Elevator Motors Market

Elevator Motors Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
Frequently asked questions about this report

The elevator motors market is expected grow at a CAGR of 6% from 2023 to 2032.

The elevator motors market size is expected to reach US$ 10.24 Billion by 2032.

The elevator motors market size was estimated to be US$ 5.72 Billion in 2022.

The elevator motors Market is being driven by several factors such as the rising demand for elevators and escalators in commercial and residential buildings, rapid urbanization and an increase in population density, and a focus on energy efficiency and sustainable elevator systems.

The commercial segment is the largest end-use industry segment in the global elevator motors market. This is because commercial buildings, such as offices, hotels, and shopping malls, generally have a higher number of floors and elevators, which require more elevator motors.

The Asia-Pacific elevator motors market is growing rapidly, driven by urbanization, population growth, and infrastructure development.

ABB, Altra Industrial Motion, Bharat Bijlee, Bosch Rexroth, Fuji Electric, Hitachi, KEB America, KONE, Mitsubishi Electric, Nidec Corporation, Otis Elevator Company, Schneider Electric, Siemens, Toshiba, WEG among others, are the key players in this market.