(MENAFN- GlobeNewsWire - Nasdaq) The gearless elevator traction motor market is set to grow from $5 billion in 2024 to $7.07 billion by 2029, driven by energy-efficient solutions and high-rise building demands. Key trends include IoT integration and advanced control systems. Major players are Hitachi, Siemens, and TK Elevator. Asia-Pacific leads the market.

Dublin, July 17, 2025 (GLOBE NEWSWIRE) -- The "Gearless Elevator Traction Motor Market Report 2025" has been added to ResearchAndMarkets.com's offering.

The gearless elevator traction motor market is exhibiting robust growth, with projections indicating an increase from $5 billion in 2024 to $5.37 billion in 2025, at a CAGR of 7.4%. This growth is driven by advancements in economic standards, urbanization, and the rising need for energy-efficient and sustainable building practices.

Looking forward, the market is set to expand further, reaching $7.07 billion by 2029, at a CAGR of 7.1%. The demand for energy-efficient solutions, the necessity for efficient vertical transportation systems, and the growth of high-rise building construction contribute significantly to this trajectory.

Technological advancements, IoT integration, and the development of advanced control systems are expected to characterize this growth phase.

The increasing construction of high-rise buildings is notably driving the demand for gearless elevator traction motors. Rapid urbanization, population growth, and limited land availability in urban areas accentuate the need for these motors, known for efficient, smooth, and high-speed vertical transportation. For instance, New London Architecture reported a jump in development applications for tall towers in 2022, amplifying the demand for these motors.

Companies are prioritizing technological innovations, such as permanent magnet synchronous (PMS) motors, which enhance energy efficiency, reduce maintenance costs, and optimize space. An example is TK Elevator's launch of the enta100 GL in India, a gearless alternative aimed at optimizing operational efficiency and energy consumption for low-rise buildings.

Major industry players include Hitachi Ltd., Siemens AG, Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, and Nidec Corporation, among others. Asia-Pacific dominated the market in 2024, with other significant markets in Western Europe, North America, and the Middle East.

Report Scope:

Markets Covered:

• Type: Permanent Magnet Motor; AC Motor; DC Motor
• Technology: Smart Motors; Conventional Motors; High Efficiency Motors; Regenerative Motors
• Capacity: Low; Medium; High
• Application: Commercial; Residential; Industrial
• End Users: New Installation; Modernization

Subsegments:

• Permanent Magnet Motor: Synchronous, Axial Flux, Radial Flux, High-Torque
• AC Motor: Single-Phase, Three-Phase, High-Efficiency, Low-Noise
• DC Motor: Brushed, Brushless, High-Speed, Energy-Efficient

Companies Featured
The companies featured in this Gearless Elevator Traction Motor market report include:

• Hitachi Ltd.
• Siemens AG
• Thyssenkrupp AG
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Nidec Corporation
• Otis Elevator Company
• Schindler Holding AG
• Kone Corporation
• Hyundai Elevator Co. Ltd.
• Hiwin Technologies Corp.
• Kleemann Elevators S.A.
• Ningbo Xinda Elevator Traction Technology Co. Ltd.
• Fujitec Co. Ltd.
• Suzhou Torin Drive Equipment Co. Ltd.
• Cheng Day Machinery Works
• Xizi Forvorda Co. Ltd.
• Fenoja Oy
• Shanghai ZanFeng Technology Co. Ltd.
• Mont Drive Systems Co. Ltd.

Key Attributes:

Report Attribute	Details
No. of Pages	175
Forecast Period	2025 - 2029
Estimated Market Value (USD) in 2025	$5.37 Billion
Forecasted Market Value (USD) by 2029	$7.07 Billion
Compound Annual Growth Rate	7.1%
Regions Covered	Global

Key Topics Covered:

Gearless Elevator Traction Motor Market Characteristics

Gearless Elevator Traction Motor Market Trends and Strategies

Gearless Elevator Traction Motor Market - Macro Economic Scenario

Global Gearless Elevator Traction Motor Growth Analysis and Strategic Analysis Framework

Global Gearless Elevator Traction Motor PESTEL Analysis

Analysis of End Use Industries

Global Gearless Elevator Traction Motor Market Growth Rate Analysis

Global Gearless Elevator Traction Motor Historic Market Size and Growth, 2019-2024

Global Gearless Elevator Traction Motor Forecast Market Size and Growth, 2024-2029, 2034F

Global Gearless Elevator Traction Motor Total Addressable Market (TAM)

Gearless Elevator Traction Motor Market Segmentation

Global Gearless Elevator Traction Motor Market, Segmentation by Type

Global Gearless Elevator Traction Motor Market, Segmentation by Technology

Global Gearless Elevator Traction Motor Market, Segmentation by Capacity

Global Gearless Elevator Traction Motor Market, Segmentation by Application

Global Gearless Elevator Traction Motor Market, Segmentation by End Users

Gearless Elevator Traction Motor Market Regional and Country Analysis

Asia-Pacific Gearless Elevator Traction Motor Market

Asia-Pacific Gearless Elevator Traction Motor Market Overview

Asia-Pacific Gearless Elevator Traction Motor Market, Segmentation by Type

Asia-Pacific Gearless Elevator Traction Motor Market, Segmentation by Technology

Asia-Pacific Gearless Elevator Traction Motor Market, Segmentation by Capacity

China Gearless Elevator Traction Motor Market

India Gearless Elevator Traction Motor Market

Japan Gearless Elevator Traction Motor Market

Australia Gearless Elevator Traction Motor Market

Indonesia Gearless Elevator Traction Motor Market

South Korea Gearless Elevator Traction Motor Market

Western Europe Gearless Elevator Traction Motor Market

UK Gearless Elevator Traction Motor Market

Germany Gearless Elevator Traction Motor Market

France Gearless Elevator Traction Motor Market

Italy Gearless Elevator Traction Motor Market

Spain Gearless Elevator Traction Motor Market

Eastern Europe Gearless Elevator Traction Motor Market

Russia Gearless Elevator Traction Motor Market

North America Gearless Elevator Traction Motor Market

USA Gearless Elevator Traction Motor Market

Canada Gearless Elevator Traction Motor Market

South America Gearless Elevator Traction Motor Market

Brazil Gearless Elevator Traction Motor Market

Middle East Gearless Elevator Traction Motor Market

Africa Gearless Elevator Traction Motor Market

Gearless Elevator Traction Motor Market Competitive Landscape and Company Profiles

Gearless Elevator Traction Motor Market Other Major and Innovative Companies

Global Gearless Elevator Traction Motor Market Competitive Benchmarking and Dashboard

Key Mergers and Acquisitions in the Gearless Elevator Traction Motor Market

Recent Developments in the Gearless Elevator Traction Motor Market

Gearless Elevator Traction Motor Market High Potential Countries, Segments and Strategies

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• Gearless Elevator Traction Motor Market

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