Lift Chair Market Size, Share, Industry Analysis, Trends, Growth Report, 2030

Lift Chair Industry Prospective:

The global lift chair market size was worth around USD 3813.9 million in 2022 and is predicted to grow to around USD 6905.1 million by 2030 with a compound annual growth rate (CAGR) of roughly 7.70% between 2023 and 2030.

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Lift Chair Market: Overview

A lift chair is also known as a rise armchair. It is a seating unit that is enabled with a lifting mechanism that puts the person sitting on it in a standing position. When the mechanism is put to use, the chair lifts from its base thus providing extra assistance to the person seated to get into an upright standing form. Although regarded as a consumer good, certain countries such as the United States qualify lift chairs as durable medical equipment following provisions from Medicare Part B. However, the reimbursement facilities under Medicare are complex since they require certification from physicians stating the chair is a necessity. Several factors in recent times have assisted in helping the lift chair industry grow at a rapid rate while having to deal with certain growth restrictions and challenges. During the forecast period, companies providing lift chairs must ensure that the product pricing justifies its application to ensure long-term survival since there are several other options available for consumers.

Key Insights:

• As per the analysis shared by our research analyst, the global lift chair market is estimated to grow annually at a CAGR of around 7.70% over the forecast period (2023-2030)
• In terms of revenue, the global lift chair market size was valued at around USD 3813.9 million in 2022 and is projected to reach USD 6905.1 million, by 2030.
• The lift chair market is projected to grow at a significant rate due to the rising number of elderly people
• Based on end-use segmentation, the household was predicted to show maximum market share in the year 2022
• Based on type segmentation, 2-position lift chair was the leading type in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Lift Chair Market: Growth Drivers

Rising number of elderly people may lead to higher growth

The global lift chair market is expected to grow owing to the increasing number of geriatric populations. An October 2022 report by the World Health Organization highlights that by 2030, one in every 6 people is expected to be aged over 60 years as per a recent assessment. As of 2020, more than 1 billion people accounted for the elderly population. While aging is an unavoidable natural phenomenon, specific countries have more people over the age of 60 than others. Japan is dealing with an aging crisis as at least 1 in every 10 people on the Japanese island is over 80 years of age. Other countries with the highest rankings in terms of elderly population are Italy and Finland.

These statistics are expected to continue rising during the forecast period triggering more demand for lift chairs. As people grow older, they face multiple mobility issues either caused by aging or due to other age-related medical conditions. For instance, arthritis, a medical issue that causes joint inflammation and leads to difficulty in body movement, is known to be common in people over 65 years old. The demand and application of efficient lift chairs will be significantly influenced by the growing geriatric population.

Rising disposable income and changing lifestyles to contribute to market expansion trend

Globalization and industrialization along with broadening job opportunities with the rise of new-age earning methods such as social media, has been a significant shift in lifestyle patterns and trends on a global scale. There is a steady growth in disposable income across developed and emerging nations. In addition to this, people are becoming accustomed to a relaxed lifestyle, and lift chairs provide the perfect comfortable seating facility for people willing to spend extra money on things that provide them happiness.

Lift Chair Market: Restraints

High cost of lift chairs to restrict market growth

Lift chairs are expensive due to the sophisticated mechanism that helps them provide the necessary push to the seated person. For instance, a high-end and feature-rich lift chair may cost between USD 800 to USD 2000. Although it may fit in the budget of people from high-income groups, these units may not be affordable for a large part of the population from low-income groups. In addition to this, the cost of repairing lift chairs in case of malfunction can lead to higher expenses. The consistent use of lift chairs may not be recommended by medical professionals since it can lead to several physical conditions due to a lack of sufficient body movement. With the increasingly sedentary lifestyle due to the rising number of desk jobs, lift chairs pose an additional threat to promoting such a lifestyle.

Lift Chair Market: Opportunities

Growing number of product options and new launches to create expansion opportunities

The growing global market size for lift chairs has encouraged more players to invest in technological advancements and product offerings. Manufacturers are experimenting with additional features such as smart control and materials used during production in a bid to attract a new consumer base. In March 2023, Golden Technologies, a leading manufacturer of lift chairs, announced that it would be showcasing new and innovative solutions in the power lift recliner and mobility divisions at Medtrade.

With the showcasing, the company intended to educate retailers on ways of expanding their cash flow in the coming years. Golden Technologies also debuted a new set of lift chair designs that meet the changing designs of modern consumers. For instance, the PR545 is meant for modern homes with limited space availability as it is available in 3 sizes and is an expansion of the existing lift chair model by Golden. On the other hand, in May 2023, Flexsteel, a 130-year lift chair provider, announced the launch of Zecliner, a new line of recliners providing alternative sleep solutions apart from conventional beds. However, the retail price is USD 1400 to USD 1999 making it a high-end or luxury product.

Lift Chair Market: Challenges

Complexities around reimbursement for lift chairs may create challenges for further penetration

Certain countries qualify lift chairs as medical devices. However, provisions surrounding the financial reimbursement of lift chairs are complex and may lead to confusion, especially for elderly citizens. For instance, reimbursement service providers may also reimburse the lifting mechanism of the chair and not the cost of the entire chair itself. Additionally, certain doctors may not recommend using lift chairs at all, especially not as a substitute for medically assigned seating facilities for people with specific medical conditions or of older age.

Lift Chair Market: Segmentation

The global lift chair market is segmented based on end-use, type, and region.

Based on end-use, the lift chair industry segments are commercial, hospital, household, and others. In 2022, the highest growth was observed in the household segment due to the increasing use of lift chairs by elderly people along with the younger generation. Lift chairs are expensive and generally meant for personal use to create a relaxing and comfortable living space at home. Certain hospitals may use lift chairs for people facing difficulty in movement but these facilities have more advanced and medical-grade lifting systems for patients. The commercial application implies the use of a raised armchair in salons, spas, hotels, and other recreational or relaxing centers. As per studies, 59 to 67 years is the age group in which people start showing movement restrictions.

Based on type, the lift chair industry divisions are 3-position lift chair, infinite position lift chair, zero gravity lift chair, and 2-position lift chair. The highest growth was witnessed in the 2-position lift chair followed by the 3-position lift chair with a small gap in terms of revenue. These products are more widely available as multiple players are offering 2 and 3-position lift chairs. In the former type, the 2 main positions include sitting and partially reclined while 3-position chairs have an additional position of fully reclined. However, the cost of the latter lift chair is typically higher. It is recommended to replace lift chairs every 10 years to avoid accidents.

Lift Chair Market: Report Scope

Lift Chair Market: Regional Analysis

North America to witness the highest growth rate during the forecast period

The global lift chair market is expected to witness the highest growth in North America with the US and Canada regions leading with the highest CAGR values. These countries have higher per capita income and disposable income rates leading to more people being able to spend on lift chairs. In addition to this, the US has provisions qualifying the lift chair as medical equipment although certifications are needed from physicians for reimbursement. Furthermore, the growing number of elderly population in the US along with rising patients with mobility concerns have resulted in higher regional growth. The prevalence of remote or work-from-home culture has created higher expansion avenues in North America since more people are spending a major part of their day at their homes. Another key contributor in the regional lift chair industry is the presence of key manufacturers providing lift chairs across price boards ranging from affordable options to premium products.

Lift Chair Market: Competitive Analysis

The global lift chair market is led by players like:

• La-Z-Boy
• Pride Mobility
• Catnapper
• Golden Technologies
• Golden Technologies
• Ashley Furniture
• Mega Motion
• Barcalounger
• Med-Lift
• Franklin Corporation
• Best Home Furnishings
• Drive Medical
• Serta
• UltraComfort America
• Okin.

The global lift chair market is segmented as follows:

By End-Use

• Commercial
• Hospital
• Household
• Others

By Type

• 3-Position Lift Chair
• Infinite Position Lift Chair
• Zero Gravity Lift Chair
• 2-Position Lift Chair

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa