Valuation of Contactless Elevator is predicted to expand at a Noteworthy CAGR of 8.7% by 2032

Published April 12, 2023

The global elevator components market is set to enjoy a valuation of US$ 43.9 billion in 2022 and further expand at a CAGR of 9.4% to reach US$ 107.9 billion by the end of 2032.

The global elevator components market registered a CAGR of 1.6%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 9.4% CAGR between 2022 and 2032.

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Key Takeaways:

  • By elevator type, traction-type contactless elevators segment surpassed a market valuation of US$ 1 Bn in 2021.
  • Based on technology type, the buttons segment accounts for 75.7% share of the global contactless elevator market and is likely to create an absolute $ opportunity of US$ 1.77 Bn by 2032.
  • North America contactless elevator market accounted for a share of 21.7% of the global contactless elevator market in 2021.
  • With rising adoption of smart and touchless technologies, the U.S. contactless elevator market is projected to reach US$ 773.7 Mn by 2032.
  • China will account for around 61.2% of the East Asia contactless elevator market and is likely to grow at a prolific CAGR of 10.3% between 2022 and 2032.

Growth Drivers:

  • Rapid growth of building and construction industry is proving an impetus to the growth of contactless elevator market.
  • Rising demand for smart contactless machinery and equipment will continue to boost the sales of contactless elevators during the forecast period.
  • Growing healthy awareness among people along with increasing need for curbing the spread of numerous infectious diseases is likely to push the demand for contactless elevators.

Key pioneers

  • Adams Elevator Equipment Company (Schindler Holding AG)
  • Avire Ltd (Halma plc.)
  • Böhnke & Partner GmbH
  • DMG
  • Elevator Equipment Corporation (EECO)
  • Elevator Products Corporation
  • EMI / Porta Inc.,
  • Fermator Group
  • GAL Manufacturing Corp.
  • Hans & Jos. Kronenberg GmbH
  • Hissmekano AB
  • Hydroware
  • Kinds Elteknik AB
  • Nidec Kinetek Elevator Technology (NKET)
  • Wittur Group

The world’s leading manufacturers of elevator component products are employing sustainable technologies and optimization systems for diverse end users. Key manufacturers are focusing on developing new product designs to address problems in terms of product placement in harsh operating environments. Moreover, expertise and professionalism in planning, designing, and providing minimum noise level are at the backbone of their marketing strategies.

  • In Jan. 2021, GAL Manufacturing Corp. expanded its product line by acquiring Vertical Dimensions LLC and adding elevator interior options. It also collaborated with MAD Elevators to offer cutting-edge MAD fixtures, and it has since established itself as the sole supplier to the independent market, providing convenient combined controller/fixture solutions for all of its products.
  • In May. 2020, By constructing an export-focused plant in India, & Partner GmbH and SCHMERSAL Böhnke plans to increase its global presence. This will be followed by the creation of additional branches in Turkey, Dubai, and Japan.
  • In July. 2022 For instance, Wittur introduced a redesigned model of Semaic C-MOD doors with MIDI+ and ECO+ motors that offer improved performance and require less maintenance.

Fact.MR has provided detailed information about the price points of key manufacturers of elevator components positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Elevator components market forecast by Fact.MR

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Workflow Optimization

  • Elevator Components Market by Component :
    • Elevator Car & Shaft
    • Landing Door
    • Motor
    • Machine Drive
    • Tension Pulley (per Piece)
    • Controller
    • Counterweight Frame
    • Counterweight Guide Rails
    • Car Guide Rail
    • Speed Governor (Bidirectional)
    • Counterweight and Car Buffer
    • Others
  • Elevator Components Market by Elevator 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
  • Elevator Components Market 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
  • Elevator Components Market 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
  • Elevator Components Market by Noise Level :
    • Elevators for Passengers
    • Elevators for Freight
  • Elevator Components Market by Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

The global Elevator Components attached storage report answers numerous pertinent questions, some of which are:

  • What are some of the latent areas of investments in the market?
  • Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
  • What trends are likely to change the status quo of the positions held by leading players of the market in the not-so-distant future?
  • Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the market?
  • What are the strategies adopted by top players to retain their stronghold in the market?
  • Which strategic moves will new entrants adopt to gain a strong foothold in the market?
  • What are COVID-19 implications on the market and learn how businesses can respond, manage, and mitigate the risks?

Check out more related studies published by Fact.MR Research:

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