Traction Elevators Market: Global Market Analysis and Forecast 2022-2029

The Global Traction Elevators Market is a USD 40.8 Bn Market in the year 2022 and is projected to grow at a CAGR of 6.9 % to become a USD 65.09 Bn Market in the year 2029.

The global market for traction elevators is poised for steady growth over the next few years, driven by increasing urbanization and the growing need for efficient and safe vertical transportation systems. Traction elevators are primarily used in mid-rise and high-rise buildings and offer several advantages over other types of elevators, including smoother operation, greater energy efficiency, and lower noise levels. The growth expected is due to the increasing construction of high-rise buildings, especially in developing countries such as China, India, and Brazil. The market is also expected to be driven by the growing demand for energy-efficient and environmentally friendly elevators, as well as the increasing adoption of smart elevator technologies.

This in-depth market research report on the Traction Elevators Market provides a comprehensive analysis of the industry, including market size and growth potential, key trends and drivers, competitive landscape, and regional analysis. The report includes detailed market segmentation by product type, application, and geography, providing valuable insights into the various factors that are shaping the industry.

The report also covers the latest developments in the market, including new product launches, mergers and acquisitions, partnerships and collaborations, and other strategic initiatives. Extensive primary and secondary research, including interviews with industry experts, market participants, and other stakeholders, has been conducted to gather the most up-to-date and accurate data.

This in-depth market research report on the Traction Elevators Market can be an essential tool for companies looking to expand their operations, enter new markets, or gain a competitive edge in the industry. With comprehensive analysis and expert insights, companies can make informed business decisions and achieve long-term success in this rapidly growing market.To know about the Research Methodology :- Request Free Sample Report
Traction Elevators Market Dynamics
The rapid pace of urbanization in developing countries is one of the key drivers of the Traction Elevators Market. According to the United Nations, around 68% of the world's population is projected to live in urban areas by 2050, up from 51% in 2023. The growing need for efficient and safe vertical transportation systems required for the increasing number of high-rise buildings, including commercial, residential, and mixed-use properties, is driving the demand for efficient and safe vertical transportation systems. The integration of advanced technologies, such as machine learning, artificial intelligence, and IoT, into traction elevators, is expected to improve their performance, energy efficiency, and safety. Governments in several countries are promoting the development of sustainable and energy-efficient buildings, which is driving the demand for traction elevators. The adoption of energy-efficient elevators is expected to increase by 10% annually, driven by government regulations and increasing environmental awareness. All such drivers of Traction Elevators Marketare studied for their degree of impact and magnitude in this report to project the future of market.

Restraints acting in this market are detailed in this report. Traction elevators are generally more expensive than hydraulic or pneumatic elevators, which may discourage some building owners from installing them. Traction elevators also require more time and effort to install than hydraulic or pneumatic elevators, which may cause delays and additional costs. The installation time for a traction elevator can range from 8 to 16 weeks, depending on the size and complexity of the system. One more such restraining factor is the high maintenance cost. Traction elevators require regular maintenance to ensure optimal performance and safety, which can be costly over time. Safety is a major concern in the elevator industry, and any incidents or accidents can negatively impact the growth of the market. All these factors act as restraining elements for the Traction Elevators Industry.

The increasing demand for traction elevators in emerging markets, such as India, China, and Southeast Asia, presents significant growth opportunities for manufacturers. Also, the integration of advanced technologies, such as IoT, AI, and machine learning, into traction elevators is expected to create new opportunities for manufacturers to differentiate their products and offer value-added services. The growing demand for sustainable and energy-efficient buildings is driving the demand for elevators that consume less energy and have a lower carbon footprint.

The integration of artificial intelligence and IoT is a major trend in the Traction Elevators Market. This technology is being used to develop smart elevators that can analyze user behaviour, optimize elevator usage, and reduce waiting times. With the growing focus on sustainability and energy efficiency, there is a trend towards the use of renewable energy sources such as solar and wind power to power traction elevators. Development of destination control systems: Destination control systems are becoming increasingly popular in high-rise buildings, as they reduce waiting times and improve efficiency.
Traction Elevators Market Segment Analysis
Traction Elevators Market by Product type

Geared traction elevators use a gearbox to transfer power from the motor to the elevator hoist. These elevators are commonly used in mid-rise buildings and are generally less expensive than gearless traction elevators.

Gearless traction elevators use a motor that is directly connected to the elevator hoist. These elevators are commonly used in high-rise buildings and are generally more expensive than geared traction elevators.

Traction Elevators Market by Speed

Low-Speed Traction Elevators:Typically ranging from 0.1 m/s to 1.0 m/s. These elevators are designed for low-rise buildings, including residential complexes, small commercial buildings, and certain institutional buildings. They provide efficient and reliable vertical transportation for buildings with fewer floors.

Mid-Speed Traction Elevators:Generally ranging from 1.0 m/s to 2.5 m/s. Mid-speed traction elevators are suitable for mid-rise buildings, such as medium-sized commercial complexes, hotels, hospitals, and educational institutions. These elevators offer faster transportation compared to low-speed elevators while maintaining a balance between speed, efficiency, and passenger comfort.

High-Speed Traction Elevators:Typically exceeding 2.5 m/s. High-speed traction elevators are designed for high-rise buildings and supertall structures. They provide rapid vertical transportation, minimizing travel times for occupants. High-speed elevators are commonly found in skyscrapers, office towers, hotels, and other tall structures where efficient transportation is essential.

Traction Elevators Market by End User

Residential:Traction elevators are commonly used in high-rise residential buildings. The demand for traction elevators in the residential segment is increasing due to the growth of the real estate industry and urbanization.

Commercial:The commercial segment includes buildings such as offices, hotels, malls, and hospitals, where traction elevators are used for the efficient movement of people and goods. The growth in the commercial construction industry is expected to drive the demand for traction elevators in this segment.

Industrial: Traction elevators are used in industrial applications such as factories, warehouses, and distribution centres for the movement of heavy loads. The demand for traction elevators in the industrial segment is driven by the growth of the manufacturing industry and the need for efficient and safe movement of materials.

Institutional: Institutional buildings such as schools, universities, and government offices also use traction elevators for the movement of people and goods. The growth in the construction of institutional buildings is expected to drive the demand for traction elevators in this segment.
Traction Elevators Market by capacity
Standard capacity traction elevators are designed to carry a moderate number of passengers or a specific weight range. These elevators are typically installed in a wide range of buildings, including residential buildings, commercial complexes, and institutional facilities. Generally, standard capacity elevators can accommodate 4 to 20 passengers. The load capacity of standard capacity elevators usually ranges from 272 kg to 1360 kg (600 lbs to 3000 lbs).

Heavy-duty traction elevators are designed to handle heavier loads or a larger number of passengers. These elevators are commonly used in buildings with specific requirements, such as industrial facilities, high-traffic areas, and large-scale commercial complexes. Heavy-duty elevators can accommodate more than 20 passengers, depending on the specific model and configuration. load capacity of heavy-duty elevators typically exceeds 1360 kg (3000 lbs), with some models capable of carrying loads well beyond that.
Traction Elevators Market Regional Insights
Asia-Pacific dominated the global Traction Elevators Market in 2020, accounting for over 40% of the market revenue. The growth of the Asia-Pacific market can be attributed to rapid urbanization, infrastructure development, and increasing demand for high-rise buildings in countries such as China, India, and Japan.

Europe is the second-largest market for traction elevators, accounting for over 25% of the market revenue in 2020. The growth of the European market can be attributed to the increasing investments in infrastructure development and modernization of existing buildings in countries such as Germany, France, and the UK.

North America is expected to witness significant growth in the Traction Elevators Market during the forecast period, owing to the increasing demand for energy-efficient and eco-friendly elevators in commercial and residential buildings.

The Middle East and Africa region is expected to witness significant growth in the Traction Elevators Market during the forecast period, owing to the increasing investments in infrastructure development and the growing demand for high-rise buildings in countries such as Saudi Arabia, UAE, and Qatar.

South America is expected to witness moderate growth in the Traction Elevators Market during the forecast period, owing to the increasing demand for modernization and replacement of existing elevators in commercial and residential buildings.
Traction Elevators Market Competitive Analysis
The global traction elevators market is highly competitive and fragmented, with several key players dominating the market. The market players are competing based on several factors such as technology, quality, price, distribution, and innovation

Otis Elevator Company, a subsidiary of United Technologies Corporation, is one of the leading players in the Traction Elevators Market, known for its strong global presence, extensive product portfolio, and innovative solutions. Schindler Group and KONE Corporation are also prominent competitors, holding significant market shares and enjoying a wide customer base. Other players like Thyssenkrupp, Mitsubishi Electric, and Toshiba Elevator are known for their advanced technology offerings and customer-centric approach.

These companies are investing heavily in research and development to develop advanced and innovative products. They are also expanding their reach in emerging markets through strategic partnerships, collaborations, and acquisitions.

The Traction Elevators Market is geographically diverse, with companies strategically targeting specific regions based on market potential and growth opportunities. For instance, Otis Elevator has a strong presence in North America and Europe, while Schindler and KONE have established themselves globally, with significant market shares in Europe, Asia-Pacific, and North America. Regional players also exist, particularly in emerging markets, where local companies offer competitive pricing and localized expertise.

Companies in the Traction Elevators Market compete through various strategies, such as product innovation, technological advancements, pricing strategies, and customer service. Developing energy-efficient and environmentally friendly solutions is a common strategy to meet the growing demand for sustainable buildings. Building strong relationships with architects, developers, and building owners through effective marketing and customer support is crucial for market penetration.

In addition, regional players are also gaining prominence in the market, particularly in the Asia Pacific and the Middle East. These players are focused on providing customized solutions to meet the specific requirements of their local customers.
Traction Elevators Market Scope: Inquire before buying



Traction Elevators Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 40.8 Bn.


Forecast Period 2023 to 2029 CAGR:
6.9%
Market Size in 2029:
US $ 69.08 Bn.


 Segments Covered:
by Product Type
1.Geared
2.Gearless


by Capacity
1.Standard Capacity
2.Heavy-Duty Capacity


by Speed
1.Low Speed
2.Mid Speed
3.High Speed


by End-User
1.Residential
2.Commercial
3.Industrial
4.Institutional



Traction Elevators Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Traction Elevators Market Key players:
1. Otis Elevator Company - Farmington, Connecticut, USA
2.Schindler Group - Ebikon, Switzerland
3.KONE Corporation - Espoo, Finland
4.Mitsubishi Electric Corporation - Tokyo, Japan
5. thyssenkrupp AG - Essen, Germany
6. Fujitec Co., Ltd. - Tokyo, Japan
7. Hitachi, Ltd. - Tokyo, Japan
8. Hyundai Elevator Co., Ltd. - Seoul, South Korea
9. Toshiba Elevator and Building Systems Corporation - Tokyo, Japan
10. Sigma Elevator Company Limited - Shanghai, China
11. Canny Elevator Co. Ltd. - Guangdong, China
12. Johnson Lifts Private Limited - Mumbai, India
13.Sematic S.p.A. - Osio Sotto, Italy
14. Kleemann Hellas SA - Kilkis, Greece
15.Sicher Elevator Co., Ltd. - Shanghai, China
16.SANYO Electric Co., Ltd. - Osaka, Japan
17.SJEC Corporation - Shanghai, China
18.KLEEMANN Aufzüge GmbH - Göppingen, Germany
19.Wittur Group - Wiedenzhausen, Germany
20. BLT Elevator Components Co., Ltd. - Zhejiang, China
21.Shanghai Mitsubishi Elevator Co., Ltd. - Shanghai, China
22.Doppler S.A. - Córdoba, Argentina
23. BMM Weston Limited - West Yorkshire, United Kingdom
24.IGV Group S.p.A. - Genoa, Italy
25.Mitsubishi Electric Elevator & Escalator - Cypress, California, USA

FAQ’S

Q- What are the typical maintenance requirements for traction elevators?
Traction elevators require regular maintenance to ensure smooth operation, safety checks, and upkeep of various components.

Q- How long is the average lifespan of a traction elevator?
The average lifespan of a traction elevator is typically around 20 to 25 years, but it can vary based on usage, maintenance, and technological advancements.

Q- Are traction elevators suitable for outdoor installations?
Yes, traction elevators can be designed for outdoor installations, but they require additional weatherproofing and protective measures to withstand outdoor conditions.

Q- Do traction elevators have weight restrictions?
Yes, traction elevators have weight restrictions specified by the manufacturer to ensure safe operation and prevent overloading.

Q- Are traction elevators compliant with accessibility regulations?
Yes, traction elevators can be designed to comply with accessibility regulations, including features such as accessible controls, spacious cabins, and Braille signage.