Vertical Platform Lift Market Size

Vertical Platform Lift Market size is expected to reach USD 18 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e. 2024-2036. In the year 2023, the industry size of the vertical platform lift was over USD 8 Billion. The growing demand for accessibility solutions is expected to drive the market. Regulations stressing inclusion for those with disabilities or limited mobility are driving demand. The aging population, technological advancements that improve VPL design and safety, urban development that incorporates accessibility features, and increased awareness among businesses and property owners all contribute to the growing demand for VPLs across various sectors, fostering market expansion. According to Research Nester Analysts, around 10% of the world's population will be over 65 in 2022. Furthermore, one in every six people worldwide will be 65 or older by 2050, with forecasts indicating that this figure will rise even higher to 16%.

In addition, safety remains the most important concern of mobility devices and vertical platform lifts are no exception. Using aerial lifts results in the deaths of 26 construction workers annually on average. This accounts for two to three percent of all construction-related fatalities. For those with mobility limitations, vertical platform lifts are made to meet stringent safety standards and can be used safely and reliably. Demand for vertical platform elevators is expected to increase as the focus on security increases.