Elevator Components

Elevator Component Market Is Anticipated To Grow 2.4x From 2022 To 2031

Industry Insights

East Asia currently accounts for a majority of elevator components being consumed, followed by Europe. This is owing to the fact that a sizeable share of skyscraper construction around the world is happening in China. As of 2020, China has 13 of the world’s tallest buildings. China is followed by South Korea, which at the moment, has one of the world’s tallest buildings at 555 meters.

East Asia is followed by the Middle East & Africa, owing to rapid conversion of the oil-based economy of MEA countries into tourism and service-based economies. This is best exemplified by the UAE, which has the world’s tallest building – the Burj Khalifa, at 828 meters. These high-rise buildings are prime consumers of sophisticated elevator systems, in turn, driving the requirement of elevator components.

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Key Takeaways from Market Study

  • The elevator component market is anticipated to grow 2.4X from 2021 to 2031.
  • Motor components hold a major chunk equivalent to one-third of the global market share, and are set to create an absolute $ opportunity of about US$ 8.8 Bn during 2021-2031.
  • Among the elevator technology types, hydraulic elevators accounted for the most demand in 2020, and are set to gain around 72.9 BPS in market share by 2031.
  • By load capacity, the 650 Kg -1,000 Kg segment is expected to account for the highest consumption of elevator components during the forecast period, and create an absolute $ opportunity of around US$ 12.8 Bn during 2021-2031.
  • Among the end-use applications, passenger elevators has been the fastest growing segment, owing to rapid proliferation of multi-storey buildings in the past decade, and it is expected to grow 2.4X in market value by 2031.
  • Among the regions considered, East Asia is set to dominate market revenue in 2021, and is expected to create an absolute $ opportunity of around US$ 35 Bn by 2031.

“Dawn of smart elevators in addition to rapid urbanization prevalent in developing countries to drive market growth,”says a Fact.MR analyst

Key Market Segments Covered

  • By Component

    • Elevator Shafts
    • Elevator Landing Doors
    • Elevator Motors & Elevator Lift Motor Rooms
    • Elevator Machine Drives
    • Elevator Tension Pulleys (per Piece)
    • Elevator Controllers & Indicators
    • Elevator Brakes
    • Elevator Counterweight Frames
    • Elevator Counterweight Guide Rails
    • Elevator Car Guide Rails
    • Elevator Speed Governors (Bidirectional)
    • Elevator Counterweight and Car Buffers
    • Elevator Sensors
    • Elevator Lift Cars
    • Others
  • By Elevator 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- 1,000 kg
    • 1,000 kg- 1,600 kg
    • 1,600 kg- 2,500 kg
    • 2,500 kg- 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 End-use Application

    • Elevators for Passengers
    • Elevators for Freight
  • By Region

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

Key Players Adopting Blend of Organic and Inorganic Strategies

Key players such as Wittur Group, ADAMS Elevator Equipment, GAL Manufacturing Corp., and SCHMERSAL Böhnke & Partner GmbH are focusing on targeted expansions, strategic partnerships, innovative product launches, and acquisitions in the market space to substantially increase their market presence.

For instance, Wittur launched a new variant of Semaic C-MOD door in 2020 with ECO+ and MIDI+ motors, which requires less maintenance and provides better performance. Additionally, it partnered with Wurtec for distributing its elevator components in North America.

 

 

 

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