The elevator components market comprises a wide range of components that are used in the manufacturing and installation of elevators. Key elevator components include elevator guides, ropes, brakes, buttons, doors, lights, and controllers. The demand for elevator components is directly dependent on the construction of new residential and commercial buildings as well as modernization and renovation activities in existing structures. Elevators provide easy mobility and accessibility within buildings, especially for elderly and disabled people. Moreover, with rapid urbanization and growing affordability, the installation of elevators is becoming common even in mid-rise residential buildings.

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 players operating in the Elevator Components market are Mitsubishi Electric Corporation, Otis Elevator Company, Schindler, ThyssenKrupp AG, Kone Corporation.

The Elevator Components Market is expected to witness lucrative opportunities due to rapidly growing infrastructure development and real estate construction activities across developing economies such as India, China, Indonesia, and Brazil. Furthermore, modernization and upgrade of aging elevators in developed regions will further augment the demand.



Globally, Asia Pacific dominated the elevator components market in 2021 with a share of over 35%, owing to rapid urbanization and infrastructure development activities in China and India. meanwhile, North America and Europe are also sizable markets driven by refurbishment and renovation projects. Key players are focusing on partnerships with regional players and setting up local manufacturing plants to capitalize on lucrative growth opportunities.

Market drivers

The key driver boosting the elevator components market is rising construction activities. Rapid urbanization, growing population, and increasing disposable income are fueling residential and commercial construction globally. Moreover, developing nations are investing heavily in infrastructure modernization including railway stations, airports, shopping malls, and buildings. This is propelling the demand for new elevators as well as elevator component replacement. Secondly, strict safety norms and regulations regarding periodic maintenance and upgrade of aging elevators are supporting the aftermarket sales of elevator components.

PEST Analysis

Political: There are strict regulations for safety and maintenance of elevators which demands compliance. This ensures passenger safety.



Economic: With growing infrastructure and construction industry, demand for elevators is rising which drives the need for elevator components for installation and repair.



Social: As lifestyle and income are improving, people prefer high-rise buildings which increase dependency on elevators for vertical transportation. Ageing population also favors elevators for convenience.



Technological: Advancements in microelectronics and sensor technology are enabling improvements in elevator control systems for enhanced efficiency, reliability and safety. Integration of IoT enables remote monitoring of elevator performance.



Concentration by Geographical Regions

North America accounts for the largest share in terms of value, given the sheer scale of infrastructure and tall buildings in major cities. Europe is another major regional market driven by ongoing infrastructure modernization programs across countries. Asia Pacific is emerging as a fast growing market led by China with rapid urbanization and construction boom underway to accommodate the growing urban population.



Fastest Growing Regional Market

Asia Pacific region is poised to be the fastest growing regional market for elevator components during the forecast period. This is attributed to significant infrastructure development activities and economic growth happening in major countries of Asia Pacific such as China and India. Rapid rate of urbanization and construction of tall commercial buildings and residential high-rises will augment the demand for elevators and elevator components in Asia Pacific.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)