Elevator Component Market Trends and Forecast
The future of the global elevator component market looks promising with opportunities in the elevator for passenger and elevator for freight markets. The global elevator component market is expected to grow with a CAGR of 5.1% from 2025 to 2031. The major drivers for this market are the increasing demand for high-rise buildings, the rising adoption of smart elevator systems, and the growing need for energy-efficient solutions.
• Lucintel forecasts that, within the type category, drive system is expected to witness the highest growth over the forecast period.
• Within the application category, elevator for passenger is expected to witness higher growth.
• In terms of region, APAC is expected to witness the highest growth over the forecast period.
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Emerging Trends in the Elevator Component Market
The elevator component market is undergoing a transformative shift, driven by technological advancements and evolving demands for smarter, safer, and more sustainable vertical transportation. These emerging trends are fundamentally reshaping how elevators are designed, manufactured, and maintained, impacting various aspects of building infrastructure.
• Smart and Connected Components: The integration of IoT sensors, AI, and cloud connectivity into elevator components enables real-time monitoring, predictive maintenance, and remote diagnostics. This proactive approach minimizes downtime, optimizes performance, and enhances safety by identifying potential issues before they escalate, leading to significant operational efficiencies.
• Energy Efficiency and Sustainability: There’s a strong emphasis on developing energy-efficient components like regenerative drives, LED lighting, and lightweight materials. This trend aims to reduce power consumption, lower carbon footprints, and align with green building initiatives, resulting in significant operational cost savings and environmental benefits for building owners.
• Modular Design and Standardization: The adoption of modular design principles for elevator components allows for easier installation, faster customization, and simplified maintenance. This approach reduces manufacturing complexity, shortens delivery times, and provides greater flexibility for elevator manufacturers, making upgrades and replacements more efficient.
• Advanced Safety Features: Innovations in safety components, including enhanced door systems with improved obstacle detection, advanced emergency communication systems, and robust braking mechanisms, are paramount. These advancements significantly reduce the risk of accidents, improve passenger safety, and comply with increasingly stringent international safety regulations.
• Customization and Personalization: The demand for customized cabin interiors, unique control panels, and personalized user experiences is growing. This trend is driven by the desire for aesthetics and functionality that align with specific building designs and user preferences, offering differentiation in the competitive real estate market.
These emerging trends are fundamentally reshaping the elevator component market by promoting intelligence, sustainability, and flexibility in design and operation. The focus is shifting towards integrated systems that offer enhanced safety, energy efficiency, and a personalized user experience, driving innovation across the entire vertical transportation industry.
Recent Development in the Elevator Component Market
The elevator component market is experiencing a wave of recent developments, propelled by rapid urbanization, technological advancements, and increasing demands for safety and efficiency in vertical transportation. These innovations are critical in supporting the construction of modern high-rise buildings and the modernization of existing infrastructure.
• AI-Driven Predictive Maintenance: A significant development is the widespread adoption of AI and machine learning in elevator control systems and sensors. This enables predictive maintenance, allowing service providers to anticipate and address potential component failures before they occur, drastically reducing downtime and improving overall elevator reliability and safety.
• Machine Room-Less System Components: The ongoing evolution and widespread adoption of MRL elevator components, such as compact traction machines and integrated control systems, are key developments. MRL designs save valuable building space, offer greater architectural flexibility, and reduce energy consumption, making them highly desirable for new constructions.
• Advanced Door and Control Systems: Recent advancements include more sophisticated door operators with improved obstacle detection, faster opening/closing speeds, and seamless integration with destination control systems. Touchless controls and smart interfaces are also emerging, enhancing passenger flow and hygiene, especially post-pandemic.
• Sustainable Materials and Drives: There’s a growing focus on components made from sustainable materials and the development of energy-regenerative drives. These innovations capture energy generated during elevator descent, feeding it back into the building’s grid, significantly reducing energy consumption and supporting green building certifications.
• Modular and Pre-fabricated Components: The development of modular and pre-fabricated elevator components is gaining traction. This allows for faster installation times, consistent quality, and reduced on-site construction complexity, leading to greater efficiency in construction projects and quicker deployment of elevator systems.
These recent developments are collectively impacting the elevator component market by fostering greater intelligence, sustainability, and efficiency across the entire vertical transportation ecosystem. They are enabling safer, more reliable, and environmentally friendly elevator systems that meet the evolving demands of modern urban environments.
Strategic Growth Opportunities in the Elevator Component Market
The elevator component market offers substantial strategic growth opportunities across various applications, driven by global construction booms, urban densification, and the imperative for modernizing existing infrastructure. Leveraging these opportunities requires a nuanced understanding of specific sector needs and technological advancements.
• High-Rise and Skyscraper Construction: The global surge in high-rise building construction presents immense opportunities for advanced elevator components, including high-speed traction machines, robust control systems, and innovative safety features. These projects demand specialized components for efficient vertical transportation in tall structures.
• Residential Building Sector: The growing demand for affordable and compact elevators in residential buildings, especially machine room-less (MRL) designs, offers significant growth. Components for smaller, energy-efficient lifts, often integrated with smart home systems, cater to an expanding urban population living in multi-story apartments.
• Modernization and Renovation Projects: A vast market exists in modernizing and upgrading existing elevator systems, particularly in older buildings to comply with current safety standards and improve energy efficiency. This involves replacing outdated components with newer, more reliable, and technologically advanced equivalents, extending the lifespan of the elevator.
• Infrastructure and Transportation Hubs: Airports, metro stations, railway stations, and other public transportation hubs require heavy-duty, high-traffic elevator components. Growth opportunities lie in robust control systems, durable door mechanisms, and resilient safety components designed to handle continuous, high-volume passenger flow and demanding operational environments.
• Smart City and IoT Integration: The proliferation of smart city initiatives creates opportunities for components that integrate seamlessly with IoT platforms, offering predictive maintenance, real-time diagnostics, and enhanced user experiences. This segment demands components capable of robust connectivity and data exchange for optimized building management.
These strategic growth opportunities are profoundly impacting the elevator component market by driving specialization and innovation across diverse applications. The market is evolving to provide tailored solutions for new construction, modernization, and smart infrastructure projects, contributing to more efficient, safe, and technologically advanced vertical mobility solutions globally.
Elevator Component Market Driver and Challenges
The elevator component market is shaped by a confluence of influential factors, encompassing technological advancements, economic shifts, and regulatory imperatives. These elements collectively drive market expansion while simultaneously posing significant hurdles that industry players must strategically address for sustainable growth.
The factors responsible for driving the elevator component market include:
1. Urbanization and High-Rise Construction: Rapid global urbanization, particularly in Asia-Pacific, is leading to a boom in high-rise residential and commercial buildings. This directly fuels demand for elevator installations and consequently, the components required for vertical transportation in increasingly dense urban landscapes.
2. Aging Infrastructure and Modernization: A substantial portion of existing elevator installations globally is aging, necessitating modernization to meet contemporary safety standards, energy efficiency requirements, and technological advancements. This drives demand for replacement and upgraded components, creating a robust aftermarket segment.
3. Technological Advancements: Continuous innovation in areas like IoT integration, AI-driven predictive maintenance, smart control systems, and energy-regenerative drives is a key driver. These advancements enhance elevator performance, safety, and energy efficiency, compelling building owners to upgrade or install new, more sophisticated systems.
4. Focus on Energy Efficiency and Sustainability: Growing environmental concerns and stricter energy efficiency regulations worldwide are driving demand for eco-friendly elevator components. Manufacturers are focusing on developing lighter materials, efficient motors, and regenerative drives to reduce energy consumption and operational costs.
5. Enhanced Safety Regulations: Increasingly stringent safety codes and regulations imposed by governments and industry bodies globally are propelling demand for advanced safety components, such as improved braking systems, emergency communication devices, and enhanced door safety mechanisms, ensuring passenger security.
Challenges in the elevator component market are:
1. High Initial Investment Costs: The capital expenditure associated with installing new elevator systems, especially those with advanced components and smart features, can be substantial. This high upfront cost can be a barrier to adoption, particularly for small and medium-sized developers or in economically sensitive regions.
2. Supply Chain Disruptions: The global nature of the elevator component supply chain makes it vulnerable to disruptions, as witnessed during recent pandemics and geopolitical tensions. Dependencies on raw material availability and international logistics can lead to delays, increased costs, and production bottlenecks.
3. Skilled Labor Shortage: A growing shortage of skilled technicians and installers for elevator systems, particularly those proficient in handling complex smart components and integrated systems, poses a significant challenge. This can lead to delays in installation, maintenance backlogs, and compromised service quality.
The elevator component market is characterized by robust growth, primarily propelled by global urbanization, the modernization imperative for aging infrastructure, and rapid technological advancements towards smart and sustainable solutions. However, it grapples with challenges such as high investment costs, supply chain vulnerabilities, and a shortage of skilled labor, which necessitate strategic responses to ensure continued innovation and market expansion.
List of Elevator Component Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies elevator component companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the elevator component companies profiled in this report include-
• Otis
• Kone
• Schindler
• Hangzhou XiOlift
• Fujitec
• Yungtay Engineering
• SJEC
• Avire
• Böhnke & Partner
• Elevator Equipment Corporation
Elevator Component Market by Segment
The study includes a forecast for the global elevator component market by type, application, and region.
Elevator Component Market by Type [Value from 2019 to 2031]:
• Drive System
• Control System
• Counterweight System
• Others
Elevator Component Market by Application [Value from 2019 to 2031]:
• Elevators for Passengers
• Elevators for Freight
Elevator Component Market by Region [Value from 2019 to 2031]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Elevator Component Market
The elevator component market is experiencing rapid innovation, driven by urbanization, increasing demand for high-rise buildings, and a growing emphasis on safety, energy efficiency, and smart technologies. Components like traction machines, control systems, and door operators are evolving to be
• United States: The U.S. elevator component market is marked by increasing adoption of machine room-less (MRL) elevators and advanced safety features. Driven by smart building initiatives, there’s a strong focus on AI-driven predictive maintenance and IoT integration to enhance efficiency, reduce downtime, and improve user experience in both new installations and modernization projects.
• China: China elevator component market is booming due to rapid urbanization and extensive high-rise construction. The country is a major manufacturer, focusing on high-volume production of energy-efficient components, smart technologies, and advanced safety systems. Domestic players are investing heavily in R&D to meet diverse market demands and integrate AI for predictive maintenance.
• Germany: Germany market emphasizes precision engineering and sustainability in elevator components. There’s a strong demand for high-quality, durable components with advanced control systems and energy-saving features, particularly for modernizing existing infrastructure and supporting green building initiatives. German manufacturers are known for robust and reliable solutions.
• India: India elevator component market is witnessing significant growth propelled by rapid urbanization and infrastructure development. The focus is on cost-effective, durable, and energy-efficient components for both new installations and modernization projects. Smart technologies and IoT integration for predictive maintenance are gaining traction, along with an emphasis on local manufacturing.
• Japan: Japan elevator component market is characterized by technological leadership, focusing on miniaturization, advanced control systems, and high reliability. Key players are investing in R&D for innovative components that support ultra-high-speed elevators, earthquake resistance, and energy regeneration, catering to a mature market with high safety and performance standards.
Features of the Global Elevator Component Market
Market Size Estimates: Elevator component market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2019 to 2024) and forecast (2025 to 2031) by various segments and regions.
Segmentation Analysis: Elevator component market size by type, application, and region in terms of value ($B).
Regional Analysis: Elevator component market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different type, applications, and regions for the elevator component market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the elevator component market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for elevator component market?
Answer: The global elevator component market is expected to grow with a CAGR of 5.1% from 2025 to 2031.
Q2. What are the major drivers influencing the growth of the elevator component market?
Answer: The major drivers for this market are the increasing demand for high-rise buildings, the rising adoption of smart elevator systems, and the growing need for energy-efficient solutions.
Q3. What are the major segments for elevator component market?
Answer: The future of the elevator component market looks promising with opportunities in the elevator for passenger and elevator for freight markets.
Q4. Who are the key elevator component market companies?
Answer: Some of the key elevator component companies are as follows:
• Otis
• Kone
• Schindler
• Hangzhou XiOlift
• Fujitec
• Yungtay Engineering
• SJEC
• Avire
• Böhnke & Partner
• Elevator Equipment Corporation
Q5. Which elevator component market segment will be the largest in future?
Answer: Lucintel forecasts that, within the type category, drive system is expected to witness the highest growth over the forecast period.
Q6. In elevator component market, which region is expected to be the largest in next 5 years?
Answer: In terms of region, APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the elevator component market by type (drive system, control system, counterweight system, and others), application (elevators for passengers and elevators for freight), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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