Traction Elevators Market Size, Share, Opportunities, And Trends By Type (Geared Traction Elevator, Gearless Traction Elevator), By Components (Elevator Motor, Elevator Sheave, Control System, Others), By End-User (Residential, Commercial), And By Geography - Forecasts From 2024 To 2029

The traction elevators market is expected to show steady growth during the forecast period.

Traction elevators are a type of vertical transportation system that uses electric motors to move elevator cars up and down and work on the principle of friction between the cables and the traction sheave. These elevators are typically preferred for tall buildings such as skyscrapers, commercial complexes, hotels, and office towers as they can travel faster and carry heavier loads than other types of elevators. The increasing multi-story construction and new commercial establishments such as shopping complexes are major driving forces behind the traction elevators market growth.

Market Drivers

• Booming multi-story building construction drives the traction elevator market growth.

Traction elevators have become increasingly popular in multi-story buildings due to their ability to travel at faster speeds compared to hydraulic elevators. Limited space in cities and increasing urbanization have increased the demand for multi-story buildings, as it makes the most effective use of available space by housing multiple residential or commercial units in a single development. This has positively impacted the traction elevator market growth. For instance, according to the Council on Tall Buildings and Urban Habitat, 147 buildings with a height of 200 meters or more were completed in 2022, a 25% increase over the year 2021.

• A new commercial establishment bolsters the traction elevators market growth.

Traction elevators have higher weight capacities than hydraulic elevators, making them ideal for transporting heavy merchandise and accommodating large crowds in shopping malls & complexes, which frequently have multiple floors and a high volume of foot traffic. Hence, traction elevators are specifically designed to handle high-rise buildings, making them the preferred mode of vertical transportation in such commercial buildings. The changing consumer behaviour and booming outdoor shopping & preferences have led to new establishments of shopping malls & complexes which has contributed to the traction elevators market growth. For instance, in September 2023, DAMAC Group announced the official opening of DAMAC Mall, a new retail and relaxation destination in Dubai's luxury landscape.

• Technological advancements in traction elevators contributed to the traction elevators market growth.

Traction elevators have become more efficient, reliable, and capable of carrying heavier loads due to innovations such as the development of powerful gearless and gear traction systems, resulting in smoother rides and greater energy efficiency. Furthermore, the use of advanced control systems and destination dispatch technologies has improved the performance and safety of traction elevators. These technological advancements help buildings and skyscrapers to reach unparalleled heights. Due to this, the adoption of traction elevators has increased, which pushed the market growth. Additionally, Mitsubishi Electric provides Diamond HS Premium Elevators for high-rise buildings, which feature innovative technology such as destination dispatch technologies, advanced touchless control systems, and smartphone connectivity.

Asia Pacific is projected to grow significantly

Asia Pacific is expected to account for a significant share of the traction elevators market due to the increasing number of multi-story building constructions in the major regional economies. For instance, in September 2023, Mitsubishi Estate Co., Ltd. announced the construction of Torch Tower, Japan's tallest building, located in the Tokyo Torch district near Tokyo Station. In addition, according to the Council on Tall Buildings and Urban Habitat data, there are 3,270 (150-meter), 1,142 (200-meter), and 117 (300-meter) buildings in China. Moreover, in August 2022, Mitsubishi Electric Building Solutions Corporation revealed that Shanghai Mitsubishi Elevator Co., Ltd. delivered 123 elevators to large office buildings in China for the second phase of construction. In January 2023, Shapoorji Pallonji Real Estate, Indiabulls Finance, and PAG collaborated for the construction of India's tallest luxury tower with the opening of the Vantage series at Minerva, an over 300-meter-tall skyscraper.

Market Restraints

• High costs will restrain the traction elevator market growth.

Traction elevators are generally more expensive to install and maintain than other types of elevators, such as hydraulic elevators. This cost factor can be difficult to manage for both residential and commercial projects, particularly those with limited budgets which may limit their adoption and affect the market growth.

Market Developments

• May 2023- TK Elevator, a global market leader in the elevator industry, introduced EOX, an eco-efficient and digitally native low- to mid-rise elevator designed to enhance the overall customer experience, which includes a standard in-car multimedia display to inform and entertain travellers.
• November 2021- Mitsubishi Electric Corporation announced the launch of Diamond-Trac 2, a new Diamond-Trac Series machine room-less elevator with a space-saving design, improved operational efficiency, and a touchless hall operating panel for residences, offices, and hotels in the United States market.

Company Products

• KONE MONOSPACE 300 DX- The KONE MonoSpace 300 DX elevator provides passengers with a smooth ride while being more efficient and quieter than traditional hydraulic elevators. It is an improved elevator solution for low-rise buildings and features with load capacity of 2000 to 3500 lbs and maximum travel of up to 48 ft with a speed of 0.75 m/s. It eliminates hydraulic oil, reducing maintenance time and avoiding the mess and unpleasant odors associated with hydraulic systems.
• EOX- TK Elevator provides EOX, which is a traction elevator that keeps buildings in motion and provides quality tailored to the building's specific needs with a simplified, efficient delivery and installation process. It is specially engineered to meet the demands of buildings with up to 100 feet of rise, including space-saving design, advanced technologies, shorter lead times, and optimization.
• Schindler 3300 MRL Traction Elevator - Schindler 3300 MRL Traction Elevator provides numerous benefits to architects, contractors, building owners, and the occupants of the building. It includes a machine room-less design for more usable building and design space, and the comfortable cab is up to 5% larger than the average MRL cab. Schindler 300 features a capacity of 2,100 to 3,500 pounds and travels up to 98'- 5" with a speed of 100 to 150fpm.

Segmentation

• By Type
  • Geared Traction Elevator
  • Gearless Traction Elevator
• By Components
  • Elevator Motor
  • Elevator Sheave
  • Control System
  • Others
• By End-User
  • Residential
  • Commercial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Others