Adroit Market Research | Pune | 12/02/2019:
Adroit Market Research published a study titled, “Global Lift Chair Market Demand and Sales By Its Numerous Types (2-Position Lift Chair, 3-Position Lift Chair, Infinite Position Lift Chair and Zero Gravity Position Lift Chair), By Its End-User Industries (Household and Hospital), Regional Trend Analysis and Forecast 2018 to 2025”. The global lift chair market size has been estimated after the thorough analysis and understanding of the penetration of its various types in different end-user industries. Detailed qualitative study of factors contributing to the global lift chair market growth has been discussed in the report. The global lift chair market demand has also been estimated on the basis of growth of the household and hospital sectors. The global lift chair market share has also been estimated by studying its demand and consumption pattern across geographies.
The global lift chair market size is estimated to be worth USD 34.20 billion by 2025. The growing aging population and changing demographics are the main factors driving the global lift chair market growth. In the coming years, technological advances, improved functionality of modern lift chairs, high adaptability of modern designs among young people and increasing purchasing power are expected to impact the global lift chair market demand.
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Based on type, 3-position lift chair is projected to grow at a CAGR of 7.3% during the forecast period. 3 position lifting chairs can be placed in the sitting position, 15 degree reclining position, 45 degree reclining position and up position. These three positions offer a lot of versatility. The price of a 3-position elevator chair is generally lower than that of an infinite position lift chair. They also offer the advantage of reclining to 180 degrees (perfectly flat), thus, offering comfort over longer period of time. Some of these chairs also include backup power sources so that it can be used during power outage. These factors have propelled the demand for 3-position lift chairs across the globe.
Household dominated the global lift chair market in 2017 and is projected to be the fastest growing application in the near future with an estimated market share of 84.3% by 2025. People who struggle with leg or back weakness benefit from lift chairs as it promotes independence by allowing them to stay at home without the help of others to stay active and move. Lift chairs have an enormous impact not only on people with physical disabilities, but also on their families. Another factor that increases the demand for the lift chair market in household applications is increasing government support to provide financial assistance for mobility aid. For instance, medical and assistive devices are exempted from Harmonized Sales Tax (HST), though lift chairs require a written prescription from a medical practitioner. The medical coverage provided by various governments have created enormous potential for lift chair market growth in household segment across the globe.
North America is projected to generate sales more than USD 10 billion by 2025. The US is expected to hold major lift chair market share in North American region. The increasing aging population in the US is one of the primary factors surging the lift chair demand in the region. Elderly and long-term care quickly become one of the most disastrous challenges in healthcare. According to the Population Reference Bureau report, the number of Americans over 65 years of age are expected to double from approximately 50 million today to almost 100 million by 2060. This has necessitated the need for lift chairs as mobility and independence are essential for elderly to live a high quality life. This factor has led to the increased demand for lift chairs in the region. Rapid advancements in healthcare infrastructure in the region has also contributed towards the regional growth. Furthermore, the introduction of innovative products by the key players is driving the global lift chair market growth in the region.
The competitive landscape of the global lift chair market is characterized by a large number of players with global presence. The key players covered in the global lift chair market report includes Franklin Corporation, Pride Mobility, Jackson Furniture, Golden Technologies, Med-Lift, La-Z-Boy, Ashley Furniture, Ultimate Power Recliner, Best Chairs, Inc., and Seminar Components among others.
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Key segments of the global lift chair market
Type Overview, 2015-2025 (USD Million)
- 2-position lift chair
- 3-position lift chair
- Infinite position lift chair
- Zero gravity position lift chair
End-Use Industry Overview, 2015-2025 (USD Million)
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Middle East and Africa
Key Players analysed in the report include
- Golden Technologies
- Franklin Corporation
- Pride Mobility
- Jackson Furniture
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