South Korea Stair Lifts And Climbing Devices Market Size & Outlook
South Korea Stair Lifts And Climbing Devices Market, 2018-2030 (US$M)
Global Market
Related Markets
South Korea stair lifts and climbing devices market highlights
- The South Korea stair lifts and climbing devices market generated a revenue of USD 48.6 million in 2023 and is expected to reach USD 95.6 million by 2030.
- The South Korea market is expected to grow at a CAGR of 10.1% from 2024 to 2030.
- In terms of segment, stair lifts was the largest revenue generating devices in 2023.
- Stair Climbing Wheelchair is the most lucrative devices segment registering the fastest growth during the forecast period.
Stair lifts and climbing devices market data book summary
| Market revenue in 2023 | USD 48.6 million |
| Market revenue in 2030 | USD 95.6 million |
| Growth rate | 10.1% (CAGR from 2023 to 2030) |
| Largest segment | Stair lifts |
| Fastest growing segment | Stair Climbing Wheelchair |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Stair lifts, Stair Climbing Wheelchair |
| Key market players worldwide | Thyssenkrupp AG, Platinum Stairlifts, Bruno Independent Living Aids, American Elevator Group, Precision Stairs, Stannah Stairlifts, Handicare Stairlifts, Acorn Stairlifts, Harmar, Savaria Corp |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.3% of the global stair lifts and climbing devices market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China stair lifts and climbing devices market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 151.7 million by 2030.
By 2026, South Korea is expected to become a "superaged society," with more than 20% of its population aged 65 and older. The two primary factors contributing to the growing elderly population are declining Total Fertility Rate (TFR) and an increased lifespan.
The impact of population aging on the country's labor force structure may have been felt most recently. Such a large population creates immense opportunities for players in the market. The growing healthcare expenditure in the country is likely to fuel the market growth over the forecast period.
For instance, according to the World Bank, the healthcare expenditure in South Korea increased from 6.91% of its GDP in 2016 to 7.56% in 2018. Hence, these factors are responsible for the growth of stair lifts and climbing devices in the market.
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Stair Lifts And Climbing Devices Market Scope
Stair Lifts And Climbing Devices Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Thyssenkrupp AG | View profile | 100,202 | ThyssenKrupp Allee 1, Essen, NW, Germany, 45143 | www.thyssenkrupp.com |
| Savaria Corp | View profile | 2,450 | 4350 Highway 13, Laval, QC, Canada, H7R 6E9 | www.savaria.com |
| Platinum Stairlifts | View profile | 51-100 | Crosshill, South Ayrshire, United Kingdom, Europe | www.platinumstairlifts.com |
| Bruno Independent Living Aids | View profile | 251-500 | Oconomowoc, Wisconsin, United States, North America | www.bruno.com/ |
| American Elevator Group | View profile | 501-1000 | New York, New York, United States, North America | americanelevator.com |
| Precision Stairs | View profile | 1-10 | Modesto, California, United States, North America | precisionstairsystems.com |
| Stannah Stairlifts | View profile | 11-50 | Franklin, Massachusetts, United States, North America | www.stannah-stairlifts.com |
| Handicare Stairlifts | View profile | 101-250 | Amsterdam, Noord-Holland, The Netherlands, Europe | handicare-trapliften.nl/ |
| Acorn Stairlifts | View profile | 11-50 | Steeton, Bradford, United Kingdom, Europe | www.acornstairlifts.co.uk |
| Harmar | View profile | 101-250 | Sarasota, Florida, United States, North America | harmar.com |
South Korea Stair Lifts And Climbing Devices Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Stair Lifts And Climbing Devices Market Outlook will help companies and investors design strategic landscapes.
Stair Lifts was the largest segment with a revenue share of 57.82% in 2023.
Horizon Databook has segmented the South Korea stair lifts and climbing devices market based on stair lifts, stair climbing wheelchair covering the revenue growth of each sub-segment from 2018 to 2030.
By 2026, South Korea is expected to become a "superaged society," with more than 20% of its population aged 65 and older. The two primary factors contributing to the growing elderly population are declining Total Fertility Rate (TFR) and an increased lifespan.
The impact of population aging on the country's labor force structure may have been felt most recently. Such a large population creates immense opportunities for players in the market. The growing healthcare expenditure in the country is likely to fuel the market growth over the forecast period.
For instance, according to the World Bank, the healthcare expenditure in South Korea increased from 6.91% of its GDP in 2016 to 7.56% in 2018. Hence, these factors are responsible for the growth of stair lifts and climbing devices in the market.
- South Korea Stair Lifts And Climbing Devices Market Devices Outlook (Revenue, USD Million , 2018-2030)
- Stair lifts
- Stair Climbing Wheelchair
- Others
- South Korea Stair Lifts And Climbing Devices Market End Use Outlook (Revenue, USD Million , 2018-2030)
- Hospitals
- Homecare
- Others
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea Stair Lifts And Climbing Devices Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into South Korea Stair Lifts And Climbing Devices Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
South Korea Stair Lifts And Climbing Devices Market, 2018-2030 (US$M)
South Korea stair lifts and climbing devices market statistics, by devices, 2018-2030 (US$M)
