Elevator Component Market - Global Forecast to 2029
The Elevator component market is projected to grow from USD 46.52 billion in 2024 to USD 64.34 billion by 2029, at a CAGR of 6.7% during 2024-2029. Elevators are extremely versatile and applied in various environments-such as residential structures, commercial complexes, hospitals, hotels, and other industrial structures. They provide excellent vertical access in high-rise structures, hence they are an important part of modern infrastructure. Elevators greatly improve access for people with disabilities and enhances mobility. An elevator component represents the parts in a specific elevator system that collaborate towards ensuring people's safe movement and conveyance between building floors with efficient delivery of goods. The underlying trends driving the above market comprises rapid urbanization and infrastructure development, high-rise buildings in demand, technological advancements in elevator systems, focus on energy efficiency and sustainability, and stringent safety regulations. The demand for innovative and efficient elevator components has led to increased market growth and innovation.
According to product type, the Elevator Component market is classified as follows- hydraulic elevators, traction elevators, limited use / limited application elevator, and others. The increasing demand for accessibility solutions in buildings, particularly for people with disabilities, drives the hydraulic elevators market. Hydraulic elevators are popular because they are smooth and quiet and are, therefore, well suited for residential and healthcare environments. Advancements in hydraulic technology, including energy-efficient hydraulic systems and better control systems, are also augmenting the growth of the market. Traction elevators are more often used because of high-speed capability, energy efficiency, and their ability to carry heavy loads. This makes it applicable to various types of applications such as commercial, residential, and industrial buildings.
The end-user segment of the Elevator Component market is made up of industrial, residential and commercial sectors. In the industrial sector, elevators are fitted with heavy-duty hoisting systems and strong control panels that make it easy to move goods and personnel within facilities. In warehouses and manufacturing plants, elevators are used to move heavy materials between levels, which improves productivity and safety to ensure safe operation in environments where heavy machinery and equipment are in use. Commercial uses of elevators can include the application of advance technology parts like high-power motors and intelligent control system so that high volume of people are handled smooth in terms of traffic flow. The systems will be faster responding and smoother in operations when more crowded conditions are seen like business office buildings, shopping markets, and hotels. Movement of workers, customers and goods from one floor to the next floor improves user experience. They also abide by the strict safety regulations to prevent injury to the customers.
Major players in the Elevator Component market include Schindler (US), Nidec Motor Corporation (Japan), Böhnke & Partner (Germany), Elevator Equipment Corporation (US), and Wittur (Germany), among others. These companies focus on innovation, product development, and strategic partnerships to cater to the growing demand for elevator component market.
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Growth opportunities and latent adjacency in Elevator Component Market