Global Platform Lift Market Grows Steadily at a CAGR of 5.27%

Introduction

A platform lift is a mobility solution designed to help individuals with disabilities or mobility impairments access different building levels. Unlike traditional elevators, platform lifts are compact and cost-effective, making them ideal for homes, offices, and public spaces. They operate using hydraulic or electric mechanisms and can be installed indoors or outdoors, depending on accessibility needs. These lifts come in various designs, including vertical and inclined models, catering to different architectural requirements.

Market Dynamics

Growing demand for accessibility solutions in public and private spaces drives the global market

The global platform lift market is experiencing growth driven by the rising demand for accessibility solutions in both public and private spaces. Governments and organizations are placing greater emphasis on inclusivity, implementing stricter regulations, and investing in infrastructure improvements to better accommodate individuals with mobility challenges.

• For example, Stony Brook University in New York completed a $38 million renovation of its Javits Lecture Center between 2021 and 2023, incorporating custom wheelchair lifts. This effort preserved the building’s iconic design while improving accessibility.

As awareness of accessibility needs increases and legal requirements become more stringent, the demand for platform lifts is expected to grow significantly across commercial, residential, and public infrastructure projects worldwide.

Growth in smart and connected lifts 

The global platform lift market is experiencing significant growth, fueled by the increasing adoption of smart and connected technologies. The demand for seamless accessibility, combined with advanced safety features, makes smart platform lifts a major opportunity in the evolving mobility sector. Innovations in IoT, AI, and cloud-based systems are transforming traditional platform lifts into intelligent solutions for modern mobility needs.

• For example, in August 2024, Otis launched its Gen3™ connected elevator platform at the ‘Platform for Possibility’ event in Kuala Lumpur. This next-generation elevator integrates advanced digital connectivity with Otis ONE™ IoT technology, allowing real-time monitoring, predictive maintenance, and an enhanced passenger experience.

These technological advancements are driving market growth, especially in commercial and residential sectors, where there is increasing demand for energy-efficient.

Regional Analysis

North America dominates the global platform lift market due to strict accessibility regulations, high urbanization rates, and significant investments in smart infrastructure. The Americans with Disabilities Act (ADA) mandates accessibility in public and private buildings, driving demand for platform lifts. The U.S. and Canada have extensive installations in residential and commercial spaces, including malls, offices, and transit stations. The rising aging population further fuels the demand for home mobility solutions.

• For example, U.S.-based Savaria Corporation, a key player, has expanded its product range to meet growing accessibility needs, ensuring compliance with ADA standards while integrating advanced automation features.

Key Highlights

• The global platform lift market size was valued at USD 1.52 billion in 2024 and is estimated to grow from USD 1.62 billion in 2025 to reach USD 2.77 billion by 2033, growing at a CAGR of 5.27% during the forecast period (2025–2033).
• By platform type, the market is segmented into vertical platform lifts, inclined platform lifts, foldable platform lifts, and mobile platform lifts. The vertical platform lifts segment owns the highest market share.
• By drive mechanism, the global platform lift market is segmented into hydraulic, mechanical, and pneumatic. The hydraulic segment owns the highest market share.
• By applications, the global platform lift market is segmented into residential, commercial, industrial, and institutional. The commercial segment owns the highest market share.
• North America is the highest shareholder in the global market.

Competitive Players

1. KONE
2. Aritco
3. Savaria
4. Alimak
5. Stannah
6. Thyssenkrupp
7. Lift Manufacturer
8. Toshiba
9. Hitachi
10. Fujitec
11. Schindler
12. Mitsubishi Electric
13. LEWCO
14. Otis
15. Baker Lift

Recent Developments

• In September 2024, Access BDD, a U.K.-based leader in mobility solutions, announced that it is set to introduce its Supra Linea Platform Lift to the North American market. Designed for both commercial and residential applications, this state-of-the-art lift provides a safe, smooth, and space-efficient solution for individuals with mobility challenges.

Segmentation

1. By Platform Type
   1. Vertical Platform Lifts
   2. Inclined Platform Lifts
   3. Foldable Platform Lifts
   4. Mobile Platform Lifts
2. By Drive Mechanism
   1. Hydraulic
   2. Mechanical
   3. Pneumatic
3. By Applications
   1. Residential
   2. Commercial
   3. Industrial
   4. Institutional
4. By Regions
   1. North America
   2. Europe
   3. Asia-Pacific
   4. Latin America
   5. The Middle East and Africa