Elevator Motor Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Elevator Motor Market Trends and Forecast

The future of the global elevator motor market looks promising with opportunities in the residential and commercial markets. The global elevator motor market is expected to reach an estimated $5.7 billion by 2028 with a CAGR of 5.0% from 2023 to 2028. The major drivers for this market are growing commercial and residential building activities in the developing countries, rising investment in infrastructure development projects by several governments, along with increasing adoption of advanced technologies across the globe.

Elevator Motor Market

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Elevator Motor Market by Segment

The study includes trends and forecast for the global elevator motor market by category, type, application, and region, as follows:

Elevator Motor Market by Category [Shipment Analysis by Value from 2017 to 2028]:

• AC (Alternating Current) Motors
• DC (Direct Current) Motors

Elevator Motor Market by Type [Shipment Analysis by Value from 2017 to 2028]:

• Geared Traction Motors
• Gearless Traction Motors

Elevator Motor Market by Application [Shipment Analysis by Value from 2017 to 2028]:

• Residential
• Commercial

Elevator Motor Market by Region [Shipment Analysis by Value from 2017 to 2028]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Elevator Motor 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 motor companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base.

Some of the elevator motor companies profiled in this report include:

• Changzhou Fulling Motor
• Columbus McKinnon
• Global Partner Elevator
• LEESON Electric
• Nidec Motor
• Schindler Elevator
• Siemens
• General Electric
• Imperial Electric
• ZIEHL-ABEGG

Elevator Motor Market Insights

• Lucintel forecasts that gearless traction motors will remain the higher growing segment over the forecast period because it is more environment friendly and compact device than the geared traction motor, which offers quitter ride experience and are easy to maintain and also helps in reducing carbon footprints of buildings.
• Within this market, residential will remain the highest growing segment because of the rising demand for energy-efficient elevators that helps in reducing emissions and energy consumption, along with growing demand for multi-storied buildings in various sectors of the society.
• North America will remain the largest region over the forecast period due to rapid growth in renovation activities and increasing infrastructure development activities in this region.

Features of the Elevator Motor Market

• Market Size Estimates: Elevator motor market size estimation in terms of value ($B)
• Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
• Segmentation Analysis: Elevator motor market size by various segments, such as by category, type, application, and region
• Regional Analysis: Elevator motor market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different by category, type, application, and regions for the elevator motor market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the elevator motor market.
• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

• Q1. What is the elevator motor market size?
• Answer: The global elevator motor market is expected to reach an estimated $5.7 billion by 2028.
• Q2. What is the growth forecast for elevator motor market?
• Answer: The global elevator motor market is expected to grow with a CAGR of 5.0% from 2023 to 2028.
• Q3. What are the major drivers influencing the growth of the elevator motor market?
• Answer: The major drivers for this market are growing commercial and residential building activities in the developing countries, rising investment in infrastructure development projects by several governments, along with increasing adoption of advanced technologies across the globe.
• Q4. What are the major segments for elevator motor market?
• Answer: The future of the global elevator motor market looks promising with opportunities in the residential and commercial markets.
• Q5. Who are the key elevator motor companies?
• Answer: Some of the key elevator motor companies are as follows:
  • Changzhou Fulling Motor
  • Columbus McKinnon
  • Global Partner Elevator
  • LEESON Electric
  • Nidec Motor
  • Schindler Elevator
  • Siemens
  • General Electric
  • Imperial Electric
  • ZIEHL-ABEGG
• Q6. Which elevator motor segment will be the largest in future?
• Answer:Lucintel forecasts that gearless traction motors will remain the higher growing segment over the forecast period because it is more environment friendly and compact device than the geared traction motor, which offers quitter ride experience and are easy to maintain and also helps in reducing carbon footprints of buildings.
• Q7. In elevator motor market, which region is expected to be the largest in next 5 years?
• Answer: North America will remain the largest region over the forecast period due to rapid growth in renovation activities and increasing infrastructure development activities in this region.
• Q8. 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 global elevator motor market by category (AC (alternating current) motors and DC (direct current) motors), type (geared traction motors and gearless traction motors), application (residential and commercial), 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?