highest market share.
The automotive wheelchair lifts segment is expected to grow at a CAGR of 9.78% during the forecasted period, which is the highest among other end-user segments because of advancement in technology and ever-changing lifestyle that has driven the market for customized vehicles, which employ a proper and hassle-free mechanism for wheelchair lifts. The outside lifts segment has the highest market share and is expected to grow at tremendously during the forecasted period.
Wheelchair Lift Market: Geographical Analysis
North America to be the largest market.
North America is likley to be the largest market followed by Europe. The market ranks ahead of others in terms of innovation and standards in the region, paves well for product development and market structure, wherein the competition is limited, and is often termed to be more because of customer centricity, range, and service and low price.
While the demand for wheelchair lift installation in the European region is propelled by the presence of large elderly population, stringent welfare mandates for elderly and disabled, high disposable incomes, and better availability of wheelchair lift designs and solutions, the same is restrained by high prices and presence of cheaper substitutes such as ramps, portable wheelchairs, crutches, and mobility aids. The wheelchair market in APAC region is also going to witness traction due to the changes supported by government healthcare reforms.
Market Growth Enablers
Medicaid and Private Insurance Enabling Expenditure on Wheelchair Lifts
Funding and Incentives for Wheelchair Lifts in Vehicular Modification
Inclination of Aging and Disabled Population toward Active and Independent Living
Market Growth Restraint
High Purchase, Installation, and Maintenance Cost of Wheelchair Lifts
Physical and Space Limitations for Small and Medium WAVs
Perceptual Barriers Deterring User Experience
Presence of Low Expensive Alternatives Stands Major Challenge for Wheelchair Lifts
Market Opportunities & Trends
Increased Emphasis on Government and Private Organizations on Productive and Active Lifestyle for Disabled Population
Revolutionary Shift in Automotive Designs and Rise of Electric Vehicles
Better Knowledge of Mobility Equipment among Disabled and Elderly Population