IMARC Group, a leading market research company, has recently released a report titled “Wheelchair Lift Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the wheelchair lift market trends, size, share and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Wheelchair Lift Market?

The global wheelchair lift market size reached US$ 2.31 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.11 Billion by 2028, exhibiting a growth rate (CAGR) of 9.97% during 2023-2028.

What is Wheelchair Lift?

A wheelchair lift, or a vertical platform lift (VPL), is a designed mechanical device that allows individuals with disabilities or mobility impairments in wheelchairs to move between different building levels. It is installed in public buildings, homes, and vehicles that allow easy access to elevated areas, which may be challenging or impracticable for individuals with disabilities. In addition, it is available in various types and designs, including hydraulic, screw-drive, and electric-powered lifts, and can be installed outdoors and indoors based on the precise needs and preferences of the user. It offers a convenient, versatile, and secure alternative to stairs or ramps, particularly within limited space. It also provides safety, functionality, quick installation, saves space, customizes, and enhances the confidence of the individuals. As a result, wheelchair lifts are gaining immense traction to promote independence for individuals with mobility challenges across the globe.

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What are the growth prospects and trends in the wheelchair lift industry?

The market is primarily driven by the rising number of accidents and injuries resulting in the increasing use of wheelchair lifts. In addition, the escalating demand for wheelchair lifts to provide accessibility and mobility support for individuals with disabilities in numerous settings, such as public transportation, private vehicles, stairs, and escalators, is influencing the market growth. In line with this, the introduction of hydraulic wheelchair lifts, powered by a hydraulic system, offers excellent weight capacity, a longer operating range (top speed), and better safety, including automatic braking and load sensing, is also contributing to the market growth. Moreover, numerous technological advancements in wheelchair lifts, such as the incorporation of an electric wheelchair lift that uses an electric motor and offers more comfort and independence to disabled individuals with low maintenance cost and compact size, represents another major growth-inducing factor. Besides this, the implementation of several government initiatives to offer mobility-friendly installation of commercial wheelchairs and improve accessibility for disabled individuals in public spaces, such as hospitals, restaurants, clinics, shopping malls, and offices, is accelerating the product adoption rate. Along with this, the rising incidences of spinal cord injuries and other disabilities and the widespread adoption of advanced mobility equipment by the disabled and geriatric population due to rising awareness are propelling the market growth. Apart from this, the wheelchair lift market is growing at different rates in numerous regions, with North America being the largest market due to the rising demand for wheelchair lifts in commercial buildings and office space, the growing geriatric population, and the increasing incidences of spinal cord injuries and accidents across the region. Furthermore, the significant expansion in the healthcare sector, increasing demand for home healthcare services, and rising consumer awareness about disability rights are also creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Power Type Insights:

• Electric
• Hydraulic
  
  

Application Insights:

• Residential
• Commercial
• Public Vehicle
• Others
  
  

Market Breakup by Region:

• North America (United States, Canada)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
  
  

Who are the key players operating in the industry?

The report covers the major market players including:

• Ameriglide Inc.
• BraunAbility
• Bruno Independent Living Aids, Inc.
• Cibes Lift Group AB
• Harmar Mobility LLC
• Savaria Corp.
• Stannah Lifts Holdings Ltd
• Terry Group Ltd
• Wabtec Corporation
  
  

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