The global wheelchair lift market is expected to generate revenues of around $2.6bn (£2bn) by 2023 and is anticipated to grow at a compound annual growth rate of 10%.
Changes in governmental policies and the effect of these regulations on various retail sectors are said to be key drivers of the global wheelchair market, alongside the increased awareness of advanced mobility equipment.
The increase of more mobility-friendly options on public transport, private vehicles, stairs and escalators will also add to the growth of the industry.
Alongside this, dealers are expected to develop stairlifts for long distance travels, where vehicles will need to be customised to accommodate and carry a wheelchair or a mobility scooter easily.
There has also been a vast number of
applications for lifts to be specifically designed for residential building,
hospitals, and clinics, and in commercial spaces such as shopping malls and
offices, which add to the increasing demand.
The figures come a wider report from research house Arizton.