Elevator Components Market In-Depth Qualitative Insights And Future Growth Analysis 2032

 The worldwide elevator components market size is poised to achieve a value of $43.9 billion in 2022 and is projected to grow at a steady compound annual growth rate (CAGR) of 9.4%, reaching a total of $107.9 billion by the conclusion of 2032.

Elevator components are anticipated to contribute over 62% of the total revenue in the global elevator market for the year 2022.

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In an era where urbanization is rapidly transforming cityscapes across the globe, the elevator industry is soaring to new heights. The elevator components market, an integral part of this industry, is experiencing unprecedented growth and innovation. As cities expand both horizontally and vertically, the need for efficient, safe, and sustainable vertical transportation solutions is more significant than ever.

Urbanization: The Driving Force

The world is experiencing an unprecedented wave of urbanization. According to the United Nations, more than half of the global population now resides in urban areas, a trend that is expected to continue. The surge in urbanization is primarily driven by factors such as population growth, rural-to-urban migration, and the construction of high-rise buildings. As cities become more densely populated, the demand for elevators and escalators is skyrocketing.

The Rise of High-Rise Buildings

One of the most visible signs of urbanization is the proliferation of high-rise buildings. These architectural marvels have become the hallmark of modern cities, and they depend on elevators to efficiently transport people and goods within their towering structures. The elevator components market has embraced this trend, providing specialized solutions to meet the unique requirements of high-rise buildings.

Innovation Takes Center Stage

As the elevator industry adapts to the changing urban landscape, innovation is at the forefront. Elevator components have evolved to include cutting-edge technology aimed at enhancing safety, energy efficiency, and user experience. Smart elevators equipped with IoT (Internet of Things) sensors, destination control systems, and energy-efficient drives are becoming increasingly common. These innovations not only improve the overall performance of elevators but also reduce their environmental footprint.

Competitive Landscape

In the competitive realm of elevator components, notable manufacturers include Adams Elevator Equipment Company (part of Schindler Holding AG), Avire Ltd (a subsidiary of Halma plc.), BΓΆhnke & 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.

These leading global manufacturers of elevator components have embraced sustainability and optimization technologies to cater to a diverse range of end-users. They prioritize the development of innovative product designs that tackle challenges associated with product placement in demanding operational environments. Furthermore, their marketing strategies hinge on expertise, professionalism, and the ability to design solutions that minimize noise levels.

In January 2021, GAL Manufacturing Corp. expanded its product portfolio by acquiring Vertical Dimensions LLC, thereby broadening its range of elevator interior options. This strategic move included a collaboration with MAD Elevators to provide cutting-edge MAD fixtures. GAL Manufacturing Corp. has since established itself as the exclusive supplier to the independent market, offering integrated controller/fixture solutions for its entire product line.

In May 2020, BΓΆhnke & Partner GmbH, in conjunction with SCHMERSAL, embarked on plans to enhance its global presence by constructing an export-oriented facility in India. Additionally, the company intends to establish new branches in Turkey, Dubai, and Japan as part of its expansion strategy.

In July 2022, Wittur introduced an enhanced model of the Semaic C-MOD doors featuring MIDI+ and ECO+ motors. These improvements translate to enhanced performance and reduced maintenance requirements, reflecting Wittur's commitment to innovation and customer satisfaction.

Segmentation of Elevator Component Industry Research

  • By Component:
    • Elevator Car & Shaft
    • Landing Door
    • Motor
    • Machine Drive
    • Tension Pulley (per Piece)
    • Controller
    • Counterweight Frame
    • Counterweight Guide Rails
    • Car Guide Rail
    • Speed Governor (Bidirectional)
    • Counterweight and Car Buffer
    • 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 Noise Level:
    • Elevators for Passengers
    • Elevators for Freight
  • By Region:
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

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Global Expansion

The urbanization surge is not limited to a single region; it is a global phenomenon. As a result, the elevator components market is experiencing growth on a global scale. Asia-Pacific, in particular, has emerged as a major hub for elevator production and installation, driven by the rapid urbanization in countries like China and India.

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