Elevator Component Market

Elevator Component Market Outlook (2024 to 2034)

The global elevator component market is currently valued at US$ 54.6 billion, according to a recent report by Fact.MR, and is forecasted to expand at a CAGR of 9.4% to reach US$ 134.1 billion by the end of 2034.

Various safety features, including pit queues, door shuttering systems, emergency escape mechanisms, safety brakes, and door detectors, have contributed to more advanced escalator services and supported industry growth over the past few years. Modern safety enhancements like step level monitors, handrail alarm systems, sensors for automatic emergency stoppages, and skirt brushes to prevent entanglement have been integrated into escalators in industrial and commercial sectors, significantly boosting the elevator component market. As a result, technologically advanced safety measures ensure that escalators are precise and efficient in handling emergencies.

As the global construction industry grows, companies aim to achieve green building certifications like Leadership in Energy and Environmental Design (LEED) and Building Research Establishment Environmental Assessment Method (BREEAM), while focusing on reducing energy consumption. This emphasis on lowering total energy usage supports industry growth.

Leading industry players are also expanding the manufacturing and operational capacities of their escalators to increase their market presence. However, the high costs of maintenance and regular inspections act as a restraint for elevator component market growth.

Modern lifts can be used in diverse settings, including ships, dams, and specialized structures like rocket launchers, and are suitable for transporting goods and people. Demand for elevators in the coming years will also be significantly influenced by the development of collective operation systems. These systems, which involve a lift or group of lifts with enhanced automated operations, are becoming popular in residential complexes and hospitals due to their cost-effectiveness. Companies like Toshiba Johnson Elevators India (TJEI) are leveraging design and technology to improve lives.

Report Attribute	Detail
Elevator Component Market Size (2024E)	US$ 54.6 Billion
Forecasted Market Value (2034F)	US$ 134.1 Billion
Global Market Growth Rate (2024 to 2034)	9.4% CAGR
Canada Market Growth Rate (2024 to 2034)	9.2% CAGR
China Market Value (2034F)	US$ 17.9 Billion
North America Market Share (2024E)	23.2%
East Asia Market Share (2034F)	27.9%
Key Companies Profiled	Adams Elevator Equipment Company (Schindler Holding AG); Avire Ltd (Halma Plc.); Böhnke & Partner GmbH; DMG; Elevator Equipment Corporation (EECO); Elevator Products Corporation; EMI / Porta Inc.; Fermator Group; GAL Manufacturing Corp.; Hans & Jos. Kronenberg GmbH; Hissmekano AB; Hydroware; Kinds Elteknik AB; Nidec Kinetek Elevator Technology (NKET); Wittur Group.

Which Market Conditions are Benefiting Elevator Component Manufacturers?

“Surge in Construction Activities Driving Demand for Advanced Elevators in Skyscrapers”

Across the world, governments and construction firms are prioritizing optimal utilization of space in rapidly urbanizing metropolitan areas. With urban populations expanding significantly, these enterprises concentrate on developing low-, medium-, and high-rise structures vertically.

In developed nations like the United States and the United Kingdom, tall buildings are increasingly prevalent, efficiently accommodating large populations on limited land through vertical construction.

• In 2020, China completed 56 skyscrapers over 200 meters tall. Rapid construction of high-rise concrete structures suggests huge demand for elevators in the country.

"Growing Emphasis on Implementing Advanced Security Systems"

As elevators represent the primary mode of vertical transit, there is heightened concern over security within automated systems. Consequently, developers of commercial and residential properties are adopting stringent security measures to protect their patrons, residents, and employees. Moreover, cutting-edge technologies such as biometrics and iris scanning are deployed to alleviate security concerns. These security systems are integrated into smart elevators, ensuring the safety of the buildings they serve. Furthermore, with the rise of smart cities, the prevalence of intelligent buildings is increasing significantly.

Demand for smart buildings has escalated in both developed and developing nations, driven by the increasing integration of AI and cloud monitoring technologies with essential building systems and equipment. These trends are expected to sustain the growth of the elevator components industry and present new opportunities for market participants.

Which Factors are Hindering Global Elevator Component Market Growth?

"High Maintenance Costs and Stringent Compliance Requirements"

Safety standards are critical in the elevator and escalator sectors due to the potential for fatalities or serious injuries in the absence of adequate safety measures. Accidents can result from various factors, including risky behaviors, poor product design or selection, and inadequate maintenance practices. A significant challenge facing the industry is the cost and complexity of maintenance issues.

Despite billions of elevator trips annually in the United States, an average of 30 fatalities are reported annually, highlighting the imperative for accident prevention measures. Addressing aging equipment and ensuring compliance with safety standards are essential, yet these efforts are constrained by associated expenses that limit the expansion of the elevator component market size.

The industry faces constraints imposed by rigorous laws and regulations governing elevators and escalators. Adherence to these standards is critical, as even minor equipment flaws can jeopardize user safety. To ensure public safety, governmental and non-profit organizations have established extensive regulatory frameworks, including the American Society of Mechanical Engineers (ASME), the Elevator and Escalator Safety Trust, the Elevator Escalator Safety Foundation, and the Elevator Advisory Board.

Notably, ASME codes play a crucial role in regulating the design, installation, operation, inspection, testing, maintenance, modification, and repair of elevators, escalators, and related equipment to address safety concerns. Compliance with these standards is essential for the industry to maintain market share, as any operational failure could lead to accidents that negatively impact company profitability.

Country-wise Insights

The market in Japan is forecasted to expand at a CAGR of 8.8% from 2024 to 2034. The country is poised to occupy an elevator component market share of 26.3% in the East Asia region in 2024.

What is Driving Growth Opportunities in the Mexico Market?

"Energy-Efficient Elevators Appealing to Environmentally Conscious Consumers"

Attribute	Mexico
Market Value (2024E)	US$ 836 Million
Growth Rate (2024 to 2034)	9.8% CAGR
Projected Value (2034F)	US$ 2.14 Billion

In Mexico, the market is exhibiting rapid growth due to rising demand for energy-efficient elevators in eco-friendly buildings. Buildings are major consumers of energy, resources, and contributors to greenhouse gas emissions, prompting increased adoption of sustainable construction practices. The Mexican government offers tax incentives for environmentally responsible building practices, further fueling the demand for smart and energy-efficient building solutions.

Why is the South Korea Market Showing Signs of Huge Growth?

"Focus on Construction of Low-, Medium-, and High-Level Structures in Urban Areas"

Attribute	South Korea
Market Value (2024E)	US$ 4.23 Billion
Growth Rate (2024 to 2034)	8.8% CAGR
Projected Value (2034F)	US$ 9.7 Billion

Massive increase in building that capitalism is causing is creating considerable growth in the South Korean market. Emphasis on vertical development of low-, medium-, and high-level structures in urban areas is a key elevator component market trend. In addition, the market's overall profitability is being aided by the integration of cutting-edge security systems into smart buildings.

Category-wise Evaluation

Based on component, sales of machine drives are forecasted to increase at a CAGR of 9.4% from 2024 to 2034.

Which Components Accounts for Higher Sales in the Elevator Business?

"Need for Efficient Mobility Driving Demand for Elevator Cars and Shafts"

Attribute	Elevator Cars & Shaft
Segment Value (2024E)	US$ 12.3 Billion
Growth Rate (2024 to 2034)	9.4% CAGR
Projected Value (2034F)	US$ 30.2 Billion

Elevator cars and shafts enhance building accessibility and optimize space through efficient vertical mobility. They provide convenience for individuals with limited mobility and are essential for tall structures. Moreover, elevator shafts maximize usable space within a building while offering flexibility in design and construction.

Which Elevator Type is Preferred by End Users in the Market?

"Traction Elevators Preferred Compared to Other Variants"

Attribute	Traction Elevators
Segment Value (2024E)	US$ 25.2 Billion
Growth Rate (2024 to 2034)	9.4% CAGR
Projected Value (2034F)	US$ 61.6 Billion

Traction elevators offer several advantages, including higher load capacities, quieter operation, energy efficiency, and smooth ride quality. Known for their reliability, precise leveling, and comfortable travel experience, traction elevators are popular in modern construction projects. They offer architects greater creative freedom in structural design, making traction elevators a burgeoning trend in the elevator component market, alongside innovations like bucket elevators and IoT components.

Market Competition

Key players in the elevator component market are expanding their global footprint through strategic acquisitions, partnerships, and collaborations with local firms to penetrate new markets and enhance service capabilities. They are also developing energy-efficient and environmentally friendly elevator components.

• In July 2022, Wittur unveiled a revised Semaic C-MOD door type with ECO+ and MIDI+ motors, which offered improved performance and required less upkeep.
• GAL Manufacturing Corp. added elevator interior choices and acquired Vertical Dimensions LLC in January 2021, expanding its product offering. It had positioned itself as the sole provider to the independent market, offering integrated controller/fixture solutions for all its products. GAL Manufacturing Corp. collaborated with MAD Elevators to develop cutting-edge MAD fixtures.

Fact.MR provides detailed information about the price points of key elevator component manufacturers positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.

Key Segments of Elevator Component Market Research

• By Component :

  • Elevator Cars & Shafts
  • Landing Doors
  • Motors
  • Machine Drives
  • Tension Pulleys
  • Controllers
  • Counterweight Frames
  • Counterweight Guide Rails
  • Car Guide Rails
  • Speed Governor
  • Counterweight & Car Buffers

• By Technology :

  • Hydraulic Elevators
    • Conventional Hydraulic Elevators
    • Hole-Less Hydraulic Elevators
    • Roped Hydraulic Elevators
  • Traction Elevators
    • Geared Traction Elevators
    • Gear-Less Traction Elevators
  • Machine-room-less Elevators
  • Pneumatic Elevators

• By Load Capacity :

  • Below 650 kg
  • 650 kg to 1,000 kg
  • 1,600 kg to 2,500 kg
  • 2,500 kg to 5,000 kg
  • Above 5,000 kg

• By Speed :

  • Less Than 1 m/s
  • Between 1 to 3 m/s
  • Between 4 to 6 m/s
  • Between 7 to 10 m/s
  • Above 10 m/s

• By Function :

  • Elevators for Passengers
  • Elevators for Freight

• By Deployment :

  • Onshore
  • Offshore

• By Region :

  • North America
  • Latin America
  • Eastern Europe
  • Western Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa