Vertical Platform Lifts (VPL) Market Size, Share, Growth, and Industry Analysis, By Type (Less Than or Equal to 0.15 m/s, Less Than or Equal to 0.3 m/s, Less Than or Equal to 0.5 m/s, Less Than or Equal to 0.75 m/s) By Application (Residential & Commercial and Public) Regional Forecast to 2027

Updated On: 08 April 2024

Report Overview

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The global Vertical Platform Lifts (VPL) Market size was valued at USD 1721 million in 2020. As per our research, the market is expected to reach USD 2672 million by 2027, exhibiting a CAGR expansion of 6.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the Vertical Platform Lifts (VPL) Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Vertical Platform Lifts (VPL), also known as wheelchair lifts or platform lifts, are mechanical devices designed to provide accessibility to individuals with mobility challenges, particularly those who use wheelchairs or have difficulty climbing stairs. These lifts are commonly installed in both residential and commercial settings to facilitate easy movement between different levels of a building, such as from ground level to a porch, deck, or mezzanine level. The Vertical Platform Lifts (VPL) market had been experiencing growth due to increasing awareness about accessibility for individuals with mobility challenges. The market is influenced by factors such as advancements in technology, changing demographics, regulatory requirements, and the growing emphasis on creating inclusive environments. 

COVID-19 Impact: Market Faced Increase in Demand Due to Increased Focus on Healthcare Facilities during the Pandemic

There was no single sector unaffected by COVID-19. Vertical Platform Lifts (VPL) Market was affected as well. Healthcare facilities experienced increased demand for medical equipment, including accessibility solutions like these kinds of lifts. Hospitals and medical centers required quick adaptations to accommodate patients with disabilities, which could have driven demand in this sector.

Latest Trends

"Inclusion of Smart and Connected Solutions to Bring More Efficiency in the Market "

The Vertical Platform Lifts (VPL) Market is as dynamic as any market. In the market, there is everyday development in the market to add more benefits to it. Recently, like many other industries, the market was moving towards smart and connected solutions. Manufacturers were incorporating IoT (Internet of Things) technology to enable remote monitoring, diagnostics, and control of these lifts. This allows for proactive maintenance and real-time adjustments to improve user experience and reduce downtime.

Segmentation

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• By Type

According to type, the market can be segmented into Less Than or Equal to 0.15 m/s, Less Than or Equal to 0.3 m/s, Less Than or Equal to 0.5 m/s. & Less Than or Equal to 0.75 m/s.

 As per the services, Less Than or Equal to 0.3 m/s is the largest segment, as it holds the maximum share of the market.

•  By Application

Based on application, the market can be segmented into Residential & Commercial and Public.

Driving Factors

"Technological Advancements has Increased Demand in the Market"

Ongoing technological advancements have improved the design, safety, and functionality of the products. Advancements such as better motor systems, remote monitoring capabilities, and improved safety features make the product more appealing and effective. Technological advancements have significantly impacted the Vertical Platform Lifts (VPL) market, leading to improvements in safety, efficiency, user experience, and accessibility. 

"Increasing Awareness of Accessibility Influences the Demand in the Market"

Growing awareness of the importance of accessibility for individuals with mobility challenges has been a significant driver. As people recognize the need for inclusive spaces, the demand for the market in both residential and commercial settings increases. The global aging population has led to a greater need for accessibility solutions. As individuals age and face mobility limitations, there is an increased demand for products like vertical lifts to maintain independence and quality of life. Rapid urbanization and infrastructure development have increased the demand for accessible public spaces and buildings, which includes the installation of the products. This contributes to the Vertical Platform Lifts (VPL) Market growth.  

Restraining Factor

"High Cost Could Lead to a Declining Trend in the Market "

The initial cost of purchasing and installation of these lifts can be a significant barrier, particularly for individuals or organizations with limited budgets. Cost considerations could slow down adoption. As a consequence, there can be a declining trend in the market. 

Regional Insights

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"North America Region to Dominate the Market as it has Strong Construction Industry"

North America has the largest Vertical Platform Lifts (VPL) Market share as it has a high level of economic development, which often leads to greater investment in infrastructure and accessibility solutions. Robust economies provide the financial resources necessary for the adoption of advanced technologies. North America has well-established accessibility regulations and standards that mandate the inclusion of accessibility features in public spaces, buildings, and transportation. These regulations drive the demand for accessibility solutions. Many developed regions, North America has an aging population. As the number of elderly individuals increases, so does the demand for accessibility products that cater to their needs.

Key Industry Players

"Key Players Focus on Customization and Innovation to get Partnerships and Collaborations Opportunities in the Market"

Leading manufacturers of this market offer customization options to adapt their products to different architectural styles and building layouts. They work closely with architects, contractors, and building owners to integrate seamlessly into various environments. These companies stay updated with industry trends, market demands, and emerging technologies. They adjust their product offerings and strategies to meet the evolving needs of customers. Leading companies invest in the development and integration of advanced technologies into their products. This includes features like remote monitoring, smart controls, connectivity, and energy-efficient solutions. Key players often collaborate with architects, builders, accessibility consultants, and regulatory authorities to ensure their products meet the highest standards and are integrated effectively into different projects. Leading companies often have a global presence, serving customers not only in their home region but also in international markets.

List of Market Players Profile

• Savaria(North America)
• Stannah(U.K.)
• Cibes(Europe)
• Mitsubishi(Japan)
• Otis(U.S.)
• Fujitec (Asia Pacific)
• Hitachi (Japan)

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.