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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 7% |
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Base Year Market Size (2023) |
~ USD 8 Billion |
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Forecast Year Market Size (2036) |
~ USD 18 Billion |
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Regional Scope |
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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:
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Type |
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Application |
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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.
Author Credits: Mohd Shadab, Yashika Karodiwal
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