| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2019-2022 |
| Base Year |
2023 |
| Forecast Period |
2024-2032 |
| Hoist and Elevator Motors Market Size 2024 |
USD 97012 Million |
| Hoist and Elevator Motors Market, CAGR |
4.5% |
| Hoist and Elevator Motors Market Size 2032 |
USD 137960.8 Million |
Market Overview:
The Hoist and Elevator Motors Market size was valued at USD 97012 million in 2024 and is anticipated to reach USD 137960.8 million by 2032, at a CAGR of 4.5% during the forecast period (2024-2032).
The market is primarily driven by rising construction activities, especially in high-rise buildings and smart city projects worldwide. The growing need for efficient material handling in manufacturing and logistics sectors is also boosting demand for hoist motors. Additionally, stringent safety regulations and standards in the elevator industry are prompting manufacturers to develop advanced motors with enhanced braking systems, load-handling capacities, and real-time monitoring features. The increasing integration of regenerative drives in elevator motors is helping reduce energy consumption and operational costs. Moreover, the demand for gearless motors is gaining traction as they offer lower maintenance costs, quieter operation, and improved efficiency compared to traditional geared motors.
Regionally, Asia-Pacific dominates the hoist and elevator motors market due to rapid urban expansion, large-scale infrastructure projects, and rising construction activities in countries such as China, India, and Japan. The growing investments in metro rail projects, airports, and commercial complexes are further driving demand for advanced elevator systems. North America follows closely, with a strong focus on technological advancements, energy efficiency, and retrofitting of aging elevator systems. The increasing adoption of smart elevators integrated with artificial intelligence (AI) and automation is also shaping market growth in the region. Europe is witnessing significant growth, supported by stringent energy regulations and the increasing adoption of smart building technologies. Meanwhile, the Middle East and Africa are experiencing rising demand for advanced elevator systems, driven by growing urbanization and investments in commercial real estate development. The rising number of luxury hotels, shopping malls, and high-rise buildings in Gulf countries is creating substantial opportunities for market players. Latin America is seeing gradual market expansion, supported by improvements in construction and industrial sectors, with Brazil and Mexico emerging as key contributors due to ongoing infrastructure development projects.
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Market Insights:
- The market was valued at USD 97,012 million in 2024 and is projected to reach USD 137,960.8 million by 2032, growing at a CAGR of 4.5% during the forecast period.
- Urbanization and infrastructure development are major growth drivers, with increasing demand for high-rise buildings, smart cities, and metro rail projects globally.
- Energy efficiency and sustainability are shaping the market, with gearless motors and regenerative drives gaining traction due to lower power consumption and maintenance costs.
- Technological advancements, including AI-based predictive maintenance, IoT-enabled monitoring, and smart elevator integration, are improving efficiency and safety.
- The industrial and logistics sectors are expanding, increasing demand for high-performance hoist motors in automated warehouses and heavy material handling.
- Asia-Pacific holds the largest market share of 41%, driven by rapid urbanization, infrastructure investments, and strong demand in China, India, and Japan.
- North America and Europe are key markets, focusing on retrofitting aging elevator systems, smart building adoption, and regulatory compliance to drive market expansion.
Market Drivers:
Rising Construction and Urbanization:
The rapid pace of urbanization and infrastructure development is a key driver of the hoist and elevator motors market. The increasing number of high-rise buildings, smart city projects, and commercial complexes is fueling the demand for advanced vertical transportation solutions. For instance, the Dubai Creek Tower project, set to become the world’s tallest building, will require state-of-the-art elevator systems to transport visitors efficiently. Governments and private sector investments in urban infrastructure, particularly in emerging economies, are leading to the expansion of metro rail networks, airports, and residential towers, all of which require efficient elevator and hoist systems. Additionally, the increasing preference for high-speed and smart elevators in modern buildings is further propelling demand for innovative motor technologies.
Technological Advancements and Smart Systems:
The integration of advanced technologies, such as IoT-enabled monitoring systems, AI-based predictive maintenance, and regenerative braking, is significantly enhancing the performance and efficiency of hoist and elevator motors. Smart monitoring solutions allow real-time data collection, reducing the risk of breakdowns and optimizing energy consumption. For instance, the KONE 24/7 Connected Services utilizes IBM Watson IoT platform to provide predictive maintenance for elevators, enhancing their reliability and performance. The adoption of gearless and permanent magnet synchronous motors (PMSM) is also increasing due to their higher efficiency, lower maintenance requirements, and noise reduction benefits. Moreover, advancements in variable frequency drives (VFDs) and AI-driven control systems are further improving motor efficiency, ensuring smooth operation in high-rise and industrial applications.
Growing Demand for Energy Efficiency and Sustainability:
Energy efficiency is becoming a critical factor in the adoption of hoist and elevator motors, driven by stringent regulatory standards and sustainability goals. The introduction of energy-efficient motor technologies, such as regenerative drives and eco-friendly gearless motors, is reducing electricity consumption in elevator operations. For instance, the Otis Gen2 elevator system with ReGen drive technology can reduce energy consumption by up to 75% compared to conventional systems. Building developers and facility managers are prioritizing energy-saving solutions to meet green building certifications such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method). Additionally, the push for carbon footprint reduction in the construction industry is accelerating the transition towards environmentally friendly and high-efficiency motor systems.
Expanding Industrial and Logistics Applications:
Beyond commercial and residential buildings, the demand for hoist motors is increasing in industrial and logistics sectors. The rise of automated warehouses, manufacturing facilities, and large-scale construction projects has heightened the need for reliable material handling solutions. For instance, Amazon’s robotic fulfillment centers utilize advanced hoist systems to efficiently move and store inventory across multiple levels. Hoist motors are essential in applications such as cranes, lifting equipment, and heavy-duty transportation systems, where precision and durability are critical. The growing trend of automation in industrial settings is further driving investments in high-performance hoist motors capable of handling complex lifting operations with minimal downtime.
Market Trends:
Adoption of Smart and Connected Technologies:
The increasing integration of IoT-enabled monitoring systems and AI-driven predictive maintenance is transforming the hoist and elevator motors market. Smart motors equipped with real-time diagnostics enhance operational efficiency by detecting potential failures before they occur, reducing maintenance costs and downtime. For instance, KONE’s successful integration of smart elevator technologies, including AI and machine learning, showcases the benefits of embracing remote diagnostics and predictive maintenance systems. Cloud-based monitoring platforms are also gaining traction, allowing remote tracking of elevator performance and optimizing maintenance schedules based on usage patterns.
Growing Preference for Energy-Efficient Motors:
With rising emphasis on sustainability and energy efficiency, the demand for gearless and permanent magnet synchronous motors (PMSM) is increasing. These motors offer lower power consumption, reduced noise levels, and higher operational efficiency compared to traditional induction motors. For instance, Bharat Bijlee, the only Indian company providing permanent magnet motor technology, variable frequency drives, and in-depth understanding of elevator technology in one package, demonstrates the growing adoption of energy-efficient solutions. Additionally, the adoption of regenerative drive systems is helping buildings recover and reuse energy during elevator operation, aligning with global sustainability initiatives such as LEED certification and net-zero building goals.
Increased Focus on High-Speed and High-Capacity Elevators:
The rise in urbanization and high-rise construction has led to a growing demand for high-speed and high-capacity elevators. Innovations in traction and linear motors are improving elevator performance, enabling faster travel times while maintaining smooth operation. For instance, ThyssenKrupp’s MULTI system, which uses magnetic levitation technology, allows for multiple cabins per shaft and the ability to move both vertically and horizontally, showcasing the potential for next-generation vertical transportation solutions. Leading manufacturers are investing in magnetic levitation (maglev) technology to enhance elevator efficiency, reduce friction, and eliminate the need for traditional cables, offering a next-generation vertical transportation solution.
Expansion of Industrial and Logistics Applications:
The logistics, manufacturing, and warehousing sectors are increasingly adopting advanced hoist motors for automated material handling and lifting applications. Industries are focusing on heavy-duty hoists with high load-bearing capacities to support automation in supply chain operations. For instance, Bonfiglioli offers complete drive solutions for hoist, trolley, and travel drives that can improve operations safety and increase productivity in logistics and industrial cranes. With the rise of e-commerce and warehouse automation, demand for precision-controlled hoist motors is expected to increase, ensuring faster and more efficient material movement in industrial facilities.
Market Challenges Analysis:
High Initial Investment and Maintenance Costs:
One of the primary challenges in the hoist and elevator motors market is the high initial investment required for advanced motor technologies. The cost of installing high-efficiency gearless motors, permanent magnet synchronous motors (PMSM), and IoT-enabled monitoring systems can be significantly higher than conventional motor solutions. Additionally, integrating smart diagnostics and predictive maintenance systems requires substantial capital expenditure, making it less accessible for small and mid-sized businesses. Maintenance costs also remain a concern, as complex motor systems require specialized expertise and regular servicing to ensure optimal performance. The high cost of replacement parts and labor further adds to the total cost of ownership, making businesses hesitant to invest in premium motor solutions. Moreover, inconsistent availability of trained professionals for servicing advanced elevator systems leads to extended downtime and operational inefficiencies. Furthermore, in older buildings, retrofitting new motor technologies can be challenging due to structural limitations, leading to higher installation costs and technical hurdles.
Regulatory Compliance and Supply Chain Disruptions:
Stringent safety and energy efficiency regulations pose another challenge for market players. Governments and regulatory bodies worldwide are tightening industry standards to enhance elevator safety, environmental impact, and energy efficiency, requiring manufacturers to continuously invest in R&D and product compliance. While these regulations drive innovation, they also increase operational costs and lengthen product approval timelines. Additionally, global supply chain disruptions, including semiconductor shortages and rising raw material costs, have impacted the production and availability of hoist and elevator motors. Delays in procuring essential electronic components have slowed down manufacturing cycles, affecting delivery timelines and project completion. The fluctuating prices of raw materials such as copper, aluminum, and rare-earth elements create pricing volatility, increasing financial pressure on manufacturers and end-users. Moreover, rising trade restrictions and tariffs in key manufacturing regions have added additional costs, making market expansion more challenging for global players.
Market Opportunities:
The hoist and elevator motors market present significant growth opportunities driven by rapid urbanization, infrastructure development, and advancements in motor technology. The increasing construction of high-rise buildings, smart cities, and large-scale commercial complexes is generating demand for efficient and high-performance elevator systems. Emerging economies, particularly in Asia-Pacific and the Middle East, are investing heavily in urban expansion, leading to greater adoption of advanced vertical transportation solutions. Additionally, the rise of metro rail projects, airports, and mixed-use developments is boosting demand for modern hoist and elevator motors that offer enhanced efficiency, reliability, and energy savings. The growing preference for smart and automated elevators integrated with IoT-based monitoring systems is further creating opportunities for manufacturers to develop innovative motor solutions that optimize performance and reduce maintenance costs.
Sustainability trends and stringent energy regulations are encouraging the adoption of energy-efficient and eco-friendly motor technologies. The increasing deployment of gearless motors, permanent magnet synchronous motors (PMSM), and regenerative drive systems is supporting energy conservation efforts while improving elevator performance. Retrofitting aging elevator systems with modern, high-efficiency motors is another key opportunity, as property owners seek to enhance operational efficiency and reduce long-term costs. The expansion of the industrial and logistics sectors is also fueling demand for advanced hoist motors used in automated warehouses, manufacturing plants, and construction projects. As automation continues to reshape industrial operations, manufacturers focusing on durable, high-load capacity hoist motors with precision control features will benefit from rising adoption in material handling and lifting applications.
Market Segmentation Analysis:
By Motor Type
The hoist and elevator motors market is segmented based on motor type, including gearless motors, geared motors, and traction motors. Gearless motors are gaining popularity due to their higher energy efficiency, lower maintenance requirements, and smoother operation, making them the preferred choice for high-rise buildings and premium elevators. Geared motors, traditionally used in mid-rise buildings, remain relevant due to their cost-effectiveness and reliability. Traction motors, widely adopted in elevators and hoisting applications, continue to see advancements in efficiency and load-bearing capacity, supporting their sustained market presence.
By Output Power
Based on output power, the market is categorized into low-power, medium-power, and high-power motors. Low-power motors are extensively used in residential and small commercial elevators, where energy efficiency and compact design are priorities. Medium-power motors cater to mid-rise commercial buildings, hospitals, and shopping malls, offering a balance between performance and cost. High-power motors dominate the industrial and high-rise building segments, where heavy loads and high-speed elevator operations demand superior durability and efficiency.
By End-User
End-user segmentation includes residential, commercial, and industrial sectors. The residential sector is witnessing growth due to increasing urbanization and the need for efficient vertical transportation in apartment buildings. The commercial sector, including offices, hotels, and retail spaces, is driving demand for high-speed, energy-efficient elevators. The industrial sector is expanding with the increasing adoption of hoist motors in warehouses, manufacturing units, and logistics hubs, where automation and material handling efficiency are critical.
Segmentations:
By Motor Type:
- DC motors
- Series DC motors
- Compound motors
- Shunt DC motors
- PMDC motors
- AC motors
- 3 phase induction motors
- Geared AC motors
By Output Power:
- Above 500 HP
- 1 – 500 HP
- Less than 1 HP
By End Use:
- Commercial
- Residential
- Industrial
By Region:
- Eastern Europe
- North America
- Latin America
- Brazil, Mexico, and Others
- Western Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- India
- Greater China
- ASIAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- North Africa
- South Africa
- GCC Countries
- Other Middle East
- Other Africa
Regional Analysis:
Asia-Pacific:
Asia-Pacific holds 41% of the global hoist and elevator motors market, driven by rapid urbanization, increasing construction of high-rise buildings, and significant infrastructure investments. Countries such as China, India, and Japan are experiencing strong demand for high-speed and energy-efficient elevators due to expanding metro rail projects, airports, and commercial complexes. Government initiatives promoting smart cities and green buildings are further accelerating the adoption of advanced elevator systems integrated with IoT-based monitoring and energy-efficient motors. The rising middle-class population and increasing urban housing projects are also contributing to market expansion. Additionally, manufacturers in the region are focusing on developing cost-effective and high-performance motor solutions to cater to both domestic and international demand.
North America:
North America accounts for 27% of the hoist and elevator motors market, supported by high demand for retrofitting aging elevator systems and integrating smart elevator technologies. The region’s emphasis on energy efficiency, sustainability, and compliance with strict building codes is driving the adoption of gearless motors, permanent magnet synchronous motors (PMSM), and regenerative drive systems. The presence of established market players and strong investments in R&D have led to advancements in AI-driven predictive maintenance and IoT-enabled monitoring solutions. In the United States and Canada, the rise of mixed-use developments, commercial skyscrapers, and urban housing projects is increasing the demand for high-speed elevators. Additionally, the growing adoption of automation in industrial and logistics sectors is fueling the need for high-performance hoist motors.
Europe:
Europe holds 22% of the global market, driven by strict energy regulations, increasing adoption of smart building technologies, and the presence of well-established elevator manufacturers. Countries such as Germany, France, and the United Kingdom are leading in the implementation of eco-friendly and energy-efficient vertical transportation solutions. The European Union’s focus on carbon footprint reduction and green building certifications is pushing property developers to adopt high-efficiency elevator motors. The refurbishment of older buildings with advanced elevator technologies is also a key factor contributing to market growth. Additionally, the demand for high-capacity industrial hoist motors in manufacturing, construction, and logistics is expanding as industries in the region embrace automation and precision material handling systems.
Key Player Analysis:
- ABB Group
- ARC Systems, Inc.
- Asmo Co., Ltd
- Brook Crompton UK Ltd
- Rockwell Automation, Inc.
- Dr. Fritz Faulhaber GmbH
- Maxon Motors AG
- Regal Beloit Corporation
- Emerson Electric
- Siemens AG
Competitive Analysis:
The hoist and elevator motors market is highly competitive, with key players focusing on innovation, energy efficiency, and advanced technologies to strengthen their market position. Leading manufacturers are investing in research and development to enhance motor performance, integrate IoT-based monitoring, and improve predictive maintenance capabilities. For instance, Otis Worldwide Corporation has introduced its next-generation smart elevator system, the Otis Gen360TM digital elevator, which aims to improve the traveler experience by making urban travel safer and more seamless. Companies are also expanding their product portfolios with high-efficiency gearless motors and permanent magnet synchronous motors (PMSM) to meet evolving industry demands. Strategic partnerships, mergers, and acquisitions are shaping the competitive landscape, allowing companies to expand their market presence and technological capabilities. Global players are emphasizing sustainability by developing energy-efficient solutions that comply with stringent regulatory standards. Additionally, the growing demand for smart elevators and automation in material handling is prompting manufacturers to focus on high-performance, low-maintenance motor solutions that cater to both commercial and industrial applications.
Recent Developments:
- In December 2024, ABB announced the delivery of the world’s largest mining hoist for BHP’s Jansen potash project in Canada.
- In December 2023, ABB showcased its future-ready motors, drives, and robots at ENGIMACH 2023.
- In March 2024, Rockwell Automation showcased its latest warehouse and fulfillment offerings at MODEX 2024, including new autonomous production logistics (APL) solutions from its recent acquisition, OTTO Motors.
- In Nov 2024, Emerson Electric reported strong financial results for the fourth quarter and full year 2024, demonstrating growth in underlying sales and adjusted earnings per share. This performance indicates Emerson’s continued strength in the industrial technology sector, which includes their hoist and elevator motor offerings.
Market Concentration & Characteristics:
The hoist and elevator motors market are moderately concentrated, with a mix of global manufacturers and regional suppliers competing to meet the growing demand for high-performance and energy-efficient motor solutions. Established companies dominate the market with their advanced technological capabilities, extensive distribution networks, and strong brand presence. However, regional players are gaining traction by offering cost-effective solutions and customized motor systems tailored to specific industrial and commercial applications. The market is characterized by rapid advancements in motor technology, including the integration of IoT-enabled monitoring systems, AI-driven predictive maintenance, and energy-efficient drive mechanisms. Additionally, strict safety regulations and sustainability mandates are driving manufacturers to develop motors with low power consumption, high durability, and minimal maintenance requirements. As industries increasingly focus on automation and smart infrastructure, demand for intelligent, high-speed, and eco-friendly elevator and hoist motors is expected to grow, further shaping the competitive landscape.
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Report Coverage:
The research report offers an in-depth analysis based on Motor Type, Output Power, End- Use and Region. 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 demand for high-speed and high-capacity elevators will continue to grow, driven by increasing urbanization and the construction of skyscrapers in major cities.
- Advancements in IoT and AI-based predictive maintenance will enhance motor efficiency, reduce downtime, and lower long-term maintenance costs for building operators.
- The adoption of energy-efficient motor technologies, including permanent magnet synchronous motors and regenerative drive systems, will rise due to sustainability initiatives and stricter energy regulations.
- Retrofitting of aging elevator systems with modern, high-efficiency motors will become a key market opportunity as property owners seek cost-effective upgrades.
- The industrial sector will drive demand for high-performance hoist motors, particularly in automated warehouses, manufacturing plants, and logistics hubs.
- The development of smart elevators with real-time monitoring and AI-driven optimization will reshape the industry, offering improved safety, efficiency, and user experience.
- Supply chain challenges, including semiconductor shortages and raw material price fluctuations, may impact production cycles and motor availability in the near term.
- Regional market growth will be fueled by infrastructure development projects, with Asia-Pacific and the Middle East emerging as key contributors.
- Increasing investments in research and development will lead to innovations in lightweight, durable, and noise-reducing motor designs for enhanced performance.
- Regulatory compliance will play a crucial role in shaping product development, with manufacturers focusing on sustainable and low-maintenance motor solutions.
