About the Report
The global elevator component market is set to surge at a high CAGR of more than 9% over the forecast period of 2021 to 2031. Demand for elevator motors is expected to remain particularly high across geographies.
Elevator components, as the name suggests, are used primarily in the manufacturing of elevators. Elevators find application in a myriad of end-use industries for transporting both, passengers and freight. Owing to rapid proliferation of multi-storey buildings in developing countries, demand for hydraulic elevator components and traction elevator components is experiencing substantial push. There is also increasing demand being witnessed for elevator drive systems, elevator control systems, and elevator safety systems.
Due to the expanding horizons of the application of elevators in residential and commercial buildings, the market for elevator components is expected to show substantial increase over the forecast period. However, with the global economy yet to recover to its original growth trajectory following the coronavirus pandemic, demand for elevator components still remains impacted.
Elevator component manufacturers are driving the development of newer elevators that offer improved features. Moreover, rapidly increasing demand from a vast number of government and infrastructure projects is opening up new ways of revenue generation in high-potential markets.
This comprehensive study by Fact.MR is based on component, elevator technology, load capacity, speed, end-use application, and region, wherein, all possible elements have been taken into detailed consideration. The foremost objective of the report is to pitch insights on the market scenario, demand generators, and technological advancements in this space. Market trends have been tracked in 20+ high-growth countries, including countries in North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.
Historical Trends Vs. Future Market Projections
Over the past half-decade, 2016-2020, the market expanded at a meager CAGR of 1.1%. However, digitalization across industries and incorporation of the industrial internet of things (IIoT) is projected to be the prime reason for rapid growth during the forecast period.
Furthermore, numerous initiatives have been adopted by governments of developing nations for inviting foreign investment in infrastructure development. Additionally, these nations are planning to build smart cities with high-rise buildings to optimally utilize space for the coming generation. These multi-storey buildings would require elevators to move passengers and freight, thereby taking the market ahead.
Adding to this, developed nations are investing huge amounts to replace or repair existing elevators with newer elevator components so as to comply with the latest energy efficiency norms.
Moreover, smart elevators are on the rise, which is aiding market development. Besides, developed countries are looking to implement IIoT (Industrial Internet of Things) for reducing the risk associated with elevator usage and provide an overall pleasant experience.
By virtue of the aforementioned factors, the global elevator component market is projected to surge at a high CAGR of more than 9% over the forecast period.
How is Urbanization & Public Infrastructure Spending Impacting Demand for Elevator Components?
Global economy is expanding continuously, driving the need for high-quality public infrastructure around the world. Governments across the globe are increasingly focusing on the provision of better resources to their populations, thereby adding to the infrastructure investment significantly.
Developing regions such as India, China, and other BRICS nations are increasingly indulging in the development of advanced infrastructure. For instance, India is planning to invest around US$ 1.4 Trillion in the coming years on its overall infrastructure development projects. These factors are poised to provide impetus to elevator sales and drive the elevator components market forward.
Country wise Analysis
Why is China a Huge Market for Elevator Components?
China is home to the largest population on the planet. The Chinese government is aware of the fact and is adopting innovation-driven approaches and optimal utilization of space so as to build numerous skyscrapers to meet the growing demand for housing units for its population and as of 2020, it is home to over 3,300 high-rise buildings.
Moreover, as of 2020, China is home to the world’s largest number of low, medium and high-rise buildings and other countries are way behind. These buildings require elevators for both freight and passenger movement and continuous repair and replacement of ailing elevator components, which makes China an attractive market for elevator components in the forecast period.
Owing to these reasons, China is poised to remain a lucrative market for elevator components and grow at a CAGR of 9.6% during the forecast period.
What Makes the U.S. an Attractive Market for Elevator Components?
During the historical period, 2016-2020, the U.S. market did not show any growth potential, owing to the already mature market in the region. The US is already home to over 1,060 high-rise buildings above 150 meters, which requires constant monitoring and replacing of ageing elevator components with newer, more energy-efficient and compact elevator components.
The Trump administration has put in place plans to spend around US$ 2 Trillion to renovate the existing aging infrastructure in the coming years. This is expected to create exciting opportunities for elevator component manufacturers during the forecast period.
Owing to these reasons, the US is poised to remain a lucrative market for elevator components and grow at a CAGR of 6% during the forecast period.
Will Demand for Elevator Components in GCC Countries Increase Over the Coming Years?
The UAE is one of the 6 members of the Gulf Cooperation Council and has remained the skyscraper hub in the Middle East & Africa with over 430 high-rise buildings in the country. Further, Burj Khalifa, the world’s largest building at 828 meters, is located in Dubai, UAE. Moreover, a number of construction projects are being undertaken by the country’s administration to convert the oil-based economy to a tourism-based economy in the coming years.
Additionally, Dubai is also building the largest solar park worldwide and investing significantly in the development of an advanced city through technologies such as the Internet of Things (IoT). Smart Dubai 2021 continues a journey that began in 1999, when the administration announced the first ICT strategy.
Smart infrastructure and high-rise buildings will require smart elevators, and this in turn drives the requirement of elevator components in the UAE during the forecast period. Owing to these factors, GCC countries are poised to remain a lucrative market for elevator components and grow at a CAGR of 8.7% during the forecast period.
How Big is Demand from Passenger Elevators?
Global population is evaluated to be around 7.8 Billion in FY2020. Among these, over 50% live in urban areas. Of these urban areas, China, the United States, the United Arab Emirates, Japan and South Korea have the largest number of high-rise buildings above 150 meters, and hold a majority share in the overall number of high-rise buildings found in the world.
Together these top 5 countries have around 5,421 high-rise buildings, among which a majority are a blend of residential and commercial buildings. These buildings are pretty sophisticated in nature and require compact elevators with higher energy efficiency and endurance so as to provide an exceptional experience to its passengers and necessitate relatively less maintenance.
Coming to the population density in these buildings, South Korea and Japan house the highest number of people at 500 and 336 per one Km2. This is due to the fact that these countries are investing in the development of high-rise buildings for both residential and commercial purposes.
Here, elevators need to be equipped with the latest technology and safety features so as to deliver a pleasant experience. Owing to the aforementioned factors, the passenger end-use market is expected to grow at a higher CAGR during the forecast period.
Which Elevator Component Accounts for Majority of Demand?
Motor that drive the elevator up and down account for over one-third of the entire demand for elevator components. Further, motors which has been installed a long time ago utilize a lot of power and have been degrading ever since, necessitating replacement or repairs.
Elevators consume around 10% of the entire energy consumed by a building. Over the years, there have been changes in the energy efficiency ratings of elevators. To remain compliant, elevator manufacturers are launching newer products in the market which are not only more compact, but also offer better performance and energy efficiency than existing components.
End users usually opt for the newer, energy-efficient elevator components keeping in mind the energy saving requirements. This drives the demand for new motor components.
Fact.MR has profiled the following prominent elevator component manufacturers in its report:
- Adams Elevator Equipment Company (Schindler Holding AG)
- Avire Ltd (Halma plc.)
- Böhnke & Partner GmbH
- Elevator Equipment Corporation (EECO)
- Elevator Products Corporation
- EMI / Porta Inc.
- Fermator Group
- GAL Manufacturing Corp.
- Hans & Jos. Kronenberg GmbH
- Hissmekano AB
- Kinds Elteknik AB
- Nidec Kinetek Elevator Technology (NKET)
- Wittur Group
The aforementioned market players are considered as the prominent manufacturers of elevator components. Further, key market players are focusing on gaining access to untapped regions by performing geographic expansion. They are focusing on strategic partnerships, innovative product launches and acquisitions in the market space to substantially increase their market presence.
- For instance, Wittur launched a newer variant of Semaic C-MOD doors in 2020 with ECO+ and MIDI+ motors which require less maintenance and provide better performance. Additionally, it partnered with Wurtec for distributing its elevator components in North America.
- GAL Manufacturing Corp. adopted the acquisition route and acquired Vertical Dimensions LLC and added elevator interior offerings to its product portfolio in 2021. Additionally, it has partnered with MAD Elevators to provide innovative MAD fixtures and has become the exclusive source to the independent market, offering the convenience of combined controller/fixture solutions across all its products.
- SCHMERSAL Böhnke & Partner GmbH has adopted the geographic expansion route to expand its global presence by opening up an export-oriented facility in India in 2020, followed by opening up a new branch in Turkey, Dubai, and funding a newer subsidiary in Japan.
Historical Data Available for
US$ Mn for Value
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Customization & Pricing
Key Questions Answered in Report
How will the market expand until 2031?
Fact.MR projects the global elevator component market to register a CAGR more than 9% across the 2021-2031 assessment period. Increased infrastructure spending along with rising proliferation of high-rise buildings to provide impetus to elevator sales, and, in turn, drive demand for elevator components.
Which is the most prominent market growth engine?
As per Fact.MR’s projections, China is expected to be a major growth market, attributed to the fact that it is currently the largest populated country. Further, the numerous initiatives taken by the government for rapid urbanization are fostering market growth during the forecast period.
What technological breakthrough dominates the market?
In recent years, there is growing consensus among the industry for the convergence of IT/OT. Companies are coming up with newer energy-efficient elevator components to meet newer energy saving norms. Further, elevator component manufacturers are developing newer automatic doors, advanced retiring cam mechanisms and newer variants of existing products with improved response time. These initiatives are supposed to drive the market forward.
Which players are prevalent in the elevator component landscape?
Prominent players operating in the global elevator component landscape include Adams Elevator Equipment Company 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) and Wittur Group, among others.
Enquiry before Buying
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.
How can I buy this report?
Fact.MR provides a secure online payment system to buy reports seamlessly. You can buy the report securely and safely.
Key Market Segments Covered
- 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
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
- Hydraulic 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
- 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
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Elevator Component Market- Scope of Report
A recent study by Fact.MR on the elevator component market offers a 10-year forecast from 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, opportunities, and trends for key market players along with key stakeholders as well as emerging players associated with the manufacturing of elevator components.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing elevator components, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of elevator components across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of elevator components during the forecast period. Price point comparison by region with global average price is also considered in the study.
Fact.MR has studied the elevator component market with detailed segmentation on the basis of component, elevator technology, load capacity, speed, end-use application, and region.
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
Analysis on Market Size Evaluation
The market has been analyzed for each market segment in terms of value (US$ Mn) and volume (`000 Units).
Market estimates at global and regional levels for elevator components are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report.
Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global elevator component market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.
Country-specific valuation on demand for elevator components has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of elevator components along with their detailed profiles. Essential and up-to-date data related to the market performers who are principally engaged in the production of elevator components has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the market.
Prominent companies manufacturing elevator components include Adams Elevator Equipment Company 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), and Wittur Group.
Fact.MR offers custom research services that help clients to get specific research solutions
We are committed towards customer satisfaction and quality service.