Elevator components are integral mechanical and electrical parts used in the operation and maintenance of elevators. Some of the key elevator components include control systems, elevator ropes, hoist machines, and door equipment. Elevator components play a vital role in ensuring safe and reliable vertical transportation of passengers and goods in residential and commercial buildings. The demand for elevator components is primarily driven by the increasing construction of high-rise buildings and growing focus on passenger safety and comfort. Advancements in IoT and electrification technologies are enabling elevator components to be connected, monitored, and controlled remotely, thereby increasing operational efficiency.
The Global Elevator Components Market is estimated to be valued at USD 48.1 Bn in 2024 and is expected to reach USD 118.4 Bn by 2031, growing at a compound annual growth rate (CAGR) of 11.9% from 2024 to 2031.
Key Takeaways
Key players operating in the Elevator Components are Otis Elevator Company, KONE Corporation, Schindler, Fujitec Co. Ltd., Toshiba Elevator & Building Systems Corporation.
The market is expected to witness lucrative growth opportunities due to rising demand for maintenance services, modernization and refurbishment activities globally.
Adoption of IoT-enabled technologies in Elevator Components Market is gaining traction. IoT facilitates remote monitoring of equipment condition, proactive maintenance planning and maximizes reliability of elevator operations.
Market drivers:
The key driver contributing to the growth of elevator components market is rapid urbanization and infrastructure development globally. Rising disposable income coupled with population growth is propelling the construction of residential complexes, commercial buildings and infrastructure projects significantly driving the demand for elevator components. Furthermore, stringent government regulations regarding safety, modernization of aging infrastructure are compelling elevator owners to replace outdated components, which is further fueling the market growth.
Challenges in the Elevator Components Market
The elevator components market faces many challenges related to safety, modernization, and cost. Strict regulations around safety require constant innovation and upgrades to meet evolving standards. Many existing elevator systems need to be modernized with new components to improve efficiency, accessibility, and sustainability. However, modernizing elevators requires significant investment which impacts building owners. Reliability of components is also a critical challenge as any downtime impacts building operations and user experience. Sourcing high quality components at competitive costs while meeting all compliance also poses difficulties. With growing urbanization and taller buildings, demand for elevator components is rising rapidly but high initial and maintenance costs can limit market expansion.
SWOT Analysis
Strength: Elevator components from established brands have strong reliability and safety record. Modern components allow for connectivity features and remote monitoring.
Weakness: Upgrading existing infrastructure requires large capital expenditures. Highly regulated market limits new entrants.
Opportunity: Modernization cycles globally require replacing aging components. Demand from infrastructure development and green building initiatives.
Threats: Prices of raw materials fluctuate impacting costs. Technological changes may make some components obsolete rapidly.
In terms of geographical concentration of value, North America accounts for the largest share of the global elevator components market currently. This is driven by high penetration of elevators in commercial buildings and growing construction spend in the region. Asia Pacific region is expected to be the fastest growing market for elevator components over the forecast period due to extensive urbanization and infrastructure development projects across countries like China, India. Rapidly expanding building construction and renovation market in Asia is creating strong demand.
Modern elevator systems use various sensors, drives, and intelligent controllers integrated with IoT platforms which opens new opportunities but also requires sufficient skilled workforce and technology adoption across regions to harness them fully. Though China dominates manufacturing, other Asian countries like India, Indonesia are emerging as strong prospective markets given their focus on smart cities and ensuring accessibility. Safety will remain a primary concern everywhere necessitating continued innovation.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
