The platform lifts market is projected to show steady growth during the forecast period.
Platform lifts are mechanical devices consisting of a platform that can be raised or lowered vertically to provide easy access to elevated areas. They are frequently used in residential homes, commercial buildings, hospitals, warehouses, and other public places to lift people and materials. The establishment of commercial facilities and the technological advancements in lifts are the major driving forces behind the platform lift market growth.
Platform lifts are used in warehouses for a variety of applications, addressing the challenges of vertical material handling and allowing workers to easily transport heavy goods and equipment between levels of a warehouse, thereby eliminating the need for excessive manual labor. As e-commerce expands, there is a demand for storing and shipping facilities, resulting in an increase in the number of new warehouses that allow businesses to meet rising consumer expectations for faster and more efficient delivery. Additionally, the establishment of new warehouses contributed to the platform lifts market growth. For instance, in July 2023, Prozo, a supply chain firm, announced the opening of three new warehouses in Bengaluru as well as in Ludhiana, which are designed to improve the user experience through advanced operational capabilities and provide suitable storage solutions.
Platform lifts are extensively utilized in hospitals as they aid patients who are not able to move, and provide safe and efficient transportation, ensuring a smooth transition throughout the hospital environment. These lifts also help healthcare professionals move medical equipment and supplies more efficiently, allowing them to provide timely and effective patient care. The growing healthcare needs pushed the establishment of hospitals and medical centers, which propelled the platform lift market growth. For instance, according to the American Hospital Association, in 2021, the total strength of hospitals in the USA stood at 6,129, which represented an increase of 96 hospitals in comparison to 2020’s strength.
Innovations in platform lift technologies, including advanced safety features, energy efficiency, compact designs, and advanced control systems, have increased their adoption in several sectors. These advancements attract customers looking for modern and reliable lift solutions, which drives market growth. For instance, in October 2023, Stannah announced the release of Midilift PL, a traditional compact platform lifts with a screw and nut drive that consists of low headroom and no separate machine cabinet requirements.
Asia Pacific is projected to account for a significant share of the platform lift market due to the booming commercial establishment in the major regional economies. For instance, in July 2023, Cainiao Group announced the opening of its first warehouse, Cainiao Cikarang Logistics Park, in Jakarta, Indonesia, as part of its regional c-Hub expansion plan. Additionally, in December 2021, Awl India launched India's largest warehouse exclusively for fashion clothing with operations powered by cutting-edge technology and machinery. Moreover, in August 2023, Medanta and DLF opened a 400-bed multi-super specialty hospital in Delhi to offer superior medical care.
Platform lifts are typically more expensive than other lifts, making them less accessible to those with limited funds. These lifts may necessitate some modifications to be installed, which can increase the overall cost of the lift, limiting adoption in various sectors and hampering market growth.
Platform Lifts Market Segmentation: