Platform Lifts Market Size, Share, Opportunities, And Trends By Type (Open Platform, Enclosed Platform, Inclined Platform, Others), By Drive System (Hydraulic Drive System, Nut & Screw Drive System, Encapsulated Chain Drive System), By End-User (Individuals, Industry), And By Geography - Forecasts From 2024 To 2029

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.

Market Drivers

• The establishment of new warehouses bolsters 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 the 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.

• New hospital establishment propelled the platform lift market growth.

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.

• Technological advancement in lifts drives the platform lift market growth.

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 expected to grow significantly

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.

Market Restraints

• High costs will restrain the platform lifts market growth.

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.

Market Developments

• August 2023- Stannah announced the launch of new cabin platform lifts with additional cabin sizes and finish options. These new lifts provide the market with additional cabin sizes, door options, finishes, and accessories, as well as a stronger after-sales proposition.
• June 2023- The Platform Lift Company announced to UK specifiers and architects the launch of the newly enhanced FlexStep, which includes an automatic onboard barrier feature. FlexStep is a 2-in-1 platform lift that offers both stairs and a stairlift to customers seeking a space-saving alternative access solution.

Company Products

• Kalea Luna- The Kalea Luna is the first lift model in a new generation of sustainable and compact lifts offered by Kalea Lifts. It features a panoramic lift shaft with a slender glass profile that allows for maximum light transmission and transparency. With standard doors, the lift's top height is 2350 mm and it also provides customized door solutions for rooms with low or sloped ceilings.
• Cibes A5000- The Cibes A5000 platform lift is an all-inclusive lift concept provided by Cibes Lift that can be easily integrated into new and existing buildings without requiring extensive construction work. It has a very low structural impact on the building, compared to a traditional lift, with a headroom of only 2300 mm (standard doors) and appropriate for wheelchairs, walkers, and prams.
• Spider 13.65- Platform Basket offers the Spider 13.65, a platform lift that is stable and easy to transport. It features with working height of 13.40 m and a side outreach of 7.00 m. In the Spider 13.65, the crawler track undercarriage ensures total stability in an additionally compact package and consists of regular air, water, and 230Vac power outlets in the basket.

Segmentation

• By Type
  • Open Platform
  • Enclosed Platform
  • Inclined Platform
  • Others
• By Drive System
  • Hydraulic Drive System
  • Nut & Screw Drive System
  • Encapsulated Chain Drive System
• By End-User
  • Residential
  • Commercial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Others