(MENAFN- Ameliorate Digital Consultancy) The elevator components market is experiencing significant growth due to various factors such as urbanization, increased construction activities, and the modernization of existing infrastructure. Elevators are essential in commercial buildings, residential complexes, and public transportation systems, leading to a continuous demand for elevator components. These components include traction systems, control systems, doors, cables, and safety devices, among others. The market is driven by the need for efficient and reliable elevator systems that enhance passenger safety and comfort while minimizing energy consumption and maintenance costs. Additionally, the growing focus on smart and automated elevators with advanced features such as destination control, predictive maintenance, and energy-saving capabilities further contributes to the market's expansion.

Moreover, government initiatives aimed at infrastructure development, particularly in emerging economies, play a crucial role in driving the elevator components market. The rapid urbanization in countries like China and India, coupled with increasing disposable incomes, has resulted in the construction of high-rise buildings and the retrofitting of existing structures with modern elevators. This, in turn, creates a significant demand for elevator components. Furthermore, technological advancements, such as the integration of IoT (Internet of Things) and AI (Artificial Intelligence) in elevator systems, are expected to open up new growth opportunities in the market. Overall, the elevator components market is projected to witness steady growth in the coming years, driven by urbanization, infrastructure development, and the pursuit of safer and more energy-efficient vertical transportation solutions.

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Key Takeaways from Market Study

• The elevator component market is anticipated to grow 2.4X from 2021 to 2031.
• Motor components hold a major chunk equivalent to one-third of the global market share, and are set to create an absolute $ opportunity of about US$ 8.8 Bn during 2021-2031.
• Among the elevator technology types, hydraulic elevators accounted for the most demand in 2020, and are set to gain around 72.9 BPS in market share by 2031.
• By load capacity, the 650 Kg -1,000 Kg segment is expected to account for the highest consumption of elevator components during the forecast period, and create an absolute $ opportunity of around US$ 12.8 Bn during 2021-2031.
• Among the end-use applications, passenger elevators has been the fastest growing segment, owing to rapid proliferation of multi-storey buildings in the past decade, and it is expected to grow 2.4X in market value by 2031.
• Among the regions considered, East Asia is set to dominate market revenue in 2021, and is expected to create an absolute $ opportunity of around US$ 35 Bn by 2031.

Key Players Adopting Blend of Organic and Inorganic Strategies

Key players such as Wittur Group, ADAMS Elevator Equipment, GAL Manufacturing Corp., and SCHMERSAL Böhnke & Partner GmbH are focusing on targeted expansions, strategic partnerships, innovative product launches, and acquisitions in the market space to substantially increase their market presence.

For instance, Wittur launched a new variant of Semaic C-MOD door in 2020 with ECO+ and MIDI+ motors, which requires less maintenance and provides better performance. Additionally, it partnered with Wurtec for distributing its elevator components in North America.

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Competitive Landscape

The world's leading manufacturers of elevator component products are employing sustainable technologies and optimization systems for diverse end users. Key manufacturers are focusing on developing new product designs to address problems in terms of product placement in harsh operating environments. Moreover, expertise and professionalism in planning, designing, and providing minimum noise level are at the backbone of their marketing strategies.

• In Jan. 2021, GAL Manufacturing Corp. expanded its product line by acquiring Vertical Dimensions LLC and adding elevator interior options. It also collaborated with MAD Elevators to offer cutting-edge MAD fixtures, and it has since established itself as the sole supplier to the independent market, providing convenient combined controller/fixture solutions for all of its products.
• In May. 2020, By constructing an export-focused plant in India, & Partner GmbH and SCHMERSAL Böhnke plans to increase its global presence. This will be followed by the creation of additional branches in Turkey, Dubai, and Japan.
• In July. 2022 For instance, Wittur introduced a redesigned model of Semaic C-MOD doors with MIDI+ and ECO+ motors that offer improved performance and require less maintenance.

Key Companies Profiled

• 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

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

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