According to a market report by Lucintel, the future of the global elevator motor market looks promising with opportunities in the residential and commercial markets. The global elevator motor market is expected to reach an estimated $5.7 billion by 2028 with a CAGR of 5.0% from 2023 to 2028. The major drivers for this market are growing commercial and residential building activities in the developing countries, rising investment in infrastructure development projects by several governments, along with increasing adoption of advanced technologies across the globe.
Geared traction motor and gearless traction motor are two segments of elevator motor market by type. Lucintel forecasts that gearless traction motors will remain the higher growing segment over the forecast period because it is more environment friendly and compact device than the geared traction motor, which offers quitter ride experience and are easy to maintain and also helps in reducing carbon footprints of buildings.
Within this market, residential will remain the highest growing segment because of the rising demand for energy-efficient elevators that helps in reducing emissions and energy consumption, along with growing demand for multi-storied buildings in various sectors of the society.
North America will remain the largest region over the forecast period due to rapid growth in renovation activities and increasing infrastructure development activities in this region.
Changzhou Fulling Motor, Columbus McKinnon, Global Partner Elevator, LEESON Electric, Nidec Motor, Schindler Elevator, Siemens, General Electric, Imperial Electric, and ZIEHL-ABEGG are the major suppliers in the global elevator motor market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global elevator motor market by category, type, application, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Elevator Motor Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global elevator motor market by category, type, application, and region, as follows:
Elevator Motor Market by Category [Shipment Analysis by Value from 2017 to 2028]:
AC (Alternating Current) Motors
DC (Direct Current) Motors
Elevator Motor Market by Type [Shipment Analysis by Value from 2017 to 2028]:
Geared Traction Motors
Gearless Traction Motors
Elevator Motor Market by Application [Shipment Analysis by Value from 2017 to 2028]:
Elevator Motor Market by Region [Shipment Analysis by Value from 2017 to 2028]:
North America
Europe
Asia Pacific
The Rest of the World
This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com.
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This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the global elevator motor market by category (AC (alternating current) motors and DC (direct current) motors), type (geared traction motors and gearless traction motors), application (residential and commercial), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?