Global Traction Elevator Market size was valued at USD 3 Billion in 2024 and is expected to reach USD 6.6 Billion by 2033, at a CAGR of 5.6% during the forecast period 2024 – 2033.

Traction Elevator Market: Overview

A traction elevator is a type of elevator system commonly used in tall buildings or structures. Unlike hydraulic elevators, which rely on a hydraulic piston to move the elevator car, traction elevators use steel ropes or belts attached to the elevator car and counterweight. These ropes are guided by a pulley system, typically driven by an electric motor.

The traction elevator market is driven by factors such as urbanization, population growth, and the demand for high-rise buildings. Additionally, technological advancements, such as regenerative drives and destination control systems, have further enhanced the efficiency and performance of traction elevators.

Traction elevators are commonly used in mid-rise and high-rise buildings due to their ability to provide efficient vertical transportation over long distances. Additionally, Both commercial and residential buildings frequently employ traction elevators. Instead of traditional steel ropes, flat steel belts are currently used in traction elevators.

Flat steel belts are incredibly light, and they don’t require lubrication or oil to operate thanks to their high-friction coating and carbon fiber core. As a result, high-rise buildings’ elevator energy usage can be significantly reduced, increasing the building’s adoption of these systems.

There is a clear correlation between this expansion and the need for traction elevators. Urbanization and population expansion are directly correlated with infrastructure spending. Transport systems that are efficient and can accommodate the increasing number of people moving to metropolitan areas are necessary, such as traction elevators.

By type, gear less traction type segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Since there are no gears in geared elevators, gear less traction elevators use less energy and are more economical to operate in terms of power.

By application, commercial held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033.

The commercial segment dominates the traction elevator market in terms of application. The growth of the commercial sector, fueled by urbanization, population growth, and economic development, directly influences the demand for traction elevators.

By service, the maintenance service segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Maintenance services play a crucial role in driving the traction elevator market by ensuring the safety, reliability, and efficiency of elevator systems throughout their operational lifespan.

North America dominates the Traction Elevator Market. The advanced infrastructure of North America comprises contemporary skyscrapers and high-rise structures, necessitating the use of effective vertical transit technologies like traction elevators.

Schindler Group is a leading global provider of elevators, escalators and related services. Its innovative and environmentally friendly access and transit-management systems make an important contribution to mobility in urban societies.

Report Scope

Feature of the ReportDetails
Market Size in 2024USD 3 Billion
Projected Market Size in 2033USD 6.6 Billion
Market Size in 2023USD 2.7 Billion
CAGR Growth Rate5.6% CAGR
Base Year2023
Forecast Period2024-2033
Key SegmentBy Type, Application, Service and Region
Report CoverageRevenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional ScopeNorth America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying OptionsRequest tailored purchasing options to fulfil your requirements for research.

CMI has comprehensively analyzed the Global Traction Elevator market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Traction Elevator industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

Global Traction Elevator Market 2024–2033 (By Billion)

www.custommarketinsight.com

List of the prominent players in the Traction Elevator Market:

  • Schumacher
  • Schindler
  • Delaware Elevator
  • Delta
  • Kone
  • Otis Elevator Company
  • ESCON
  • Thyssenkrupp
  • Global Tardif
  • AAlliance Lifts (AAL)
  • Oscan Elevators
  • Fujitec
  • Garaventa
  • Savaria
  • Florlift of New Jersey
  • MEI
  • Mitsubishi
  • Alpaca
  • Hitachi
  • Suzhou Qingdao
  • Others

The Traction Elevator Market is segmented as follows:

By Type

  • Geared Traction Elevators
  • Gear less Traction Elevators

By Application

  • Residential
  • Commercial

By Service

  • New installation
  • Maintenance
  • Modernization

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America