Vertical Platform Lift Market Size & Share, by Type (Enclosed Vertical Platform Lift, Open Vertical Platform Lift); Application (Residential, Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5468
  • Published Date: Dec 21, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Vertical Platform Lift Market size is expected to reach USD 18 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e. 2024-2036. In the year 2023, the industry size of the vertical platform lift was over USD 8 Billion. The growing demand for accessibility solutions is expected to drive the market. Regulations stressing inclusion for those with disabilities or limited mobility are driving demand. The aging population, technological advancements that improve VPL design and safety, urban development that incorporates accessibility features, and increased awareness among businesses and property owners all contribute to the growing demand for VPLs across various sectors, fostering market expansion. According to Research Nester Analysts, around 10% of the world's population will be over 65 in 2022. Furthermore, one in every six people worldwide will be 65 or older by 2050, with forecasts indicating that this figure will rise even higher to 16%.

In addition, safety remains the most important concern of mobility devices and vertical platform lifts are no exception. Using aerial lifts results in the deaths of 26 construction workers annually on average. This accounts for two to three percent of all construction-related fatalities. For those with mobility limitations, vertical platform lifts are made to meet stringent safety standards and can be used safely and reliably. Demand for vertical platform elevators is expected to increase as the focus on security increases.


Vertical Platform Lift Market
Get more information on this report: Request Free Sample PDF


Vertical Platform Lift Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 7%

Base Year Market Size (2023)

~ USD 8 Billion

Forecast Year Market Size (2036)

~ USD 18 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Vertical Platform Lift Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Increasing demand for smart homes- The vertical platform lift market will likely grow due to the increasing number of smart home developments. According to Research Nester Analysts, it is anticipated that by 2024, there will be more than 400 million smart homes. The popularity of smart homes & home automation sensors is rising, and many people are looking for ways to improve their homes' accessibility for those with disabilities. Because they can be incorporated into smart home systems, vertical platform lifts are an easy and effective solution to provide accessibility.
  • Rising need for green and sustainable products- Demand for green and sustainable products is rising as sustainability and lowering the carbon footprint of buildings become more important. This also applies to the market, where businesses have a big chance to create and sell eco-friendly goods that satisfy consumers who care about the environment. Businesses now have the chance to set themselves apart from the competition and draw in new clients as a result. 
  • Availability of product customization- Customization of products is another opportunity in the vertical platform lift market. The necessity for items that may be customized to satisfy particular needs is rising as consumer demands continue to change. Businesses that provide customized items will be able to satisfy a greater variety of clientele and acquire a market edge.

Challenges

  • Regulatory Compliance & Standards- Meeting diverse and often stringent accessibility and safety standards across different regions poses a significant challenge for manufacturers. Adhering to various regulations requires constant updates and adaptations, adding complexity and costs to product development and installations.
  • The initial investment required for purchasing and installing vertical platform lifts can be prohibitive for some individuals or businesses.
  • Integrating evolving technologies into existing structures or retrofitting them into diverse architectural designs can be complex.


Vertical Platform Lift Segmentation

Application (Residential, Commercial)

The residential segment is expected to hold 54% share of the global vertical platform lift market during the forecast period. These elevators are available for use in the housing sector to provide accessibility and convenience, to enable people experiencing mobility difficulties at home to live independently. Further, with population growth, urbanization, and economic development the demand for new housing units rises, leading to increased construction activities. Additionally, factors such as favourable government policies, low interest rates, and demand for smart appliances backed by rising disposable income have boosted the growth of the segment.

Type (Enclosed Vertical Platform Lift, Open Vertical Platform Lift)

The enclosed vertical platform lift market is poised to gain the majority revenue share, owing to its sturdiness, safety, and secure transportation for individuals with mobility limitations. Further, they do not require any chair transfer. They opted for longer distances, all these factors cumulatively drive the segment’s growth.

Our in-depth analysis of the global vertical platform lift market includes the following segments:

  Type

  • Enclosed Vertical Platform Lift
  • Open Vertical Platform Lift

  Application

  • Residential
  •  Commercial

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Vertical Platform Lift Industry - Regional Synopsis

APAC Market Forecast

The Asia Pacific is estimated to hold the largest share, accounting for 45% of the global vertical platform lift market. The region showcases dynamic growth owing to increased infrastructure development, rising urbanization, and a growing emphasis on accessibility. The region’s expanding aging population has led to greater demand for mobility solutions, augmenting market growth. For instance, As of May 2022, China had 1,175 infrastructure projects in development or operation, valued at more than USD 25 million. Additionally, government initiatives focusing on inclusive infrastructure and compliance with accessibility standards further propel the market. Technological advancements and the adoption of innovative solutions continue to drive market expansion in countries like China, Japan, India, South Korea. The burgeoning construction sector, coupled with the need for inclusive designs in designs in buildings, amplifies the demand for vertical platform lifts across commercial, residential, and public infrastructure projects.

North American Market Statistics

North America vertical platform lift market is poised to attain significant growth during the forecast period. With a heightened focus on accessibility and inclusivity, propelled by stringent regulations, the demand for vertical platform lifts has surged. The region’s aging population has significantly contributed to the market’s expansion, along with increased urbanization and infrastructure development.

Research Nester
Vertical Platform Lift Market size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Vertical Platform Lift Market

top-features-companies
    • Harmar
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Savaria.
    • Genie /Terex Corporation 
    • JLG Industries
    • Vestil Manufacturing Corp.
    • Wesco Distribution, Inc. 
    • Stiltz, Inc.
    • Schumacher Elevator Company.
    • Garaventa Lift
    • thyssenkrupp AG 

In-the-news

In The News

  • The UP Stairlift has arrived in the United States, and Harmar Mobility is excited to announce it. The UP Stairlift is a special option for people in need of next-day installations. It is a modular, stock-able curved stairlift. Customers now have access to a curved stairlift option for almost any application with the addition of the UP Stairlift to Harmar's Helix in the company's curved stairlift range.
  • The first models of JLG Industries' next generation of electric and rough-terrain scissor lifts were introduced. The new versions, which are the first on the market, are available with an AC electric drive type powered by batteries or a diesel engine. According to JLG, the new lifts' platforms offer 28% more workspace, class-leading capacity, and a zero-platform offset that enables users to approach the work area more closely while elevating more people, equipment, and materials to higher altitudes.

Author Credits:  Mohd Shadab, Yashika Karodiwal


  • Report ID: 5468
  • Published Date: Dec 21, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for smart home appliances backed by rising disposable income, environmental concerns, and provision of product customization are some of the major market growth drivers.

The market size of vertical platform lift is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2024-2036.

The major players in the market are Savaria., Genie /Terex Corporation, JLG Industries, Vestil Manufacturing Corp., Wesco Distribution, Inc., Stiltz, Inc. Schumacher Elevator Company., Garaventa Lift, thyssenkrupp AG, KONE Corporation, Hitachi, Ltd, and others.

The residential segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Vertical Platform Lift Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying