Home > Mining Minerals & Metals > Platform Lift Market Size, Share & Analysis-2031 | Straits Research
Straits Research

Platform Lift Market

Platform Lift Market: Information by Product Type (Step or Short Rise Lifts, Inclined Lifts, Vertical Platform), End-Use Type (Residential, Commercial), and Region Forecast 2031

Table of Content Download Sample

Market Overview

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.

Market Snapshot

market snapshot
Base Year
: 2022
Study Period
: 2021-2031
CAGR
: 8.1 %
Fastest Growing Market
: Europe
Largest Market
: Asia Pacific
Market Size
: 2410
Get more information on this report Download Sample Report

Market Dynamics

Plethora Benefits of Platform Lifts over Traditional Lifts

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.

Government Efforts to Address the Need for Geriatrics Drives 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.

Segmental Analysis

Residential Segment to Dominate the Platform Lift Market

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.

Regional Analysis

Asia-Pacific: Home to the Largest Construction Markets

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.  

Changing Demographic Factors in Europe to Drive the Market Growth

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.

Platform Lift Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Platform Lift Market

  • Aritco
  • Cibes Lift
  • Barduva
  • Thyssenkrupp Elevator Technology
  • Stannah
  • Invalifts
  • Garaventa Lift
  • Gartec
  • Bruno Independent Living Aids, Inc.
  • Butler Mobility
  • Axess2
  • Savaria
  • The Platform Lift Company
  • Otis
  • Vestner NZ Limited

Report Scope

Report Metric Details
CAGR 8.1%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Product Type
    1. Step or Short Rise Lifts
    2. Inclined Lifts
    3. Vertical Platform
  2. By End-Use Type
    1. Residential
    2. Commercial
      1. Shopping Mall and Complex
      2. Office Space
      3. Institution
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • LATAM

Platform Lift Market Segmentation

By Product Type

  • Step or Short Rise Lifts
  • Inclined Lifts
  • Vertical Platform

By End-Use Type

  • Residential
  • Commercial
    • Shopping Mall and Complex
    • Office Space
    • Institution

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa
Price Starts From
USD 995

Purchase Benefits

  • Eligible for a free updated report next year
  • Completely customizable scope
  • 30% discount on your next purchase
  • Dedicated account manager
  • Query resolution within 24 hours
  • Permission to print the report
Want to learn more about recent trends and data ?
They Already Trust Us :
AMCAD Engineering
KOBE STEEL LTD.
Hindustan National Glass & Industries Limited
Voith Group
Need Assistance?
+1 646 480 7505 (U.S.)
+44 208 068 9665 (U.K.)
sales@straitsresearch.com

Report Benefits

  • Develop business strategies by understanding the trends shaping and driving the Market.
  • Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the MarketĀ in the future.
  • Formulate effective sales and marketing strategies by understanding the competitive landscape and by analysing the company share of market leaders.
  • Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
  • Track sales in the global and country-specific Market.
  • Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Report Snapshot
Looking For Custom Report ?
Check Our License Options :

As featured on :

clients
Trusted by Fortune 500
Over 30000+ subscribers