East Asia currently accounts for a majority of elevator components being consumed, followed by Europe. This is owing to the fact that a sizeable share of skyscraper construction around the world is happening in China. As of 2020, China has 13 of the world’s tallest buildings. China is followed by South Korea, which at the moment, has one of the world’s tallest buildings at 555 meters.
East Asia is followed by the Middle East & Africa, owing to rapid conversion of the oil-based economy of MEA countries into tourism and service-based economies. This is best exemplified by the UAE, which has the world’s tallest building – the Burj Khalifa, at 828 meters. These high-rise buildings are prime consumers of sophisticated elevator systems, in turn, driving the requirement of elevator components.
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Additionally, the younger population is aspiring for luxurious lives in high-rise buildings with top-class amenities. Increased population density is adding to the growing need to optimise every bit of land. India, for instance, constructed around 58 high- and medium-rise buildings between 2012 and 2020. Moreover, 17 more buildings were under construction as of 2020.
Owing to the above-mentioned factors, the elevator component market is anticipated to reach a valuation of US$ 40.8 Bn in 2021, and is poised to expand at more than 9% CAGR over the next ten years.
Key Takeaways from Market Study
- The elevator component market is anticipated to grow 2.4X from 2021 to 2031.
- Motor components hold a major chunk equivalent to one-third of the global market share, and are set to create an absolute $ opportunity of about US$ 8.8 Bn during 2021-2031.
- Among the elevator technology types, hydraulic elevators accounted for the most demand in 2020, and are set to gain around 72.9 BPS in market share by 2031.
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- By load capacity, the 650 Kg -1,000 Kg segment is expected to account for the highest consumption of elevator components during the forecast period, and create an absolute $ opportunity of around US$ 12.8 Bn during 2021-2031.
- Among the end-use applications, passenger elevators has been the fastest growing segment, owing to rapid proliferation of multi-storey buildings in the past decade, and it is expected to grow 2.4X in market value by 2031.
- Among the regions considered, East Asia is set to dominate market revenue in 2021, and is expected to create an absolute $ opportunity of around US$ 35 Bn by 2031
Key Market Segments Covered
By Load Capacity
- Below 650 kg
- 650 kg- 1,000 kg
- 1,000 kg- 1,600 kg
- 1,600 kg- 2,500 kg
- 2,500 kg- 5,000 kg
- Above 5,000 kg
- 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
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By End-use Application
- Elevators for Passengers
- Elevators for Freight
Key Players Adopting Blend of Organic and Inorganic Strategies
Key players such as Wittur Group, ADAMS Elevator Equipment, GAL Manufacturing Corp., and SCHMERSAL Böhnke & Partner GmbH are focusing on targeted expansions, strategic partnerships, innovative product launches, and acquisitions in the market space to substantially increase their market presence.
For instance, Wittur launched a new variant of Semaic C-MOD door in 2020 with ECO+ and MIDI+ motors, which requires less maintenance and provides better performance. Additionally, it partnered with Wurtec for distributing its elevator components in North America.
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