Traction Elevators Market Research Report: By Type (Machine Room Traction Elevators, Machine Room Less Traction Elevators, Geared Traction Elevators, Gearless Traction Elevators), By Installation Type (New Installation, Modernization, Maintenance), By End Use (Residential, Commercial, Industrial, Institutional), By Drive Mechanism (AC Drive, DC Drive) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Traction Elevators Market Overview

The Traction Elevators Market Size was estimated at 46.69 (USD Billion) in 2022. The Traction Elevators Industry is expected to grow from 47.91(USD Billion) in 2023 to 60.5 (USD Billion) by 2032. The Traction Elevators Market CAGR (growth rate) is expected to be around 2.62% during the forecast period (2024 - 2032).

Key Traction Elevators Market Trends Highlighted

The Global Traction Elevator Market is on the rise, fueled by the ever-increasing rate of urbanization and the more recent focus on the construction of high-rise buildings. The growth in the number of people in cities automatically creates a need for and, to a certain extent, even demands an efficient way of moving vertically. Another factor boosting the growth of the industry is an increasing number of consumers who consider the energy efficiency of the solutions they choose to purchase. In addition, the development of technologies such as smart elevators and advancements in control equipment add to the further growth of the market. These drivers create a positive atmosphere for the growth of development as well as innovation within the industry. With regard to areas where opportunities may be found, there is great scope in emerging economies where there is a rapid buildup of infrastructure.

Growth in urbanization across parts of Asia Pacific and Africa is creating opportunities for the elevator industry as it is accompanied by investment in urban infrastructure. At the same time, a trend toward greener buildings allows for the production of elevators that meet green requirements. Dealing with the maintenance and upgrade of the currently installed elevator systems is an additional area that companies can capitalize on by developing new business models that provide safety and efficiency-enhancing services. The recent movements appear to be moving away from traditional elevators and towards automated and remotely supervised systems. The use of IoT technology is rapidly expanding so people can analyze data and conduct proactive repairs.

Such transformation not only increases user satisfaction but also streamlines the work processes. It is also noted that the focus on the modules of the designed elevators aimed at the fulfillment of users’ individual requirements and the requirements of room decoration is on the rise. They customize their solutions to suit their clients, and clients now want customized solutions. In summary, these trends illustrate the active environment of the market and define innovation and sustainability as two major themes that will influence the future market of traction elevators.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Traction Elevators Market Drivers

Urbanization and Infrastructure Development

Rapid urbanization across the globe is one of the most significant drivers of the global traffic elevator market. As cities expand and populations increase, there is a fundamental need for efficient vertical transportation in high-rise buildings and multi-story complexes. Elevated populations in urban areas lead to an increase in the construction of commercial and residential buildings, which in turn drives the demand for traction elevators.Buildings require reliable and efficient means to transport people and goods within their premises, especially in high-density environments. Traction elevators, known for their energy efficiency and speed, become essential in such scenarios, providing smoother and quicker rides compared to other elevator types. Furthermore, as urban infrastructure develops, there is a growing trend toward green building practices, where energy-efficient systems are prioritized.Thus, traction elevators often align with sustainability initiatives, attracting investment and advancements in technology. Innovative design and technological integration in traction elevators to enhance their performance and efficiency make them a preferred choice for modern constructions. Cities worldwide focus on revitalizing aging infrastructure and building new developments, which boosts the demand for traction elevators, consequently contributing to the overall growth of the market.This increased emphasis on smart buildings and urban mobility solutions ensures that the Traction Elevators Market Industry will thrive in the coming years.

Technological Advancements

The continuous advancements in technology have a profound impact on the Traction Elevators Market Industry. Innovations like machine-room-less (MRL) technology, smart elevators, and IoT-enabled systems offer enhanced functionality, allowing for greater efficiencies and improved user experiences. As manufacturers develop next-generation traction elevators equipped with features such as predictive maintenance, energy-saving mechanisms, and automated controls, the appeal of these products increases among builders and property developers.Modern consumers increasingly expect efficient solutions, which further accelerate the uptake of technologically advanced elevators. Therefore, the rapid technological progression fuels market growth as the demand for sophisticated systems that reduce energy costs and improve operational efficiency gains momentum.

Rising Construction Activities

The escalating levels of construction activities across the globe significantly influence the Traction Elevators Market Industry. As the demand for residential, commercial, and mixed-use developments surges, the need for efficient vertical transportation systems to serve these complexes becomes imperative. Governments and private entities continue to invest in infrastructure projects that support economic growth, keep urban settings functional, and improve living standards.This influx of construction not only drives the sales of traction elevators but also stimulates further innovations in elevator technology aimed at meeting the dynamic needs of modern architecture and urbanization.

Traction Elevators Market Segment Insights

Traction Elevators Market Type Insights

In the Traction Elevators Market, the Type segmentation showcases a comprehensive distribution among various categories of elevators, illustrating a robust landscape characterized by both diversity and specialization. In 2023, the overall market was valued at 47.91 USD Billion, indicating a significant economic impact. Among these types, Machine Room Traction Elevators command the largest share, valued at 15.0 USD Billion in 2023 and growing to 18.8 USD Billion by 2032. This dominance can be attributed to their efficiency and ability to accommodate heavier loads, making them a prevalent choice in high-rise buildings and commercial establishments. The category of Machine Room Less Traction Elevators is also notable, with a valuation of 11.0 USD Billion in 2023, projected to rise to 14.5 USD Billion in 2032. Their compact design saves valuable building space, allowing for greater design flexibility, which is particularly appealing in urban developments where space is a premium. Meanwhile, Geared Traction Elevators exhibit a valuation of 10.0 USD Billion in 2023, expected to increase to 12.5 USD Billion by 2032. This sub-segment is favored for its cost-effectiveness and ease of maintenance, often used in low to mid-rise applications, making it a significant player in the overall market.Gearless Traction Elevators, valued at 11.91 USD Billion in 2023 and projected to reach 14.7 USD Billion by 2032, also hold a substantial position within the market. Their energy-efficient design and smooth operation highlight their importance in high-performance scenarios, particularly in modern skyscrapers where vertical transportation efficiency is critical. Overall, the Traction Elevators Market segmentation clearly reflects a healthy mix of specialized products, each addressing unique market needs. Analyzing Traction Elevators Market data reveals that the growth drivers include urbanization and the increasing demand for efficient vertical transport solutions in urban infrastructure development. Despite this growth, challenges like the rising costs of raw materials could impact future feasibility. However, opportunities abound, particularly in new technologies, sustainability practices, and the construction of smart buildings, opening the door to innovative elevator solutions in the future. Companies must keep abreast of Traction Elevators Market statistics and trends to remain competitive in this evolving landscape.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Traction Elevators Market Installation Type Insights

The Traction Elevators Market encompasses various segments based on Installation Type, which plays a significant role in shaping the industry's dynamics. In 2023, the overall market was valued at 47.91 USD Billion, showcasing a steady demand for both new installations and modernization efforts. The installation type market is segmented into categories such as New Installation, Modernization, and Maintenance, each contributing to the industry's growth trajectory. New Installations continue to dominate the market, driven by urbanization and the construction boom in emerging economies.Modernization is emerging as a key factor in enhancing the efficiency and safety of existing elevator systems, addressing the need for upgrades in aging infrastructure. Maintenance services are also crucial as they ensure optimal performance and longevity of traction elevators, thereby catering to existing installations. The balance among these segments showcases not only the revenue potential but also highlights the trends of retrofitting and sustainability in the Traction Elevators Market. With a growing emphasis on energy efficiency and technological advancements, each sub-segment presents unique opportunities for growth while facing challenges like regulatory requirements and market competition, influencing the overall Traction Elevators Market revenue and statistics.

Traction Elevators Market End Use Insights

The Traction Elevators Market, valued at 47.91 USD billion in 2023, is significantly influenced by its End Use segmentation, which comprises Residential, Commercial, Industrial, and Institutional applications. The residential sector plays a crucial role as the demand for modern and efficient elevators grows with urbanization and the rise in multi-storey buildings. The commercial segment is important as businesses increasingly prioritize accessibility in infrastructure, ensuring compliance with safety regulations and enhancing user experience.Industrial applications, meanwhile, are marked by their focus on heavy-duty performance and reliability, catering to factories and warehouses where the movement of goods is essential. The institutional sector, including hospitals and schools, highlights the need for specialized designs that prioritize safety and accessibility for all user demographics, which maintains its significance in the market. With these driving factors, the Traction Elevators Market showcases ample growth opportunities fueled by increasing investment in real estate and infrastructure development across the globe.Expansion in urban regions and advancements in elevator technology further support the evolving landscape of the market, underscoring the pivotal role of each End Use category in shaping its future prospects.

Traction Elevators Market Drive Mechanism Insights

The Drive Mechanism segment of the Traction Elevators Market plays a crucial role in the overall performance and efficiency of elevator systems. As of 2023, the market is valued at 47.91 USD Billion, showcasing strong demand for advanced elevator solutions. Within this segment, AC Drive systems are gaining significant traction due to their energy efficiency and reliability, making them a preferred choice for modern installations. On the other hand, DC Drive systems, although less common in new designs, still hold relevance in legacy systems and specific applications where precise speed control is essential.The market shows a trend towards greater adoption of energy-efficient technologies, reflecting the industry's commitment to sustainability. The Traction Elevators Market statistics indicate that as urbanization continues to rise, there will be a corresponding increase in the demand for both AC and DC Drive mechanisms, thereby shaping the trajectory of the market. The growth drivers for this segment include infrastructural developments and the increasing need for smart elevators that can optimize energy consumption and enhance user experience.

Traction Elevators Market Regional Insights

The Traction Elevators Market is experiencing notable growth across various regions. In 2023, the North America segment holds a significant market value of 15.2 USD Billion, making it a major player in the overall market landscape. This region is forecasted to increase to 19.15 USD Billion by 2032, driven by robust industrial growth and urbanization. Europe follows closely with a market valuation of 12.0 USD Billion in 2023, projected to rise to 14.8 USD Billion, reflecting ongoing investments in infrastructure development. The APAC region, valued at 12.5 USD Billion in 2023 and expected to reach 15.85 USD Billion, benefits from rapid urbanization and rising demand for commercial buildings.South America, while smaller, presents growth potential with a valuation of 4.8 USD Billion in 2023 and anticipated growth to 6.0 USD Billion, driven by increasing construction activities. The MEA segment is valued at 3.41 USD Billion in 2023, with growth prospects fueled by infrastructural developments in emerging economies. The diverse valuation across these regions highlights their varying dynamics and opportunities within the Traction Elevators Market industry, underscoring the importance of each segment in contributing to market growth.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Traction Elevators Market Key Players and Competitive Insights:

The Traction Elevators Market is characterized by a dynamic landscape where innovation, technology, and customer preferences drive competition among key players. With increasing urbanization and the rapid rise in skyscraper construction, the demand for efficient vertical transportation systems has surged. Competitors are continually striving to enhance their products' performance, reliability, and energy efficiency. As sustainability becomes a central theme, many companies are investing in green technologies and smart systems that integrate seamlessly with modern building infrastructure. This competitive arena sees both established corporations and emerging players vying to capture market share, leading to strategic partnerships, acquisitions, and a focus on research and development initiatives.Kone has established itself as a formidable player within the Traction Elevators Market, focusing on innovation and customer-centric solutions. Known for its commitment to quality and sustainability, Kone has designed a range of traction elevators that not only meet but often exceed industry standards. The company leverages advanced technologies to optimize the performance of its elevators, making them smoother, faster, and more efficient. Kone's emphasis on digitalization has further enhanced its market presence, enabling it to offer comprehensive maintenance services and real-time monitoring systems that improve operational efficiency for building owners. The combination of a robust product portfolio and strong customer relationships has fortified Kone's status as a leader in the industry.Dover Corporation operates prominently in the Traction Elevators Market, showcasing a diversified approach to elevator solutions that appeal to various segments of the market. With a focus on innovation, Dover Corporation integrates cutting-edge technology into its traction elevator systems, enhancing safety, speed, and energy efficiency. The company is recognized for its ability to customize solutions to meet specific client demands, thereby expanding its reach across different geographical regions and building types. Dover Corporation's strong engineering capabilities and commitment to sustainability position it advantageously in an increasingly eco-conscious marketplace. This adaptability enables Dover Corporation to maintain a competitive edge as it responds to evolving market trends and customer expectations.

Key Companies in the Traction Elevators Market Include:

• Kone


• Dover Corporation


• United Technologies


• Alimak


• Emerson Electric


• Johnson Lifts


• Thyssenkrupp


• Aspen Elevators


• Toshiba


• Stannah


• Hitachi


• Sigma Elevator


• Schindler


• Mitsubishi Electric


• Otis

Traction Elevators Market Industry Developments

Recent developments in the Traction Elevators Market indicate a steady growth trajectory, with market leaders such as Otis, Kone, and Schindler focusing on innovation and modernization of their offerings to meet increasing urbanization demands. The sustainability trend is gaining momentum, prompting companies like Thyssenkrupp and Mitsubishi Electric to incorporate eco-friendly technologies into their elevator systems. Additionally, during the past quarter, Dover Corporation announced strategic enhancements to its product line, enhancing efficiency and addressing customer needs in smart building solutions. Recent mergers and acquisitions have also shaped the market landscape, notably with Johnson Lifts actively seeking partnerships to expand its geographical reach. Companies like Emerson Electric are leveraging technological advancements to improve user experience and operational efficiency in elevator systems. The market valuation of these companies reflects positive growth, with projections estimating increased demand driven by construction and infrastructure projects worldwide. This evolving landscape showcases the competitive dynamics and the push towards digitalization and sustainable practices among key players in the Traction Elevators Market.

Traction Elevators Market Segmentation Insights

• Traction Elevators Market Type Outlook
  
  
  
  • Machine Room Traction Elevators
  
  
  • Machine Room Less Traction Elevators
  
  
  • Geared Traction Elevators
  
  
  • Gearless Traction Elevators
  
  
  
  

• Traction Elevators Market Installation Type Outlook
  
  
  
  • New Installation
  
  
  • Modernization
  
  
  • Maintenance
  
  
  
  

• Traction Elevators Market End Use Outlook
  
  
  
  • Residential
  
  
  • Commercial
  
  
  • Industrial
  
  
  • Institutional
  
  
  
  

• Traction Elevators Market Drive Mechanism Outlook
  
  
  
  • AC Drive
  
  
  • DC Drive
  
  
  
  

• Traction Elevators Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa