The global elevator components market was valued at USD 48.14 billion in 2023 and is expected to reach around USD 118.44 billion by 2033, expanding at a CAGR of 9.42% from 2024 to 2033.
Key Points
- Asia Pacific dominated the market with the largest revenue share of 58% in 2023.
- North America is expected to witness significant growth in the market in the foreseeable period.
- By component, the motors segment has contributed more than 35% of revenue shares in 2023.
- By elevator technology, in 2023, the machine room-less elevator segment held a significant share of the market.
- By load capacity, the 650kg to 1000kg segment will witness a notable growth in the global market.
- By speed, the 4 to 6 m/s segment led the market in 2023.
- By end-use application, elevators for passenger segment has held a major revenue share of 82% in 2023.
The elevator components market plays a pivotal role in the global construction and infrastructure sectors, driven primarily by the increasing urbanization, growing construction activities, and the demand for efficient vertical transportation solutions. Elevator components encompass a wide array of parts including elevator doors, control systems, cabins, motors, and safety mechanisms, each essential for the smooth operation and safety of elevators in various settings such as residential buildings, commercial complexes, and industrial facilities.
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Growth Factors
Several key factors contribute to the growth of the elevator components market. Urbanization trends lead to higher demand for skyscrapers and high-rise buildings, thereby boosting the installation of elevators. Moreover, advancements in technology, such as smart elevators equipped with IoT capabilities and energy-efficient components, drive market growth. Additionally, stringent regulations focusing on building safety and accessibility standards globally propel the demand for high-quality elevator components.
Regional Insights
The market for elevator components exhibits regional variations influenced by economic development, infrastructure investments, and regulatory frameworks. North America and Europe represent mature markets with extensive infrastructure and a strong emphasis on building safety standards. Asia-Pacific, led by countries like China and India, dominates the market due to rapid urbanization, infrastructure development, and increasing investments in residential and commercial construction projects.
Trends in the Elevator Components Market
Several trends are shaping the elevator components market. One prominent trend is the adoption of energy-efficient technologies and materials to reduce operational costs and environmental impact. Another significant trend is the integration of smart technologies, such as destination dispatch systems and predictive maintenance solutions, which enhance elevator performance and user experience. Furthermore, the market is witnessing a shift towards customization and modular designs to meet diverse architectural and functional requirements.
Elevator Components Market Scope
| Report Coverage | Details |
| Market Size by 2033 | USD 118.44 Billion |
| Market Size in 2023 | USD 48.14 Billion |
| Market Size in 2024 | USD 52.68 Billion |
| Market Growth Rate | CAGR of 9.42% from 2024 to 2033 |
| Largest Market | Asia- Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Component, Load Capacity, Speed, End-use Applications, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Elevator Components Market Dynamics
Drivers
Key drivers stimulating growth in the elevator components market include the increasing adoption of high-speed elevators to accommodate vertical transportation needs in tall buildings. Moreover, rising investments in urban infrastructure projects and the construction of smart cities contribute to market expansion. Technological advancements in elevator safety features and regulatory mandates promoting the installation of modernized elevators further accelerate market growth.
Opportunities
The market presents several opportunities for manufacturers and stakeholders. Expansion into emerging markets with rising urbanization rates and infrastructure investments offers substantial growth prospects. Additionally, the growing demand for retrofitting older buildings with modern elevator systems presents opportunities for upgrading and replacing outdated components. Moreover, partnerships and collaborations for technological innovation and product development are key strategies to capitalize on market opportunities.
Challenges
Despite robust growth prospects, the elevator components market faces challenges such as fluctuating raw material costs affecting manufacturing expenses. Regulatory complexities and compliance requirements across different regions pose challenges for market players in terms of standardization and certification. Moreover, the COVID-19 pandemic has temporarily disrupted supply chains and construction activities, impacting the installation and maintenance of elevator systems globally.
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Elevator Components Market Companies
- Adams Elevator Equipment Company
- Avire Ltd
- DMG
- Bohnke and partner GmbH
- Elevator equipment corporation
- Elevator products corporation
- EMI/porta Inc.,
- Fermator group
- GAL Manufacturing Corp.
- Hans and Jos. Kronenberg
- Hissmekano AB
- Hydroware
- Kinds Teknik AB
- Nidec Kinetek elevator technology
- Wittur Group
Recent Development
In July 2022, Wittur launched a revamped model named semantic-C mode doors, including high technical functionalities that improve the overall performance of the motors of the elevators, which in turn helps to consume less electricity and improve cost-effectiveness.
Segments Covered in the Report
By Component
- Elevator Car and Shaft
- Landing Door
- Motor
- Machine Drive
- Tension Pulley
- Controller
- Counterweight Frame
- Guide Rails
- Car guide Rail
- Speed Governor
- Car Buffer
- Others
By Elevator Technology
- Hydraulic Elevators
- Traction Elevators
- Machine-room-less Elevators
- Pneumatic Elevators
By Load Capacity
- Below 650 kg
- 650-1000 kg
- 1000-1600 kg
- 2500-5000 kg
- Above 5000 kg
By Speed
- Less than 1m/s
- 1 to 3m/s
- 4 to 6 m/s
- 7 to 10m/s
- Above 10m/s
By End-use Applications
- Elevators for Passenger
- Elevator for Freight/load
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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