Industrial Goods

Global Elevator Components Market Expands at 9.4% CAGR, Targeting US$ 107.9 Billion by 2032

The global lift components market is expected to be valued at US$ 43.9 billion in 2022 and to grow at a CAGR of 9.4% to US$ 107.9 billion by the end of 2032. Elevator components are expected to account for more than 62% of worldwide elevator industry revenue in 2022.

The elevator components market plays a pivotal role in the vertical transportation industry, ensuring the safe and efficient operation of elevators and escalators in various sectors, including commercial buildings, residential complexes, airports, and industrial facilities. Elevator components encompass a wide range of parts and systems, from control panels and doors to cables, motors, and safety mechanisms. The market for elevator components is an integral part of the construction and infrastructure sector, as well as the modernization and maintenance of existing elevator systems.

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Elevator Components Market Demand & Supply Trends

  1. Urbanization and High-Rise Construction: The global trend of urbanization has led to increased demand for high-rise buildings and skyscrapers in urban centers. As a result, the elevator components market has experienced substantial growth, driven by the need for efficient vertical transportation solutions.
  2. Safety and Compliance: Elevator safety standards and regulations are stringent in most regions. The market has witnessed a surge in demand for components that comply with safety standards, including advanced braking systems, emergency communication devices, and backup power systems.
  3. Maintenance and Modernization: The maintenance and modernization of existing elevator systems represent a significant market segment. Aging elevator installations require component upgrades and replacements to ensure reliability and safety.
  4. Technological Advancements: Elevator components have seen technological advancements, including the integration of smart and IoT-based features. These innovations enhance efficiency, accessibility, and user experience, contributing to market growth.
  5. Energy Efficiency: Energy-efficient elevator components are in demand as organizations and building owners seek to reduce operational costs and environmental impact. Energy-efficient motors, lighting, and control systems have gained popularity.
  6. Customization and Aesthetics: Building owners and architects are increasingly seeking elevator components that offer customization options and aesthetic appeal. Elevator interiors, buttons, and fixtures are designed to match the overall building aesthetics.

Elevator Components Market Current Issues and Challenges

  • Regulatory Compliance: Compliance with regional and international safety and quality standards poses a significant challenge for elevator component manufacturers. Adhering to evolving regulations and certifications is essential.
  • Supply Chain Disruptions: The elevator components market can be susceptible to supply chain disruptions, which may impact manufacturing and delivery schedules. Dependence on global suppliers can pose risks.
  • Technological Integration: As elevator components become more technologically advanced, integrating new features into existing elevator systems can be complex and costly. Compatibility issues may arise.
  • Competitive Landscape: The elevator components market is competitive, with numerous manufacturers and suppliers. Differentiating products and securing market share can be challenging.
  • Environmental Sustainability: Increasing emphasis on environmental sustainability requires elevator component manufacturers to develop eco-friendly solutions, such as energy-efficient components and recyclable materials.
  • Maintenance and Servicing: Ensuring the availability of trained technicians and timely maintenance services is essential for the reliable and safe operation of elevators. A shortage of skilled personnel can pose challenges.

Competitive Landscape

In the elevator components market, several manufacturers are key players, contributing significantly to the industry’s growth and innovation. These manufacturers include:

  • Adams Elevator Equipment Company (Schindler Holding AG)
  • 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)
  • Wittur Group

These companies are recognized for their commitment to delivering high-quality elevator components that ensure safe and efficient vertical transportation systems. They are actively engaged in adopting sustainable technologies and optimization systems to cater to a diverse range of end-users. Key manufacturers focus on innovative product designs that address challenges associated with product placement in demanding operational environments. Additionally, their expertise and professionalism in planning, designing, and ensuring minimal noise levels are integral components of their marketing strategies.

Examples of Recent Developments:

  1. In January 2021, GAL Manufacturing Corp. expanded its product line by acquiring Vertical Dimensions LLC, thereby enhancing its elevator interior options. This strategic move allowed GAL Manufacturing Corp. to collaborate with MAD Elevators to provide cutting-edge MAD fixtures. As a result, it established itself as the sole supplier to the independent market, offering convenient combined controller/fixture solutions for all its products.
  2. In May 2020, Böhnke & Partner GmbH and SCHMERSAL announced plans to bolster their global presence by constructing an export-focused plant in India. This expansion was followed by the establishment of additional branches in Turkey, Dubai, and Japan, indicating their commitment to expanding their international footprint.
  3. In July 2022, Wittur introduced a redesigned model of Semaic C-MOD doors featuring MIDI+ and ECO+ motors. These doors offer improved performance and require less maintenance, contributing to the company’s reputation for innovation and product excellence.

Fact.MR’s recently published report provides comprehensive insights into the elevator components market, including details about the pricing strategies of key manufacturers across different regions, their sales growth trajectories, production capacities, and their potential for technological advancements.

Segmentation of Elevator Component Industry Research

  • Elevator Components Market 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
  • Elevator Components Market 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
  • Elevator Components Market 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
  • Elevator Components Market 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
  • Elevator Components Market by Noise Level :
    • Elevators for Passengers
    • Elevators for Freight
  • Elevator Components Market by Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEAa

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The elevator components market is an integral part of the vertical transportation industry, driven by urbanization, safety and compliance requirements, maintenance and modernization demands, technological advancements, energy efficiency, and aesthetic considerations. To thrive in this dynamic market, manufacturers must navigate challenges related to regulations, supply chain resilience, technology integration, competition, sustainability, and service availability while meeting the evolving needs of the construction and infrastructure sectors.

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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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