Elevator components include numerous hardware, electrical and mechanical devices that allow elevators to operate smoothly and efficiently. Elevator components comprise elevator ropes, door operators, control systems, slings, safety gears and brake systems. They play an important role in smooth vertical transportation of passengers and materials across multiple floors. Growing construction and infrastructural development activities have resulted in increased demand for tall buildings, commercial spaces and residential complexes which necessitate installation of elevators for transportation purposes. The elevator components market handles the critical job of vertical mobility which aids in reducing travel time substantially.
The Global Elevator Components Market is estimated to be valued at USD 48.1 Bn in 2024 and is expected to reach USD 118.4 Bn by 2031, growing at a compound annual growth rate (CAGR) of 11.9% from 2024 to 2031.
Key players operating in the elevator components market are Otis Elevator Company, ThyssenKrupp AG, Schindler Group, Kone Corporation, Hitachi Ltd.
Growing construction of commercial and residential high-rise buildings in densely populated cities has boosted the demand for elevator systems. The rapid pace of urbanization and infrastructure development especially in emerging nations is propelling the Elevator Components Market growth.
Technological advancements such as introduction of machine room-less elevators, regenerative drives, and touchscreen based destination dispatch elevators are enhancing passenger experience and optimizing energy consumption.
Market Trends
Growing preference of energy-efficient and sustainable elevator solutions is prompting market players to introduce components with regenerative drive technologies and LED lighting systems.
Integration of IoT connectivity in elevator components is enabling remote monitoring of equipment performance, predictive maintenance planning and reduced downtime.
Market Opportunities
Rising investments in modernization of aging infrastructure and refurbishment of old buildings in developed nations present significant opportunities.
Emerging applications in non-residential sectors like healthcare facilities, educational institutions, airports and malls will augment the future demand.
The COVID-19 pandemic presented many challenges for the elevator components market. During lockdowns and restrictions, demand reduced substantially as construction projects were halted. Component manufacturers faced issues in procuring raw materials and faced workforce shortages. Supply chains were disrupted globally leading to delays.
However, as restrictions eased, pent up demand emerged. Infrastructure projects resumed and residential construction picked up pace. This helped revive the market toward the latter half of 2020 albeit at a slower pace. Social distancing norms increased focus on touchless technology and hygiene which boosted demand for modernization projects. Companies invested in new safety protocols and shifted workforce to meet demand. Virtual training and digital sales channels helped sustain business operations.
Going forward, the market is expected to grow steadily. Rising urbanization and infrastructure spending in developing nations will drive the elevator components industry. China and India continue to be the major revenue generators due to large population and rapid economic growth. Both countries are investing heavily in rail and metro projects which utilize elevators extensively. The United States remains the largest market owing to replacement demand and refurbishment of aging infrastructure. Focus on accessibility and adoption of green building codes is also augmenting the North American elevator components industry.
Asia Pacific dominated the global elevator components market in terms of value before the pandemic. This was mainly attributed to strong construction activity in China and India coupled with rising disposable income. The region is forecast to remain the fastest growing market during the forecast period aided by continued urbanization and government initiatives. Southeast Asian nations are witnessing a construction boom and modernizing existing infrastructure which will augment future demand from the region.
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