Global Gearless Elevator Traction Motor Market Overview:
As per MRFR analysis, the Gearless Elevator Traction Motor Market Size was estimated at 5.15 (USD Billion) in 2022. The Gearless Elevator Traction Motor Market Industry is expected to grow from 5.52(USD Billion) in 2023 to 10.2 (USD Billion) by 2032. The Gearless Elevator Traction Motor Market CAGR (growth rate) is expected to be around 7.06% during the forecast period (2023 - 2032).
Key Gearless Elevator Traction Motor Market Trends Highlighted
The development of the economic standard of the country has led to the construction of high-rise buildings, the switching of the population to urban life and the introduction of state policies for energy saving enhances the demand for gearless elevator traction motors. Their notable energy effectiveness, compact size and weight, and reasonable cost make them applicable for the most advanced buildings.
Due to the rising trend of adopting environmentally friendly technologies, there is potential for the manufacturers of gearless elevator traction motors to tap into. Also, there are markets that are yet to be explored especially in the developing countries, and these are great opportunities for the growth of this market.
Due to enhanced building designs, the performance and energy efficiency of gearless elevator traction motors have been improved because of the implementation of advanced control systems and variable frequency drives. Besides, the way forward for gearless elevator traction motors has been through innovation in materials and manufacturing processes to make them smaller and stronger to fit into the modern equipped buildings. These trends are likely to be the factors which will drive the market in the forthcoming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gearless Elevator Traction Motor Market Drivers
Increasing Demand for Energy-Efficient Buildings
The construction industry is experiencing a growing demand for energy-efficient buildings due to rising energy costs and environmental concerns. As a result, architects and engineers are increasingly specifying gearless elevator traction motors in their designs. Gearless motors are more energy-efficient than traditional geared motors, as they eliminate the need for a gearbox, which can waste up to 20% of energy. In addition, gearless motors are more compact and lightweight than geared motors, making them ideal for use in space-constrained applications.With the growing demand for green buildings, the market for gearless elevator traction motors is expected to grow significantly in the coming years.
Rising Demand for High-Rise Buildings
The increasing demand for high-rise buildings in urban areas is another key driver of the Gearless Elevator Traction Motor Market Industry. High-rise buildings require elevators that can travel at high speeds and carry heavy loads. Gearless elevator traction motors are ideal for use in high-rise buildings, as they can operate at speeds of up to 1,200 feet per minute and can carry loads of up to 20,000 pounds. In addition, gearless motors are more reliable than geared motors, making them ideal for use in high-traffic areas.
Technological Advancements
Technological advancements are also driving the growth of the Gearless Elevator Traction Motor Market Industry. In recent years, there have been significant advancements in the design and manufacturing of gearless motors. These advancements have resulted in motors that are more efficient, more reliable, and more compact than ever before. As a result, gearless motors are becoming increasingly popular in a variety of applications, including elevators.
Gearless Elevator Traction Motor Market Segment Insights:
Gearless Elevator Traction Motor Market Motor Type Insights
The Gearless Elevator Traction Motor Market is segmented by Motor Type into Synchronous Motor and Asynchronous Motor. The Synchronous Motor segment is expected to account for a larger market share in 2023, owing to its higher efficiency and reliability. The Asynchronous Motor segment is expected to grow at a faster rate during the forecast period, due to its lower cost and simpler design. The Synchronous Motor segment is characterized by its ability to maintain a constant speed, regardless of the load. This makes it ideal for use in elevators, where precise speed control is essential.Synchronous motors are also more efficient than asynchronous motors, which means they consume less energy. The Asynchronous Motor segment is characterized by its lower cost and simpler design. Asynchronous motors do not require a separate excitation source, which makes them easier to maintain. The market is expected to be driven by the growing demand for elevators in emerging economies, such as China and India. The increasing adoption of gearless elevator traction motors is also expected to contribute to the growth of the market. The key players in the Gearless Elevator Traction Motor Market include: Mitsubishi Electric Corporation Toshiba Elevator and Building Systems Corporation Hitachi, Ltd. KONE Corporation Otis Elevator Company Schindler Group Hyundai Elevator Co., Ltd. ThyssenKrupp Elevator AG Fujitec Co., Ltd. Guangri Elevator Co., Ltd.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gearless Elevator Traction Motor Market Elevator Capacity Insights
The Elevator Capacity segment plays a crucial role in shaping the Global Gearless Elevator Traction Motor Market. It is segmented into four categories: Up to 500 kg, 500 kg to 1000 kg, 1000 kg to 2000 kg, and Over 2000 kg. In 2023, the '1000 kg to 2000 kg' capacity segment held a significant market share, accounting for approximately 35% of the Gearless Elevator Traction Motor Market revenue. This dominance is attributed to the widespread adoption of gearless traction motors in mid-rise and high-rise commercial buildings, where this capacity range is commonly used.
The 'Over 2000 kg' capacity segment is projected to exhibit the highest growth rate during the forecast period (2023-2032), expanding at a CAGR of 8.2%. This growth is driven by the increasing demand for high-capacity elevators in large-scale infrastructure projects, such as skyscrapers and transportation hubs. The 'Up to 500 kg' capacity segment caters to low-rise residential and commercial buildings and is expected to maintain a steady growth rate over the coming years. The '500 kg to 1000 kg' capacity segment finds application in mid-rise buildings and is projected to grow moderately during the forecast period.
Overall, the Elevator Capacity segment provides valuable insights into the diverse requirements of the Global Gearless Elevator Traction Motor Market. By understanding the specific needs of each capacity range, manufacturers can tailor their offerings to meet the evolving demands of the industry.
Gearless Elevator Traction Motor Market Elevator Speed Insights
The Elevator Speed segment is a crucial aspect of the Global Gearless Elevator Traction Motor Market, influencing market growth and revenue generation. The market is segmented into three primary categories: Low Speed (less than 1.0 m/s), Medium Speed (1.0 - 2.5 m/s), and High Speed (over 2.5 m/s). Low Speed elevators are commonly found in low-rise buildings and residential complexes, with speeds typically below 1.0 m/s. Medium Speed elevators are employed in mid-rise buildings, offering speeds ranging from 1.0 to 2.5 m/s, balancing efficiency and passenger comfort.
High Speed elevators cater to high-rise buildings and commercial complexes, operating at speeds exceeding 2.5 m/s, prioritizing rapid transit times. In 2023, the Medium Speed segment held a dominant share of the Global Gearless Elevator Traction Motor Market, accounting for over 45% of the revenue. This dominance is attributed to the widespread adoption of mid-rise buildings in urban areas. However, the High-Speed segment is projected to exhibit the highest growth rate during the forecast period from 2024 to 2032, driven by increasing infrastructure development and the demand for efficient transportation in high-rise structures.
Gearless Elevator Traction Motor Market Elevator Application Insights
The Elevator Application segment is a major revenue generator for the Global Gearless Elevator Traction Motor Market. Commercial applications account for the largest share of the market, driven by the increasing construction of high-rise buildings in urban areas. In 2023, the commercial segment was valued at USD 2.8 billion and is projected to reach USD 5.6 billion by 2032, exhibiting a CAGR of 7.8%. Residential applications are also witnessing significant growth due to the rising demand for luxury apartments and villas. This segment is expected to grow from USD 1.5 billion in 2023 to USD 2.9 billion by 2032, registering a CAGR of 7.2%.
Industrial applications, though smaller in size, are gaining traction in warehouses, factories, and other industrial facilities. This segment is anticipated to grow from USD 1.2 billion in 2023 to USD 2.1 billion by 2032, with a CAGR of 6.9%. The growth of the Elevator Application segment is attributed to factors such as urbanization, population growth, and increasing demand for energy-efficient and eco-friendly transportation solutions.
Gearless Elevator Traction Motor Market Regional Insights
The Gearless Elevator Traction Motor Market is segmented into North America, Europe, APAC, South America, and MEA. The APAC region is expected to dominate the market in 2023 with a market size of USD 2.5 billion and is projected to reach USD 4.5 billion by 2032, growing at a CAGR of 7.5%. This growth is attributed to the increasing urbanization and construction activities in the region. Europe is expected to be the second-largest market, followed by North America and MEA. The South American market is expected to grow at a significant rate due to the increasing demand for elevators in residential and commercial buildings.This growth is attributed to the increasing demand for energy-efficient and eco-friendly elevators.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gearless Elevator Traction Motor Market Key Players and Competitive Insights:
Major players in the Gearless Elevator Traction Motor Market are always striving to improve their market position through strategic moves such as mergers and acquisitions. The industry includes leading Gearless Elevator Traction Motor Market players such as Wittur, Kone, Otis, Schindler, Toshiba, and Thyssenkrupp, who are constantly exploring modern technologies to gain a competitive edge.
The Gearless Elevator Traction Motor Market development landscape is characterized by intense competition, with companies focusing on innovation and product differentiation to meet the evolving demands of end-users. Leading players in the market are actively involved in research and development activities to introduce innovative products and solutions that cater to the specific needs of the market. These companies are investing heavily in expanding their global footprint and establishing a strong presence in key regional markets. The competitive landscape is expected to remain highly competitive in the coming years, with companies continuing to engage in strategic initiatives to consolidate their market presence and drive growth.
A prominent competitor in the Gearless Elevator Traction Motor Market industry is Wittur, a global leader in the manufacturing of elevator components and systems. The company has a wide range of products, including gearless elevator traction motors, and is known for its commitment to innovation and quality. Wittur has a strong presence in Europe and Asia and is expanding its operations in other regions. Another key player in the market is Kone, a Finnish multinational corporation that specializes in the development, production, and maintenance of elevators, escalators, and building automation systems. Kone is renowned for its innovative solutions and has a proven track record of success in the Gearless Elevator Traction Motor Market. The company has a global presence and is committed to providing high-quality products and services to its customers.
Thyssenkrupp, a German multinational conglomerate, is a prominent competitor in the Gearless Elevator Traction Motor Market. The company has a diversified portfolio of businesses, including elevators and escalators. Thyssenkrupp is focused on developing innovative and sustainable solutions for the elevator industry and has a strong commitment to research and development. The company has a global presence and is known for its high-quality products and services. These are just a few examples of the leading competitors in the Gearless Elevator Traction Motor Market. The market is highly competitive, with numerous companies vying for market share. To stay competitive, companies are constantly innovating and investing in research and development.
Key Companies in the Gearless Elevator Traction Motor Market Include:
- Danfoss
- Kone
- Mitsubishi Electric
- Thyssenkrupp
- Siemens
- Hitachi
- Toshiba
- Otis Elevator
- Hyundai
- Fujitec
- Schindler
- LG
- Sanyo Denki
- ABB
- Kleemann
Gearless Elevator Traction Motor Market Industry Developments
The Gearless Elevator Traction Motor Market is poised to grow at a CAGR of 7.06% from 2024 to 2032, reaching a value of USD 10.2 billion by 2032. This growth is attributed to the increasing demand for gearless elevators in commercial and residential buildings, owing to their energy efficiency, reduced maintenance costs, and longer lifespan compared to geared elevators. Asia-Pacific is expected to be the largest market for gearless elevator traction motors, due to the region's rapid urbanization and construction boom.
Recent news developments in the market include the launch of new gearless elevator traction motors with improved efficiency and performance by major players such as Otis, Kone, and Schindler. Additionally, the growing adoption of smart building technologies is driving demand for integrated elevator systems that incorporate gearless traction motors.
Gearless Elevator Traction Motor Market Segmentation Insights
- Gearless Elevator Traction Motor Market Motor Type Outlook
- Synchronous Motor
- Asynchronous Motor
- Gearless Elevator Traction Motor Market Elevator Capacity Outlook
- Up to 500 kg
- 500 kg to 1000 kg
- 1000 kg to 2000 kg
- Over 2000 kg
- Gearless Elevator Traction Motor Market Elevator Speed Outlook
- Low Speed (less than 1.0 m/s)
- Medium Speed (1.0 - 2.5 m/s)
- High Speed (over 2.5 m/s)
- Gearless Elevator Traction Motor Market Elevator Application Outlook
- Commercial
- Residential
- Industrial
- Gearless Elevator Traction Motor Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
5.15(USD Billion) |
| Market Size 2023 |
5.52(USD Billion) |
| Market Size 2032 |
10.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.06% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Danfoss, Kone, Mitsubishi Electric, Thyssenkrupp, Siemens, Hitachi, Toshiba, Otis Elevator, Hyundai, Fujitec, Schindler, LG, Sanyo Denki, ABB, Kleemann |
| Segments Covered |
Motor Type, Elevator Capacity, Elevator Speed, Elevator Application, Regional |
| Key Market Opportunities |
Energy Efficiency Enhancements HighRise Building Construction Smart City Development IoT Integration and Remote Monitoring Government Incentives for Sustainable Technologies |
| Key Market Dynamics |
Growing urbanization and high rise building construction Increasing demand for energy efficient solutions Government regulations favoring sustainable technologies Technological advancements in motor design and control systems Expanding applications in various industries |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Gearless Elevator Traction Motor Market was valued at USD 5.52 billion in 2023 and is projected to reach USD 10.2 billion by 2032, exhibiting a CAGR of 7.06% during the forecast period.
Asia Pacific is expected to dominate the Gearless Elevator Traction Motor Market due to the increasing construction activities and urbanization in the region.
The key growth drives of the Gearless Elevator Traction Motor Market include the rising demand for energy-efficient solutions, increasing urbanization, and growing construction activities.
The key competitors in the Gearless Elevator Traction Motor Market include Mitsubishi Electric, Otis Elevator Company, Schindler Group, Hyundai Elevator, and Toshiba Elevator and Building Systems.
Gearless Elevator Traction Motors are primarily used in commercial buildings, residential buildings, and infrastructure projects such as airports and shopping malls.
The Gearless Elevator Traction Motor Market is projected to grow at a CAGR of 7.06% from 2024 to 2032.
Factors such as high initial investment costs and lack of skilled labor may restrain the growth of the Gearless Elevator Traction Motor Market.
The Gearless Elevator Traction Motor Market faces challenges such as intense competition, technological advancements, and fluctuating raw material prices.
Opportunities for the Gearless Elevator Traction Motor Market include the growing demand for energy-efficient solutions, increasing urbanization, and government initiatives to promote green buildings.
Key trends in the Gearless Elevator Traction Motor Market include the integration of advanced technologies such as IoT and AI, increasing focus on sustainability, and growing adoption of gearless traction motors in high-rise buildings.
