The global lift chair market size was valued at USD 21.60 Billion in 2018 and expected to expand at a CAGR of 6.7% from 2019 to 2025. Significant development in product design, changing lifestyles, and the growing aging population across the globe, have propelled the demand for lift chairs recently. Such a positive development is expected to further boost the requirement for lift chairs especially in healthcare applications.
Lift chairs are a distinctly modern invention that was created out of the mobility challenges and requirement of the growing aging population worldwide. A lift chair is a medical equipment that gently transforms the user to a standing position, and also helps the person to safely be seated into the chair by providing added support. It can be used in an upstanding position or with the help of a push button in various angles. A lift chair is a machine powered with adjustable seating angles. With the help of a remote control, a person can recline at various other positions from normal, straight sitting position. It also has a mechanism to lift the seated person into the standing position through the support of the chair.
Recent strategic developments of key players have positively influenced the lift chair market dynamics. In July 2018, Franklin Corporation announced to expand its manufacturing plant in Houston, Mississippi, the US, by investing $2.73 million. For instance, in June 2019, La-Z-Boy Incorporated acquired Joybird, manufacturer of upholstered furniture and an e-commerce retailer. The acquisition is likely to benefit the company to extend its reach to its millennial and Gen X consumers and provide the company with a strong presence on online or e-commerce platforms.
Key Segments of the Global Lift Chair Market
By Type Overview, 2015-2025 (USD Million)
- 2-position lift chair
- 3-position lift chair
- Infinite position lift chair
- Zero gravity lift chair
End-use Overview, 2015-2025 (USD Million)
Regional Overview, 2015-2025 (USD Million)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global lift chair market.
- We intend to present how lift chair has evolved and how it may impact execution of Industry 4.0
- The study aims to identify product adoption trends, impact on traditional approaches and monitor the transition of the industry
What does the report include?
- The study on the global lift chair market includes qualitative factors such as drivers, restraints, and opportunities
- Additionally, the market has been evaluated using Porter’s 5 Forces and Value Chain Analysis.
- The study covers a qualitative and quantitative analysis of the market segmented on the basis of type and end-use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
- The study includes the profiles of key players in the market with a significant global and/or regional presence.
Who should buy this report?
This study is suitable for industry participants and stakeholders in the global lift chair market. The report will benefit:
- Every stakeholder involved in developing and distributing medical aid products andsolutions.
- Product managers looking to publish recent and forecasted statistics pertaining to the global lift chair market.
- Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative global footwear solutions.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Competitive landscape of the global lift chair market depicts significant level of consolidation. The market comprises large multinational players offering innovative products that matches the demand of their customers. These manufacturers are increasingly emphasizing on the research and development to introduce latest technology applied lift chairs. Due to the growing competition, companies are also seeking alternatives to enhance business profits and reduce additional costs.
The global lift chair market is mainly fueled by the rapidly growing global geriatric population. Due to the transforming food habits and change in lifestyles, growing health disorders such as obesity and arthritis are increasing the demand for lift chairs. The people opt for greater advantages like comfort and reducing stress which are driving the growth of the lift chair market.
The thriving improvement in the global healthcare industry coupled with the availability of a wide range of product is fueling the demand for medical aids such as lift chairs. Technological advances, rising purchasing power, ease of use, and improved functionality are anticipated to fuel the growth of the global lift chair market in the future.
Market players are launching new products to meet consumer expectations. For instance, in 2019, Golden Technologies introduced the Golden Siesta, a new power lift recliner, featuring a unique power headrest, motion seat, and power lumbar systems that meet up its standard with an innovative and contemporary design. Further, Golden Technologies launched the world’s first three-position lift chair. This lift chair presents the unique Orion’s dual-motor system and the Twilight cradle technology combined with the unbelievable seating technology that allows for a deeper recline by accomplishing rejuvenating positions.
Based on the end-use, the global lift chair market is segmented into hospital and household. The household segment dominated the global lift chair market with more than 80% share in 2018 and is projected to be the fastest growing application in the forecasted period. Lift chairs bestows with the persons including elderly people struggling with leg or back weakness by allowing them to stay at home without the help of others in order to stay active. Moreover, in the household segment, the healthcare coverage offered by different governments have built a huge potential for the growth of lift chair market worldwide. Such factors have led to an increase in the consumer healthcare expenditures, thus favoring the lift chair market growth worldwide.
On the basis of types, global lift chair market is classified into 2-position lift chair, 3-position lift chair, Infinite position lift chair, and Zero gravity lift chair. 3-position lift chair has topped the market with nearly one third share of the total lift chair market in 2018 and is likely to maintain the higher graph in the forecast period. This is due to lot of versatility offered by 3-position lifting chairs. It can be placed in the sitting position such as 15 degree and 45 degree reclining position and up position. The 3-position elevator chair comes in lower price compared to the price of an infinite position lift chair. Also, these chairs afford to give an advantage of reclining to 180 degrees (entirely flat), thus, giving comfort over a longer period of time. Some models of these chairs has backup power sources so as to be used without any power. 3 position lift chairs generally occupy less room from the nearest wall compared to an infinite position lift chair. Such factors are responsible to drive the demand for the 3-position lift chairs worldwide.
Based on the region, the global lift chair market is segmented in the North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. North America has topped the global lift chair market with more than 30% market share in 2018 and is expected to dominate the market in the forecasted period. The US is anticipated to hold the leading share of the market in North America. This is due to increasing aging population in the US which is expected to surge the lift chair demand in the region. As per the US Population Reference Bureau (PRB) report, the number of Americans aged 65 or more are projected to almost double to reach nearly 95.0 million by 2060 from approximately 58.0 million in 2018. This leading to rise from 16% to 23% of the total population in the category of 65-and-older age people. Such an increase in the aged population has necessitated the need for lift chairs that serve as independent mobility machines, which are crucial for the aged persons to live a high quality life.
Also, rapid advancements in the healthcare infrastructure in the North America has contributed towards the regional growth. Moreover, the US government has initiated healthcare programs such as Medicare, the State Children’s Health Insurance Program (SCHIP), Medicaid, Administration (VHA) program, the Department of Defence TRICARE and TRICARE for Life programs (DOD TRICARE), the Veterans Health and the Indian Health Service (IHS) program - providing health care services to about one-third of Americans. The federal government ensured an annual investment of more than $500 billion in these programs to reduce the burden of injury, illness, and disability and to improve the health and functioning of the population. Such factors are expected to accelerate the demand for lift chairs in the North America.
The major players of global lift chair market include Golden Technologies, Franklin Corporation, Pride Mobility Products Corp, La-Z-Boy Incorporated, Jackson Furniture Industries, Med-Lift, Ashley Furniture Industries, Best Chairs, Inc., Mega Motion, LLC (Ultimate Power Recliner), Ekornes AS etc.