Straight Stairlift Market Expected to Reach $1.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Straight Stairlift Market," The Straight Stairlift Market size was valued at $448.10 million in 2020, and is estimated to reach $1.1 billion by 2032, growing at a CAGR of 7.5% from 2022 to 2032. 

Straight stairlifts are needed in houses to assist people with mobility challenges in navigating staircases safely and independently. This stairlift offers a convenient and accessible means of transportation between different floors of the house, enhancing mobility and a high-quality of life for users who have problems climbing or descending stairs due to age, incapacity, injury, or different mobility problems.

A stairlift is usually installed in the outdoor or indoor of a house to assist people with mobility disability to navigate stairs properly. By installation site, out of the two segments, the indoor segment generated a larger market share in terms of revenue in 2020. The indoor straight stairlifts are installed the most, as they play a crucial role in enabling people with mobility disability to navigate between the floors. However, the outdoor segment is anticipated to grow with a higher CAGR during the forecast period.

The straight stairlift market has experienced growth due to numerous factors, such as surge in number of old age population worldwide as well as increase in incidents of accidents that render people with mobility disability. The old age population has brought the need for mobility solutions that enable them to maintain independence within their houses. In addition, improvements in technology have enhanced the functionality and accessibility of straight stairlifts, making them more appealing to customers. Moreover, the cost-effectiveness and ease of setting-up of straight stairlifts in comparison to curved types have contributed to their rising popularity.

On the basis of maximum load capacity, the market is classified into less than 130 Kg, 130-160 Kg, and more than 160 Kg. In 2020, the 130-160 Kg segment dominated the straight stairlift market, in terms of revenue. Straight stairlifts in this category are suitable for a larger population with varying body weights. On the other hand, the less than 130 Kg segment is expected to dominate the straight stairlift market forecast by growing with a higher CAGR.

On the basis of ownership type, the straight stairlift market is categorized into owned and rental. Out of these two segments, the owned segment dominated the market, in terms of revenue generated in 2020. The buying cost of stairlifts is highly upfront; however, in the long term, it has proved to be a cost-effective option. In addition, people with permanent disability tend to buy these stairlifts for life. However, the rental segment is expected to grow as major companies offer rental services at a lower cost to attract customers; thereby, positively affecting the straight stairlift market overview.

Moreover, the manufacturers in the market rely on launching advanced and innovative straight stairlifts to compete in a market with a massive competition. For instance, in September 2022, Access BDD launched HomeGlide, a line of curved and straight stairlifts. The HomeGlide incorporates multiple new safety features, including an armrest detection system, a safety belt, and an emergency stop button, to ensure compliance with the latest EN81-40 regulations.

In 2020, Europe dominated the global straight stairlift market, in terms of revenue. Moreover, the market in Asia-Pacific is anticipated to grow with the highest CAGR, owing to the rise in geriatric population and increase in their disposable income in the region. Such factors are responsible for straight stairlift market growth.

The market has witnessed challenges in the growth of the market in developing regions, owing to the high cost of the product, which discourages many homeowners from installing it. In addition, the straight stairlift market has witnessed an obstruction in growth due to the economic downturn, which is a result of Ukraine-Russia war.

Key Findings of The Study

• The report provides an extensive analysis of the current and emerging straight stairlift market trends and dynamics.
• Depending on installation site, the indoor segment dominated the market, in terms of revenue in 2020, and the outdoor segment is projected to grow at a significant CAGR during the forecast period.
• By maximum load capacity, the 130-160 Kg segment dominated the straight stairlift market share in terms of revenue generated in 2020, and the less than 130 Kg segment is anticipated to grow with a higher CAGR during the forecast period.
• Depending on ownership type, the owned segment is projected to grow at a significant CAGR during the forecast period.
• In 2020, Europe held the largest market share in terms of revenue.
• The key players within the straight stairlift market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the Straight stairlift industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market.
• In-depth straight stairlift market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.