The Business Research Company’s report on the Gearless Elevator Traction Motor Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the gearless elevator traction motor market?
The rising construction of high-rise buildings is expected to propel the growth of the gearless elevator traction motor market going forward. A high-rise building is a tall structure, typically exceeding 35-40 meters (115-131 feet) or about 12-14 stories, designed for residential, commercial, or mixed-use purposes. High-rise buildings are increasing due to rapid urbanization, population growth, limited land availability, advancements in construction technology, and the demand for efficient land use in densely populated cities. Gearless elevator traction motors are used in high-rise buildings to provide efficient, smooth, and high-speed vertical transportation with reduced maintenance and energy consumption. For instance, in March 2024, according to New London Architecture (NLA), a UK-based organization that promotes the capital’s built environment, the number of development applications or consents including at least one tall tower increased from 31 in 2021 to 58 in 2022. Therefore, the rising construction of high-rise buildings will drive the gearless elevator traction motor market.
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How has the gearless elevator traction motor market size evolved, and what are the latest forecasts for its expansion?
The gearless elevator traction motor market size has grown strongly in recent years. It will grow from $5.00 billion in 2024 to $5.37 billion in 2025 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to the development of economic standards, the rising construction of high-rise buildings, urbanization, the adoption of environmentally friendly technology, and the growing demand for energy-efficient buildings.
The gearless elevator traction motor market size is expected to see strong growth in the next few years. It will grow to $7.07 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to growing demand for energy-efficient solutions, rising demand for high-rise buildings, the need for efficient vertical transportation systems, population rise, and energy-saving capabilities. Major trends in the forecast period include technological advancements, development of efficient elevator systems, infrastructure development, integration of the Internet of Things, and integration of advanced control systems.
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Which major companies dominate the gearless elevator traction motor market?
Major companies operating in the gearless elevator traction motor market are Hitachi Ltd., Siemens AG, Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, Nidec Corporation, Otis Elevator Company, Schindler Holding AG, Kone Corporation, Hyundai Elevator Co. Ltd., Hiwin Technologies Corp., Kleemann Elevators S.A., Ningbo Xinda Elevator Traction Technology Co. Ltd., Fujitec Co. Ltd., Suzhou Torin Drive Equipment Co. Ltd., Cheng Day Machinery Works, Xizi Forvorda Co. Ltd., Fenoja Oy, Shanghai ZanFeng Technology Co. Ltd., Mont Drive Systems Co. Ltd.
What trends will shape the future of the gardening equipment market?
Major companies operating in the gearless elevator traction motor market are focusing on technological advancements such as permanent magnet synchronous (PMS) motors to enhance energy efficiency, reduce maintenance costs, improve ride comfort, and optimize space utilization in modern elevator systems. A permanent magnet synchronous (PMS) motor is an electric motor that uses permanent magnets in the rotor to generate a constant magnetic field, offering high efficiency, precise control, and reduced energy consumption. For instance, in September 2022, TK Elevator, a Germany-based manufacturer of elevators and related machinery, launched the enta100 GL in India, targeting the low-rise, value-for-money market. As a gearless alternative to the enta100 GD, it offers lower maintenance costs, quieter operation, and longer service life. Powered by a Permanent Magnet Synchronous (PMS) motor, it ensures higher energy efficiency, lower power consumption, and smooth acceleration/deceleration. Designed for taller buildings (up to 45 m, 16 stops), it accommodates 8 passengers (544 kg) and is available in machine-room (MR) and machine-room-less (MRL) configurations, maximizing space efficiency for new constructions.
Which region dominates the gearless elevator traction motor market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the gearless elevator traction motor market in 2024. The regions covered in the gearless elevator traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the gearless elevator traction motor market segmented, and which segment holds the largest share?
The gearless elevator traction motor market covered in this report is segmented –
1) By Type: Permanent Magnet Motor, AC Motor, DC Motor
2) By Technology: Smart Motors, Conventional Motors, High Efficiency Motors, Regenerative Motors
3) By Capacity: Low, Medium, High
4) By Application: Commercial, Residential, Industrial
5) By End Users: New Installation, Modernization
Subsegments:
1) By Permanent Magnet Motor: Synchronous Permanent Magnet Motors, Axial Flux Permanent Magnet Motors, Radial Flux Permanent Magnet Motors, High-Torque Permanent Magnet Motors
2) By AC Motor: Single-Phase AC Motors, Three-Phase AC Motors, High-Efficiency AC Motors, Low-Noise AC Motors
3) By DC Motor: Brushed DC Motors, Brushless DC Motors, High-Speed DC Motors, Energy-Efficient DC Motors
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What defines the structure and scope of the gearless elevator traction motor market?
A gearless elevator traction motor is a high-efficiency electric motor that directly drives the elevator sheave without the need for a gearbox, reducing energy loss and maintenance requirements. Its purpose is to provide smooth, quiet, and reliable operation, making it ideal for high-rise and high-speed elevator systems.
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