Elevator components Market By Component (Elevator Cars & Shafts, Landing Doors, Motors, Machine Drives, Tension Pulleys, Controllers, Counterweight Frames, Counterweight Guide Rails, Car Guide Rails, Speed Governor, Counterweight & Car Buffers); By 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); By Load Capacity (Below 650 kg, 650 kg to 1,000 kg, 1,600 kg to 2,500 kg, 2,500 kg to 5,000 kg, Above 5,000 kg); 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); By Function (Elevators for Passengers, Elevators for Freight); By Deployment (Onshore, Offshore); By Geography – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032
The Elevator Components Market size was valued at USD 52,673 million in 2024 and is anticipated to reach USD 105,571.7 million by 2032, at a CAGR of 9.08% during the forecast period.
REPORT ATTRIBUTE
DETAILS
Historical Period
2020-2023
Base Year
2024
Forecast Period
2025-2032
Elevator Components Market Size 2024
USD 52,673 million
Elevator Components Market, CAGR
9.08%
Elevator Components Market Size 2032
USD 105,571.7 million
The global elevator components market is led by companies such as Wittur Group, Fermator Group, GAL Manufacturing Corp., and Nidec Kinetek Elevator Technology (NKET), known for their innovation in doors, safety gear, motors, and control systems. Schindler Holding AG (via Adams Elevator Equipment Company) and Halma Plc. (via Avire Ltd) leverage global networks and smart technology capabilities to remain competitive. Other notable players include Böhnke & Partner GmbH, Elevator Equipment Corporation (EECO), and Hydroware, with strong specialization in retrofitting solutions. Regionally, Asia-Pacific dominates the market with over 40% share in 2024, driven by rapid urbanization and high-rise construction in China, India, and Southeast Asia. North America and Europe follow, with 25% and 22% shares respectively, fueled by modernization projects and regulatory upgrades in aging infrastructure. Competitive intensity is high, with companies focusing on energy-efficient designs, digital integration, and regional expansion to capture emerging opportunities.
Elevator Components Market Insights
The elevator components market was valued at USD 52,673 million in 2024 and is expected to reach USD 105,571.7 million by 2032, growing at a CAGR of 9.08%.
Rising urbanization and high-rise construction drive demand for components such as elevator cars, motors, controllers, and safety systems, especially in residential and commercial towers.
Smart elevators with IoT integration, energy-efficient drives, and touchless control features represent strong trends, prompting innovation across traction and machine-room-less technologies.
The market remains competitive with major players including Wittur Group, GAL Manufacturing, Schindler (Adams Elevator), and NKET, focusing on modernization, product innovation, and regional expansion.
Asia-Pacific holds the largest market share at over 40%, followed by North America (25%) and Europe (22%); the 650–1,000 kg load capacity and traction elevator segments dominate due to broad applicability across urban mid- and high-rise buildings.
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The Elevator Cars & Shafts segment leads the Elevator Components Market, accounting for the highest revenue share in 2024. This dominance stems from its essential role in passenger and freight movement. Growing urban infrastructure and high-rise construction fuel consistent demand for car assemblies and shaft systems. Motors and machine drives follow closely, driven by modernization of aging elevators in commercial buildings. Controllers and speed governors see rising adoption in smart elevators for enhanced safety and ride precision. Increasing focus on energy efficiency and smooth acceleration also boosts investment in high-performance drive systems and motor technology.
For instance, KONE delivered over 164,000 elevator units globally in 2023, with a major share linked to urban high-rise developments.
By Technology
The Traction Elevators segment holds the largest market share among all technology types, led by gear-less traction elevators. These systems dominate due to their suitability for high-rise and mid-rise structures, offering superior speed, energy efficiency, and ride comfort. Gear-less traction elevators are favored in commercial and residential towers for their lower maintenance and silent operation. Machine-room-less elevators are gaining traction in modern buildings where space-saving and aesthetic integration matter. Hydraulic elevators, including hole-less variants, remain relevant in low-rise buildings. However, pneumatic elevators capture niche demand in premium residential settings.
For instance, Mitsubishi Electric’s custom ultra-high-speed elevators in the Shanghai Tower achieved a record speed of 1,230 meters per minute (20.5 meters per second). While the tower uses technology from the NexWay series, the specific NexWay-S model is a standardized version typically rated for lower speeds up to 240 meters per minute.
By Load Capacity
The 650 kg to 1,000 kg load capacity segment dominates the market, supported by its wide application in mid-rise residential and commercial buildings. This range suits standard passenger elevators used in apartments, offices, and mixed-use facilities. Rising demand for vertical mobility in urban housing supports volume in this segment. The 1,600 kg to 2,500 kg capacity range follows, driven by installations in shopping malls, hotels, and public infrastructure. Meanwhile, elevators above 5,000 kg cater to industrial and freight applications. Increased focus on mobility access and infrastructure upgrade projects further accelerates demand across multiple capacity brackets.
Elevator Components Market Key Growth Drivers
Urbanization and High-Rise Construction Boom
Rapid urbanization and the vertical expansion of cities continue to drive demand for elevator components. As land becomes scarce in densely populated regions, developers are increasingly investing in high-rise residential and commercial buildings. This shift creates sustained demand for advanced elevator systems and related components such as elevator cars, motors, controllers, and counterweights. Asia-Pacific countries, including China, India, and Southeast Asia, are leading this growth, with smart city initiatives and infrastructure investments accelerating elevator installations. In mature economies, retrofitting and modernization of older buildings also contribute to demand for new components, especially high-efficiency drives and safety systems. The push for space-optimized building designs further increases adoption of machine-room-less and compact elevator systems, ensuring long-term growth across both developed and developing markets.
For instance, Hitachi Elevator (China) Co., Ltd. maintains a dominant presence in the Chinese market with an annual production capacity of over 75,000 units, having installed the world’s fastest elevator at the Guangzhou CTF Finance Centre, which reaches speeds of 1,260 m/min.
Technological Advancement and Smart Elevator Integration
The evolution of elevator technology significantly boosts component demand. Smart elevators equipped with IoT-enabled systems, predictive maintenance tools, and energy-efficient drives are reshaping the modern vertical transportation landscape. These systems require advanced controllers, sensor-equipped speed governors, efficient motors, and digital displays—driving component innovation. Building automation systems increasingly integrate elevators to enable personalized ride experiences, optimized traffic flow, and energy control. Manufacturers are investing in R&D to produce high-performance, low-noise, and maintenance-light components. For instance, the adoption of regenerative drives and gear-less traction systems enhances energy savings. As the commercial and residential sectors shift toward smart infrastructure, component suppliers benefit from steady product replacement cycles and value-added system upgrades.
For instance, Toshiba developed a compact gearless traction machine that reduced noise levels to under 55 dB during operation in 2023 trials.
Aging Infrastructure and Modernization Demand
The aging building stock in developed regions has created a massive replacement and upgrade opportunity for elevator components. Many elevators installed over 20 years ago lack modern safety features, energy efficiency standards, and digital controls. This trend fuels demand for new motors, drives, car panels, buffers, and controllers designed for retrofit compatibility. Regulatory pressures further compel property owners to comply with safety and accessibility codes, such as adding emergency alarms, backup drives, or touchless controls. In Europe and North America, building modernization programs have accelerated due to urban renewal and sustainability targets. Component manufacturers offering modular and easy-to-install upgrade kits gain a competitive edge. The aftermarket segment is also expanding, with service providers sourcing components for long-term maintenance contracts. This driver ensures steady demand beyond new installations.
Elevator Components Market Key Trends & Opportunities
Sustainable and Energy-Efficient Component Demand
Sustainability is becoming a central focus for elevator manufacturers and building developers. Components such as regenerative drives, energy-efficient motors, and low-friction guide rails are increasingly adopted to minimize energy usage. Governments and green building certifications (e.g., LEED, BREEAM) encourage eco-friendly elevator systems. Elevator cars with LED lighting, standby modes, and smart control panels reduce operational footprints. There is a clear opportunity for suppliers developing recyclable, low-emission materials and technologies that support energy recovery. Green retrofitting also opens new business avenues in older buildings, where operators seek to align systems with evolving environmental regulations. The market favors component suppliers who can demonstrate lifecycle efficiency and carbon savings.
For instance, Schindler’s PORT technology and Power Factor 1 drives have helped buildings reduce elevator energy consumption by up to 40% across over 100,000 units.
Touchless Controls and Health-Centric Innovations
Post-pandemic shifts have accelerated interest in health-focused elevator features, creating opportunities for new components. Touchless elevator buttons, mobile app-based access, antimicrobial car interiors, and advanced air filtration systems are being integrated across new and existing elevators. These features rely on updated controllers, sensor systems, and car interiors, pushing demand for component innovation. Buildings with high footfall—like hospitals, malls, and office towers are early adopters. Elevator makers and tech startups are collaborating to introduce voice-activated or gesture-based control systems, requiring precise integration of sensors and digital components. This trend promotes demand for smarter, cleaner, and safer elevator component designs in global markets.
Key Challenges
High Installation and Maintenance Costs
One of the major hurdles in the elevator components market is the high cost associated with installation, integration, and long-term maintenance. Components such as motors, controllers, drives, and shafts involve complex manufacturing, stringent certification, and specialized installation. Building owners face substantial expenses, especially in retrofitting older structures with newer systems. Maintenance costs are high due to the need for skilled technicians and component replacements over time. In price-sensitive markets, these costs hinder adoption, especially in mid-rise residential projects. Manufacturers are under pressure to develop cost-effective, durable components without compromising performance or safety standards. Balancing affordability with technological advancement remains a persistent challenge.
Regulatory Complexity and Compliance Pressure
Elevator components must comply with strict international and local safety standards, which vary by region and application. Components like speed governors, brakes, buffers, and emergency controls are subject to frequent regulatory updates, requiring manufacturers to invest heavily in testing, certification, and design revisions. Inconsistent codes across countries further complicate product standardization. This creates entry barriers for smaller firms and extends time-to-market for innovations. Additionally, compliance with green building codes, accessibility mandates, and digital security guidelines adds layers of complexity. Firms operating globally must maintain a large portfolio of certified variants to meet local requirements, increasing costs and operational burden.
Elevator Components Market Regional Analysis
North America
North America holds a significant share of the elevator components market, accounting for over 25% in 2024. Growth is driven by extensive modernization of existing infrastructure, especially in the U.S. and Canada. The region sees steady demand for smart elevators and machine-room-less systems in commercial and residential towers. Aging elevators in buildings over 20 years old require updated components such as motors, controllers, and buffers. Regulatory compliance with ADA and energy efficiency standards also propels upgrades. Key manufacturers focus on aftersales service and replacement components, supported by a well-established maintenance ecosystem across major cities.
Europe
Europe accounts for around 22% of the global elevator components market in 2024. The region shows strong adoption of energy-efficient and smart elevator systems, influenced by stringent sustainability goals and building regulations. Countries such as Germany, France, Italy, and the UK lead installations across mixed-use urban buildings. Retrofitting projects contribute significantly, especially in older residential and commercial properties. EU initiatives for accessibility and carbon reduction have driven component upgrades, particularly in motors and regenerative drives. OEMs and independent service providers benefit from the rising demand for technologically advanced, compliant elevator components across mid-rise and high-rise urban developments.
Asia-Pacific
Asia-Pacific dominates the elevator components market with over 40% market share in 2024. China, India, Japan, and South Korea are key contributors, fueled by large-scale urbanization and infrastructure projects. High-rise residential and commercial tower construction drives volume demand for elevator cars, motors, guide rails, and counterweights. Rapid metro expansion and smart city developments increase installation of high-speed elevators requiring advanced components. India’s Tier I and Tier II cities present strong growth potential due to ongoing real estate investments. Local manufacturing, cost competitiveness, and policy support in China further boost component exports and regional supply chain strength.
Middle East & Africa (MEA)
MEA holds a smaller share, accounting for approximately 7% of the elevator components market in 2024. Growth is concentrated in the Gulf Cooperation Council (GCC) countries, particularly the UAE and Saudi Arabia, where large-scale commercial, residential, and hospitality developments drive demand. Mega projects like NEOM and Expo-related construction boost elevator installations. The market sees increasing interest in smart elevators and machine-room-less technologies, requiring advanced components such as compact motors and digital controllers. In Africa, urbanization in key cities such as Lagos and Nairobi supports gradual market growth, though high costs and infrastructure gaps limit wider adoption.
Latin America
Latin America represents about 6% of the elevator components market in 2024. Brazil and Mexico lead demand due to rising urban construction and government-led housing initiatives. Modernization of existing elevators in office complexes and healthcare facilities adds to component demand, particularly for controllers, motors, and safety devices. Economic volatility, however, limits large-scale commercial investments in some regions. Nonetheless, growing focus on vertical mobility in dense urban zones and rising consumer expectations around energy efficiency and safety drive gradual adoption of modern elevator systems and components across residential and mixed-use developments.
Elevator Components Market Segmentations:
By Component
Elevator Cars & Shafts
Landing Doors
Motors
Machine Drives
Tension Pulleys
Controllers
Counterweight Frames
Counterweight Guide Rails
Car Guide Rails
Speed Governor
Counterweight & Car Buffers
By 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
By Load Capacity
Below 650 kg
650 kg to 1,000 kg
1,600 kg to 2,500 kg
2,500 kg to 5,000 kg
Above 5,000 kg
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
By Function
Elevators for Passengers
Elevators for Freight
By Deployment
Onshore
Offshore
By Geography
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South-east Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of the Middle East and Africa
Competitive Landscape
The elevator components market features a mix of global OEMs, specialized component suppliers, and regional players competing across innovation, reliability, and cost-efficiency. Key companies such as Wittur Group, Fermator Group, and GAL Manufacturing Corp. dominate in doors, safety gear, and controller systems. Schindler Holding AG (via Adams Elevator Equipment Company) and Halma Plc. (via Avire Ltd) leverage strong R&D to deliver smart, IoT-integrated solutions. Players like Hydroware and Böhnke & Partner GmbH focus on modernization kits for retrofitting. Strategic partnerships, product innovation, and regional expansion are common growth strategies. Nidec Kinetek Elevator Technology (NKET) leads in energy-efficient motors, while Hissmekano AB and Kinds Elteknik AB target niche segments. Competition intensifies as demand for smart, sustainable, and touchless elevator solutions rises. Firms that deliver safety compliance, modularity, and lifecycle support gain an edge in this evolving market. Consolidation and service integration continue to shape the competitive dynamics across regions.
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Adams Elevator Equipment Company (Schindler Holding AG)
Recent Developments
In May 2025, Hyundai Elevator and Samsung C&T formalized an MOU to advance third-generation modular elevator technology, specifically designed for skyscrapers reaching heights of up to 500 meters. This innovative modular system, with over 70% of its components prefabricated, is engineered to significantly reduce construction timelines, enhance safety standards, and drive the adoption of off-site construction practices.
In November 2024, Hitachi’s Taiwan subsidiary achieved a milestone by securing its largest order to date, comprising 147 elevators and escalators. These installations are planned for 13 stations in the second phase of the Taipei MRT Wanda-Zhonghe-Shulin Line, which is projected to be completed by 2031.
In August 2024, Otis launched its Gen3 connected elevator platform at the ‘Platform for Possibility’ event in Bangkok. This cutting-edge platform combines the proven technology of Otis’ renowned Gen2 elevator with the advanced capabilities of the Otis ONE IoT digital platform. It offers an upgraded passenger experience with features such as Ambiance aesthetics, Pure fixtures, eView infotainment, and air purification technology.
In January 2024, TK Elevator introduced its innovative home elevator concept, ‘enta villa.’ Designed specifically for multi-floor residences and villas, this product caters to the growing demand for luxury housing and lifestyle solutions in India, the company’s primary market.
Report Coverage
The research report offers an in-depth analysis based on Component, Technology, Load Capacity, Speed, Function, Deploymentand Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
The market will continue to grow with strong demand from high-rise residential and commercial projects.
Urbanization in Asia-Pacific and Middle East will drive new installations and component demand.
Retrofit and modernization projects in Europe and North America will boost aftermarket component sales.
Energy-efficient motors and regenerative drives will gain more adoption due to sustainability goals.
Touchless controls, voice activation, and sensor-based systems will see higher integration in elevators.
Smart elevators with IoT-enabled monitoring and predictive maintenance will become standard offerings.
Machine-room-less and compact systems will be preferred for space-constrained buildings.
Local manufacturing in emerging markets will increase to reduce costs and improve supply chains.
Safety and compliance regulations will lead to rising demand for certified and tested components.
Competition will intensify as global and regional players invest in innovation and service expansion.
1. Introduction
1.1. Report Description
1.2. Purpose of the Report
1.3. USP & Key Offerings
1.4. Key Benefits for Stakeholders
1.5. Target Audience
1.6. Report Scope
1.7. Regional Scope
2. Scope and Methodology
2.1. Objectives of the Study
2.2. Stakeholders
2.3. Data Sources
2.3.1. Primary Sources
2.3.2. Secondary Sources
2.4. Market Estimation
2.4.1. Bottom-Up Approach
2.4.2. Top-Down Approach
2.5. Forecasting Methodology
3. Executive Summary
4. Introduction
4.1. Overview
4.2. Key Industry Trends
5. Global Elevator Components Market
5.1. Market Overview
5.2. Market Performance
5.3. Impact of COVID-19
5.4. Market Forecast
8. Market Breakup by Load Capacity
8.1. Below 650 kg
8.2. 650 kg to 1,000 kg
8.3. 1,600 kg to 2,500 kg
8.4. 2,500 kg to 5,000 kg
8.5. Above 5,000 kg
9. Market Breakup by Speed
9.1. Less Than 1 m/s
9.2. Between 1 to 3 m/s
9.3. Between 4 to 6 m/s
9.4. Between 7 to 10 m/s
9.5. Above 10 m/s
10. Market Breakup by Function
10.1. Elevators for Passengers
10.2. Elevators for Freight
11. Market Breakup by Deployment
11.1. Onshore
11.2. Offshore
12. Market Breakup by Region
12.1. North America
12.1.1. United States
12.1.1.1. Market Trends
12.1.1.2. Market Forecast
12.1.2. Canada
12.1.2.1. Market Trends
12.1.2.2. Market Forecast
12.2. Asia-Pacific
12.2.1. China
12.2.2. Japan
12.2.3. India
12.2.4. South Korea
12.2.5. Australia
12.2.6. Indonesia
12.2.7. Others
12.3. Europe
12.3.1. Germany
12.3.2. France
12.3.3. United Kingdom
12.3.4. Italy
12.3.5. Spain
12.3.6. Russia
12.3.7. Others
12.4. Latin America
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Others
12.5. Middle East and Africa
12.5.1. Market Trends
12.5.2. Market Breakup by Country
12.5.3. Market Forecast
15. Porter’s Five Forces Analysis
15.1. Overview
15.2. Bargaining Power of Buyers
15.3. Bargaining Power of Suppliers
15.4. Degree of Competition
15.5. Threat of New Entrants
15.6. Threat of Substitutes
16. Price Analysis
17. Competitive Landscape
17.1. Market Structure
17.2. Key Players
17.3. Profiles of Key Players
17.3.1. GAL Manufacturing Corp.
17.3.1.1. Company Overview
17.3.1.2. Product Portfolio
17.3.1.3. Financials
17.3.1.4. SWOT Analysis
17.3.2. Elevator Products Corporation
17.3.2.1. Company Overview
17.3.2.2. Product Portfolio
17.3.2.3. Financials
17.3.2.4. SWOT Analysis
17.3.3. Hydroware
17.3.3.1. Company Overview
17.3.3.2. Product Portfolio
17.3.3.3. Financials
17.3.3.4. SWOT Analysis
17.3.4. Böhnke & Partner GmbH
17.3.4.1. Company Overview
17.3.4.2. Product Portfolio
17.3.4.3. Financials
17.3.4.4. SWOT Analysis
17.3.5. Hans & Jos. Kronenberg GmbH
17.3.5.1. Company Overview
17.3.5.2. Product Portfolio
17.3.5.3. Financials
17.3.5.4. SWOT Analysis
17.3.6. Avire Ltd (Halma Plc.)
17.3.6.1. Company Overview
17.3.6.2. Product Portfolio
17.3.6.3. Financials
17.3.6.4. SWOT Analysis
17.3.7. Elevator Equipment Corporation (EECO)
17.3.7.1. Company Overview
17.3.7.2. Product Portfolio
17.3.7.3. Financials
17.3.7.4. SWOT Analysis
17.3.8. Kinds Elteknik AB
17.3.8.1. Company Overview
17.3.8.2. Product Portfolio
17.3.8.3. Financials
17.3.8.4. SWOT Analysis
17.3.9. EMI / Porta Inc.
17.3.9.1. Company Overview
17.3.9.2. Product Portfolio
17.3.9.3. Financials
17.3.9.4. SWOT Analysis
17.3.10. DMG
17.3.10.1. Company Overview
17.3.10.2. Product Portfolio
17.3.10.3. Financials
17.3.10.4. SWOT Analysis
17.3.11. Nidec Kinetek Elevator Technology (NKET)
17.3.11.1. Company Overview
17.3.11.2. Product Portfolio
17.3.11.3. Financials
17.3.11.4. SWOT Analysis
17.3.12. Fermator Group
17.3.12.1. Company Overview
17.3.12.2. Product Portfolio
17.3.12.3. Financials
17.3.12.4. SWOT Analysis
17.3.13. Wittur Group
17.3.13.1. Company Overview
17.3.13.2. Product Portfolio
17.3.13.3. Financials
17.3.13.4. SWOT Analysis
17.3.14. Hissmekano AB
17.3.14.1. Company Overview
17.3.14.2. Product Portfolio
17.3.14.3. Financials
17.3.14.4. SWOT Analysis
17.3.15. Adams Elevator Equipment Company (Schindler Holding AG)
17.3.15.1. Company Overview
17.3.15.2. Product Portfolio
17.3.15.3. Financials
17.3.15.4. SWOT Analysis
18. Research Methodology
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Frequently Asked Questions:
What is the current market size for the Elevator components market, and what is its projected size in 2032?
The market was valued at USD 52,673 million in 2024 and is projected to reach USD 105,571.7 million by 2032.
At what Compound Annual Growth Rate is the Elevator components market projected to grow between 2024 and 2032?
The market is projected to grow at a CAGR of 9.08% during the forecast period.
Which Elevator components market segment held the largest share in 2024?
By component, Elevator Cars & Shafts held the largest share due to essential usage in all installations.
What are the primary factors fueling the growth of the Elevator components market?
Key drivers include urbanization, high-rise construction, smart elevator adoption, and modernization demand.
Who are the leading companies in the Elevator components market?
Leading players include Wittur Group, Fermator Group, GAL Manufacturing Corp., and NKET.
Which region commanded the largest share of the Elevator components market in 2024?
Asia-Pacific led the market with over 40% share, driven by rapid urban and infrastructure growth.
About Author
Sushant Phapale
ICT & Automation Expert
Sushant is an expert in ICT, automation, and electronics with a passion for innovation and market trends.
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