Global Traction Elevator Market 2024–2033

Reports Description

Global Traction Elevator Market was valued at USD 3 Billion in 2024 and is expected to reach USD 6.6 Billion by 2033, at a CAGR of 5.6% during the forecast period 2024 – 2033.

An electric motor and a set of ropes or belts allow an elevator’s traction elevator to raise and lower the elevator car vertically along guide rails. An electric motor and a set of ropes or belts allow an elevator’s traction elevator to raise and lower the elevator car vertically along guide rails.

Traction Elevator Market: Growth Factors

Rising infrastructure spending

The rising infrastructure spending is a significant driver for the traction elevator market. High-rise building construction has increased dramatically as a result of increased infrastructure spending, especially in urban regions. In big buildings, traction elevators are necessary to provide effective vertical movement.

The creation of office buildings, retail centers, and hotels, as well as the development of apartment complexes and condominiums, in the residential sector, have been spurred by infrastructure investment. Urbanization and population expansion are directly correlated with infrastructure spending.

Transport systems that are efficient and can accommodate the increasing number of people moving to metropolitan areas are necessary, such as traction elevators. Manufacturing has been able to invest in R&D thanks to the increased infrastructure spending, which has resulted in innovative traction elevator technology.

These developments such as the incorporation of regenerative engines, artificial intelligence, and the Internet of Things have improved the sustainability, safety, and efficiency of these elevators.

In conclusion, the market for traction elevators is significantly driven by increased infrastructure spending, especially in the construction of high-rise buildings, the expansion of the commercial and residential sectors, and government initiatives.

Traction elevator technology has advanced due to greater investment in infrastructure development, making traction elevators safer, more sustainable, and efficient.

Growing construction industry

High-rise building construction has increased, especially in urban regions where land is scarce In these big buildings, traction elevators are necessary to provide effective vertical movement.

The need for traction elevators has increased due to the expansion of both the residential and commercial sectors, which includes the development of apartment complexes and condominiums, as well as the construction of office buildings, shopping centers, and hotels.

Significant technological breakthroughs have been made in traction elevators, such as the replacement of traditional steel ropes with lightweight, energy-efficient flat steel belts.

The construction sector now finds traction elevators more enticing as a result of these improvements due to their capacity to lower energy consumption in high-rise structures, traction elevators have emerged as a preferred option in the construction sector, which is placing a greater emphasis on energy conservation.

This has increased the need for traction elevators in the building industry. In conclusion, the traction elevator market is significantly influenced by the construction industry’s growing demand, which is fueled by the building of more high-rise structures, the growth of the commercial and residential sectors, technological advancements in traction elevators, the focus on energy efficiency, and government support.

Traction Elevator Market: Restraints

Stringent environmental regulation

Stringent environmental regulations can indeed present challenges for the traction elevator market. These regulations often impose restrictions on the materials used in elevator construction, energy efficiency standards, and emissions controls, among other factors.

While such regulations aim to promote sustainability and reduce environmental impact, they can pose obstacles for elevator manufacturers and operators. One major concern is the requirement for eco-friendly materials, which may limit the options available for elevator components and construction.

Additionally, energy efficiency standards may necessitate costly upgrades or modifications to existing elevator systems, particularly in older buildings where retrofitting can be challenging and expensive.

Moreover, emissions controls may impact the use of certain types of hydraulic fluids or lubricants, further complicating elevator design and maintenance. However, these challenges also drive innovation within the traction elevator market.

Manufacturers are compelled to develop more energy-efficient and environmentally friendly elevator systems, incorporating technologies such as regenerative drives, LED lighting, and sustainable materials. Additionally, stricter regulations can create opportunities for companies specializing in compliance consulting and sustainable elevator solutions.

While navigating stringent environmental regulations requires investment and adaptation, it ultimately promotes the development of greener and more sustainable solutions within the traction elevator market.

Traction Elevator Market: Opportunities

Growing demand in developing countries

With rapid urbanization and infrastructure development in various countries such as Asia Pacific and the Middle East due to the development of high-rise structures and commercial complexes, there is a growing need for effective vertical transportation systems, such as traction elevators.

The demand for homes and businesses has increased due to developing nations’ expanding populations and economies. To meet the increasing demand, international traction elevator manufacturers are strategically investing in developing nations.

These expenditures consist of building distribution networks, manufacturing facilities, and product modifications to meet local market demands. Favorable regulations are being implemented by several emerging nations to entice investments in the real estate and construction industries.

The market for traction elevators is expanding because of these regulations as well as the increased focus on sustainable development and smart cities. In conclusion, market participants can benefit greatly from the expanding demand for traction elevators in developing nations due to the country’s quick urbanization, increased population, improved infrastructure, and burgeoning economy.

International producers may take advantage of these chances by customizing their goods to meet the demands of regional markets, forming business alliances, and allocating funds for R&D to create cutting-edge, energy-saving traction elevator systems.

Traction Elevator Market: Segmentation Analysis

Global Traction Elevator Market is segmented into type, application, service and region. Based on type, the market is classified into geared traction elevators and gearless traction elevators. Gearless Traction Elevators dominated the market in 2023 with a market share of 62.50% and is expected to keep its dominance during the forecast period 2024-2033.

Gearless traction elevators have emerged as a significant driving force within the traction elevator market due to their numerous advantages over traditional geared counterparts.

These elevators utilize a gearless motor attached directly to the elevator shaft, eliminating the need for bulky gearboxes and reducing energy consumption and maintenance requirements. One key factor driving the adoption of gearless traction elevators is their superior performance.

With smoother operation, higher speeds, and greater precision, they offer enhanced ride quality and efficiency, making them ideal for high-rise buildings and premium installations. Additionally, gearless traction elevators are known for their space-saving design, allowing for more flexible and efficient use of building space.

Based on application, the market is classified into residential and commercial. Commercial dominated the market in 2023 with a market share of 49.5% and is expected to keep its dominance during the forecast period 2024-2033.

The commercial sector plays a pivotal role in driving the traction elevator market due to its extensive use of vertical transportation systems in office buildings, shopping malls, hotels, and other commercial properties. Traction elevators, known for their smooth ride quality and high-speed capabilities, are favoured in commercial settings where efficiency, reliability, and passenger comfort are paramount.

The growth of the commercial sector, fuelled by urbanization, population growth, and economic development, directly influences the demand for traction elevators. As cities expand and skyscrapers proliferate, there is a corresponding need for sophisticated vertical transportation solutions to efficiently move people and goods within these structures.

Furthermore, trends such as mixed-use developments and smart building technologies drive innovation in the traction elevator market. Commercial property developers seek elevators equipped with advanced features like destination dispatch systems, energy-efficient components, and digital connectivity to enhance building efficiency, user experience, and sustainability.

Based on service the market is classified into new installation maintenance and modernization. The maintenance segment dominated the market in 2023 with a market share of 41.8% and is expected to keep its dominance during the forecast period 2024-2033.

Maintenance services play a crucial role in driving the traction elevator market by ensuring the safety, reliability, and efficiency of elevator systems throughout their operational lifespan. Regular maintenance helps prevent breakdowns, reduces downtime, and prolongs the life of elevator components, thus minimizing costly repairs and replacements.

Additionally, adherence to maintenance schedules is often required to comply with safety regulations and standards, further emphasizing the importance of these services. Moreover, maintenance contracts provide a steady revenue stream for elevator manufacturers and service providers, contributing to market growth.

As buildings become taller and more complex, the demand for specialized maintenance services tailored to the unique requirements of high-rise elevators increases.

Furthermore, with the rise of predictive maintenance technologies leveraging data analytics and IoT sensors, maintenance services are becoming more proactive and efficient, anticipating issues before they occur and optimizing elevator performance.

Report Scope

Traction Elevator Market: Regional Analysis

By Region, Traction Elevator Market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the Traction Elevator Market in 2023 with a market share of 41.3% and is expected to keep its dominance during the forecast period 2024-2033.

North America is a significant driving force in the traction elevator market due to several key factors. The region’s robust construction industry, particularly in urban centers, fuels demand for high-rise buildings and associated elevator installations.

Major cities like New York, Chicago, and Los Angeles are hubs of vertical development, requiring efficient and reliable elevator systems to support vertical transportation needs. Additionally, North America’s focus on technological innovation and sustainability influences trends within the elevator industry.

Moreover, stringent safety regulations in North America drive the adoption of state-of-the-art elevator technologies, ensuring compliance and enhancing passenger safety.

Overall, North America’s economic prosperity, urbanization trends, and commitment to innovation contribute significantly to the growth and advancement of the traction elevator market in the region.

Traction Elevator Market: Recent Developments

• In October 2023, KONE Corporation finalized the sale of its operations in Russia to S8 Capital, a diversified holding company based in Russia.

• In February 2021, The Schindler Group and M hotels, the top boutique hotel chain in the Netherlands, have partnered to provide maintenance and upgrades for the elevators and escalators in all of the Group’s current buildings worldwide.

• In August 2020, Otis purchased Bay State Elevator in order to grow in the U.S. Northeast. The operations and service portfolio of the corporation in upstate New York, Connecticut, Massachusetts, and Vermont are included in the acquisition.

List of the prominent players in the Traction Elevator Market:

• Schumacher
• Schindler
• Delaware Elevator
• Delta
• Kone
• Otis Elevator Company
• ESCON
• Thyssenkrupp
• Global Tardif
• AAlliance Lifts (AAL)
• Oscan Elevators
• Fujitec
• Garaventa
• Savaria
• Florlift of New Jersey
• MEI
• Mitsubishi
• Alpaca
• Hitachi
• Suzhou Qingdao
• Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The Traction Elevator Market is segmented as follows:

By Type

• Geared Traction Elevators
• Gear less Traction Elevators

By Application

• Residential
• Commercial

By Service

• New installation
• Maintenance
• Modernization

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America