Elevator Motors Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
The global elevator motors market was estimated to be US$ 5.72 Billion in 2022 and is expected to reach US$ 10.24 Billion by 2032 at a CAGR of 6%.
Elevator motors are electric motors that power the movement of elevators and escalators. They provide the mechanical energy necessary to lift and lower elevator cars, move escalator steps, and control the speed and direction of movement. Elevator motors come in a variety of types and sizes depending on the specific application and load capacity of the elevator system. AC motors and DC motors are the two main types of elevator motors used in the industry.
AC motors are commonly used in low to medium-rise buildings, while DC motors are typically used in high-rise buildings and heavy-duty applications. Elevator motors play a critical role in the operation and safety of elevator systems and are subject to strict safety standards and regulations.
Elevator Motors Market Drivers
Rising demand for elevators and escalators is driving the market growth
The Global 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. With more people moving into cities, the demand for vertical transportation solutions is increasing, particularly in developing countries like China and India, where urbanization is driving growth in the construction industry.
In addition, there is an increasing focus on accessibility and safety in buildings, driving demand for elevators that are more reliable, safe, and user-friendly.
The industry is also witnessing a rising focus on energy efficiency and sustainable elevator systems, with the development of new technologies that are more energy-efficient and eco-friendly. Advancements in permanent magnet motor technology can reduce energy consumption, leading to lower operating costs and improved environmental performance.
Moreover, regenerative drives that recover energy from the elevator during descent and feed it back into the building's electrical system can reduce energy consumption. These factors are driving growth in the global elevator motors market, as elevator motors are a critical component of elevator systems, and advancements in motor technology are enabling elevators to be more energy-efficient, sustainable, and reliable.
End-use Segmentation of Global Elevator Motors Market
Commercial industry is the largest end-use industry in the global elevator motors market
Based on end-use, 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. In addition, there is an increasing demand for elevators in commercial buildings, driven by factors such as rapid urbanization and a focus on accessibility and safety.
The residential segment is also a significant end-use industry segment in the elevator motors market, particularly in regions with a high population density and limited land availability, such as Asia-Pacific and the Middle East. In these regions, residential buildings are increasingly being designed to be taller, which necessitates the installation of elevators. Moreover, there is a growing demand for elevators in high-end residential buildings, where elevators are considered a luxury amenity.
The industrial segment is the smallest end-use industry segment in the global elevator motors market, as the demand for elevators in industrial applications, such as factories and warehouses, is limited. However, elevator motors may be required for specific industrial applications, such as mining and construction, where elevators are used for transportation of materials and equipment.
Regional Trends of the Global Elevator Motors Market
Increasing demand for elevators in high-rise buildings is driving the growth of the market in the Middle East and Africa
Geographically, the global elevator motors market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America: The North American elevator motors market is mature and highly regulated. The focus is on energy efficiency, safety, and building codes compliance. There is a growing demand for modernization and retrofitting of existing elevator systems to improve performance and reduce energy consumption. The market is highly consolidated, with a few dominant players.
Europe: The European elevator motors market is highly competitive, with a focus on energy efficiency and sustainability. The market is driven by the increasing demand for elevators in residential and commercial buildings, as well as the growing trend towards smart cities. The focus is on product innovation and technological advancements, with a strong emphasis on safety and reliability.
Asia-Pacific: The Asia-Pacific elevator motors market is growing rapidly, driven by urbanization, population growth, and infrastructure development. There is a high demand for elevators in residential and commercial buildings, particularly in densely populated cities. The market is highly fragmented, with a large number of local and regional players. The focus is on affordability, efficiency, and customization to meet local needs.
Middle East and Africa: The Middle East and Africa elevator motors market is growing rapidly, driven by urbanization, population growth, and the increasing demand for elevators in high-rise buildings. The market is highly concentrated, with a few dominant players. The focus is on luxury and high-end products, with an emphasis on reliability, safety, and customization.
South America: The South American elevator motors market is growing, driven by infrastructure development, population growth, and urbanization. There is a high demand for elevators in residential and commercial buildings, as well as in the mining and construction sectors. The market is highly competitive, with a mix of local and international players. The focus is on affordability, energy efficiency, and safety.
Key players and market strategies:
Companies operating in the global elevator motors market are adopting various growth strategies to gain a competitive edge and expand their market presence.
Some of the major growth strategies adopted by these companies are:
Product Innovation: Elevator motor manufacturers are investing heavily in R&D to develop innovative and energy-efficient products. They are also incorporating new technologies such as IoT and cloud computing to enhance the performance and reliability of elevator systems.
Strategic Partnerships and Collaborations: Elevator motor manufacturers are forming strategic partnerships and collaborations with other companies to expand their product offerings and gain access to new markets. For instance, in 2021, Mitsubishi Electric Corporation and Schindler Group formed a strategic partnership to develop and market next-generation elevators and escalators.
Merger and Acquisitions: Companies operating in the elevator motors market are also acquiring other companies to expand their product portfolios and geographic reach. For example, in 2018, Hitachi completed the acquisition of ABB's power grid business, which includes elevator motors, to expand its presence in the elevator market.
Geographic Expansion: Elevator motor manufacturers are also expanding their geographic presence by entering new markets through partnerships or acquisitions. For instance, in 2019, WEG S.A. acquired the Austrian company Antriebstechnik KATT Hessen GmbH to expand its presence in the European elevator motors market.
Focus on Sustainability: Elevator motor manufacturers are also focusing on sustainability by developing energy-efficient products and implementing sustainable manufacturing practices. This helps them reduce their carbon footprint and meet the growing demand for environmentally friendly products.
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 and many more.
Global Elevator Motors Market Segmentation:
By Category
- Geared Traction Motors
- Gearless Traction Motors
By Type:
- AC Motors
- DC Motors
By Application:
- Passenger Elevator
- Freight Elevator
- Service Elevators
By Distribution Channel
- Offline
- Direct
- Indirect
- Online
By End-use Industry:
- Residential
- Commercial
- Industrial
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Elevator Motors Market
- Global Elevator Motors Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Porter’s Five Forces
- Trends
- Global Elevator Motors Market Analysis and Forecast, by Category
- Overview and definitions
- Key segment analysis
- Global Elevator Motors Market Size Estimates (US$ Mn), by Category, 2019 – 2032
- Geared Traction Motors
- Gearless Traction Motors
- Global Elevator Motors Market Analysis and Forecast, by Type
- Overview and definitions
- Key segment analysis
- Global Elevator Motors Market Size Estimates (US$ Mn), by Type, 2019 – 2032
- AC Motors
- DC Motors
- Global Elevator Motors Market Analysis and Forecast, by Application
- Overview and definitions
- Key segment analysis
- Global Elevator Motors Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Passenger Elevator
- Freight Elevator
- Service Elevators
- Global Elevator Motors Market Analysis and Forecast, by End Use
- Overview and definitions
- Key segment analysis
- Global Elevator Motors Market Size Estimates (US$ Mn), by End Use, 2019 – 2032
- Residential
- Commercial
- Industrial
- Global Elevator Motors Market Analysis and Forecast, by Distribution Channel
- Overview and definitions
- Key segment analysis
- Global Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Offline
- Direct
- Indirect
- Online
- Offline
- Global Elevator Motors Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Elevator Motors Market Size Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Elevator Motors Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Elevator Motors Market Size Estimates (US$ Mn), by Category, 2019 – 2032
- Geared Traction Motors
- Gearless Traction Motors
- North America Elevator Motors Market Size Estimates (US$ Mn and Units), by Type, 2019 – 2032
- AC Motors
- DC Motors
- North America Elevator Motors Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Passenger Elevator
- Freight Elevator
- Service Elevators
- North America Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Residential
- Commercial
- Industrial
- North America Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Offline
- Direct
- Indirect
- Online
- Offline
- North America Elevator Motors Market Size Estimates (US$ Mn), Country, 2019 – 2032
- The U.S.
- Canada
- Rest of North America
- Europe Elevator Motors Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Elevator Motors Market Size Estimates (US$ Mn), by Category, 2019 – 2032
- Geared Traction Motors
- Gearless Traction Motors
- Europe Elevator Motors Market Size Estimates (US$ Mn and Units), by Type, 2019 – 2032
- AC Motors
- DC Motors
- Europe Elevator Motors Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Passenger Elevator
- Freight Elevator
- Service Elevators
- Europe Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Residential
- Commercial
- Industrial
- Europe Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Offline
- Direct
- Indirect
- Online
- Offline
- Europe Elevator Motors Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific Elevator Motors Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Elevator Motors Market Size Estimates (US$ Mn), by Category, 2019 – 2032
- Geared Traction Motors
- Gearless Traction Motors
- Asia Pacific Elevator Motors Market Size Estimates (US$ Mn and Units), by Type, 2019 – 2032
- AC Motors
- DC Motors
- Asia Pacific Elevator Motors Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Passenger Elevator
- Freight Elevator
- Service Elevators
- Asia Pacific Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Residential
- Commercial
- Industrial
- Asia Pacific Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Offline
- Direct
- Indirect
- Online
- Offline
- Asia Pacific Elevator Motors Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa Elevator Motors Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Elevator Motors Market Size Estimates (US$ Mn), by Category, 2019 – 2032
- Geared Traction Motors
- Gearless Traction Motors
- Middle East & Africa Elevator Motors Market Size Estimates (US$ Mn and Units), by Type, 2019 – 2032
- AC Motors
- DC Motors
- Middle East & Africa Elevator Motors Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Passenger Elevator
- Freight Elevator
- Service Elevators
- Middle East & Africa Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Residential
- Commercial
- Industrial
- Middle East & Africa Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Offline
- Direct
- Indirect
- Online
- Offline
- Middle East & Africa Elevator Motors Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East
- South America Elevator Motors Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Elevator Motors Market Size Estimates (US$ Mn), by Category, 2019 – 2032
- Geared Traction Motors
- Gearless Traction Motors
- South America Elevator Motors Market Size Estimates (US$ Mn and Units), by Type, 2019 – 2032
- AC Motors
- DC Motors
- South America Elevator Motors Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Passenger Elevator
- Freight Elevator
- Service Elevators
- South America Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Residential
- Commercial
- Industrial
- South America Elevator Motors Market Size Estimates (US$ Mn), by Distribution Channel, 2019 – 2032
- Offline
- Direct
- Indirect
- Online
- Offline
- South America Elevator Motors Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Brazil
- Rest of South America
- Competition Analysis – Elevator Motors Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- ABB Ltd.
- Business overview
- Geographic presence
- Financial facts
- Relevant news and strategic view
- ltra Industrial Motion
- Bharat Bijlee
- Bosch Rexroth
- Fuji Electric
- Hitachi
- KEB America
- KONE
- Mitsubishi Electric
- Nidec Corporation
- Otis Elevator Company
- Schneider Electric
- Siemens
- Toshiba
- WEG
- ABB Ltd.
- Conclusion & Recommendations
Frequently asked questions about this report
What is the elevator motors market growth?
The elevator motors market is expected grow at a CAGR of 6% from 2023 to 2032.
How big is the elevator motors market?
The elevator motors market size is expected to reach US$ 10.24 Billion by 2032.
What was the market for elevator motors valued at in 2022?
The elevator motors market size was estimated to be US$ 5.72 Billion in 2022.
What are the major drivers for the global elevator motors market?
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.
Which end-use industry type is the largest in the elevator motors market?
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.
Which is the growing market for elevator motors ?
The Asia-Pacific elevator motors market is growing rapidly, driven by urbanization, population growth, and infrastructure development.
Who are the key players in elevator motors market?
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.