The platform lift market is projected to grow at a significant rate on account of increasing investments in accommodation to cater to the ever-growing population. Several residential and commercial buildings have installed platform lifts to enable movement and have wheelchair access. The emerging laws related to wheelchair access in all commercial buildings, such as hospitals and clinics, drive market growth. Growing awareness among the disabled and the aged population regarding advanced mobility equipment provides an impetus to the market growth.
As per the World Health Organization (WHO), about 15% of the world’s population lives with some form of disability, of which around 4–5% experience difficulty while functioning. The rising prevalence of ambulatory disability, especially in geriatrics, prompts the need for platform lifts.
| Report Metric | Details |
|---|---|
| Base Year | 2022 |
| Study Period | 2021-2031 |
| Forecast Period | 2023-2031 |
| CAGR | 8.1% |
| Market Size | 2410 |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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The platform lift market is strongly supported by the burgeoning end-user industries such as restaurants, hotels, churches, commercial places, offices, and institutions. The use of platform lifts has a smaller footprint as compared to the traditional passenger lifts. Albeit, they are extensively used in existing buildings where the installation of passenger lift is not possible and feasible. The old construction building owners prefer platform lifts to provide services for elderly and disabled people.
Platform lifts are also increasingly used in restaurants and hotels as they are flexible and cost-effective. They provide accessibility and mobility, particularly in low-rise buildings. Rising innovations in the field of platform lift, coupled with a higher emphasis on user safety and space optimization, provides an impetus to the market growth.
Increasing consumer demand for luxury amenities, coupled with burgeoning spending power, has compelled the manufacturers to develop innovative products in order to gain a customer base. Globally, the government and private sectors are channelizing efforts to incorporate platform lifts in their premises to meet mobility requirements. The Association for Driver Rehabilitation Specialists and other agencies are aiming to prepare social shifts related to aging populace in order to ensure the safe participation of all individuals.
The global strategy and plans of various international organizations for the promotion of building systems to address the need for geriatrics and differently-abled people drives the market growth. For instance, in 2002, the Madrid International Plan of Action on Ageing (MIAA) was adopted for the promotion of elderly participation in various economic activities.
These government initiatives are encouraging public and private owners to design services suited for geriatrics and individuals that face difficulty while walking. The implementation of these policies across the emerging markets and developed countries drive the market growth.
Asia-Pacific dominates the platform lifts market on account of rapidly expanding construction activities, coupled with burgeoning government investments. China, India, Vietnam, and Indonesia are the largest construction markets. Apart from this, the region also houses more than half of the global population, resulting in numerous residential construction projects. Rapid industrialization and urbanization with growing expenditures on infrastructure projects provide an impetus to the regional market growth. The below-mentioned info-graph depicts the estimated market potential for the regions during the forecast period.
In 2019, Beijing announced about 300 construction projects with an investment expected to reach USD 35 billion. The country is also focusing on new airport development and construction projects, which will augment the demand for platform lifts. With the rising population, growing economy, and government initiative, India has become the fastest-growing construction market in the world.
The changing demographic factors in Europe have largely impacted the platform lift market. The region houses the largest geriatric population in the world, further driving the demand for platform lifts. Around 37% of the population aged 65 years and above live in Central and Southern Asia, followed by Europe with 29%. As per the UN projections, the geriatric population is projected to reach around 1,548 million by 2050. Thus, the rising pool of geriatric population provides an impetus to the market growth. The below info-graph depicts the distribution of the geriatric population by region for the year 2019.
The residential segment dominates the platform lift market on account of the increasing residential construction activities across the globe. Additionally, the advancements in designs, increasing disposable income, rising spending of the middle-class populace, and high government expenditures provide an impetus to the segment growth.
The commercial segment, on the other hand, is projected to witness exponential growth on account of rising private investments to build platform lifts as they require small spaces and are capable of carrying about 2–4 wheelchairs. Corporates and office spaces usually prefer step lift platform as they can be installed on curved staircases. The step lifts eliminate the need for a deep pit and are best suited for tight spaces.
