Hoist and Elevator Motors Market size is anticipated to reach USD 171 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of hoist and elevator motors was over USD 96 Billion. The need for hoist and elevator motors that work with cutting-edge elevator systems is being driven by the emergence of smart buildings and the Internet of Things (IoT). The IoT-enabled smart buildings were predicted to generate 44.81 billion dollars in sales by 2020. Elevators can now operate faster, safer, more energy-efficient, and with more control and security due to these motors. Elevator motor manufacturers are extensively investing in the development of improved safety features to minimize accidents and boost the reliability of passenger elevator motors. Smart elevators are becoming more and more common in contemporary structures because they provide improved dependability, comfort, and energy economy. These elevators make use of advanced data analytics, sensors, and motor control technologies.
Furthermore, vertical transit options including moving walkways, escalators, and elevators are in greater demand as urbanization grows. The need for hoist and elevator motors that can manage large loads, run smoothly and silently, and have cutting-edge safety features is being driven by this trend. Also, these hoists are frequently used in the industrial, material handling, and construction industries because of their superior mechanical performance and ability to precisely raise large weights.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 4% |
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Base Year Market Size (2023) |
~ USD 96 Billion |
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Forecast Year Market Size (2036) |
~ USD 171 Billion |
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Regional Scope |
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Motor Type [AC (Geared AC Motors, 3 Phase Induction Motors) DC (Series DC Motors, Shunt DC Motors, Compound Motors, PMDC Motors)]
Hoist and elevator motors market for PMDC motors is expected to hold a share of 45% by the end of 2036. In the industry, permanent DC motors have gained popularity ever since induction motors were phased out. DC motors have a few benefits, including their small size, convenience of use, and self-contained operation. PMDC motors have a small form factor, great efficiency, and significant power and torque output. Because they are widely utilized in many different applications, they may also be interfaced with batteries with ease. Also, they are helpful in many new sectors and applications, like power tools because of their tiny size and battery-operated nature. Therefore, the growing use of power tools will also accelerate the growth of the hoist and elevator motors market. For instance, worldwide, more than 271 million commercial power tool units were consumed in 2020. It was predicted that the numbers will continue to rise, surpassing 384.6 million units by 2027. PMDC motors are utilized in many different parts of cars, such as windows and blowers for air conditioning and heating systems, as well as in personal computer drives and discs.
End-use (Residential, Commercial, Industrial)
Hoist and Elevator motors market for residential segment is poised to hold a share of 43% by the end of 2036. Residential complexes and structures are in greater demand, particularly in metropolitan locations where space is at a premium. Vertical dwelling options, such as apartment complexes and high-rise buildings, are growing increasingly popular as cities get denser with population. Convenience and accessibility are also becoming increasingly important in residential settings. Residents can move between levels easily and effectively with the help of elevators, especially if they are carrying large or awkward objects. Due to the rising construction of elevators in residential structures, there is a greater need for elevator motors and hoists. Technological developments have also reduced the cost and simplified the installation of elevators and hoists in residential situations. As a result, these factors are contributing to the growth of the residential segment.
Our in-depth analysis of the global hoist and elevator motors market includes the following segments:
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Motor Type |
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Output Power |
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End-use |
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APAC Market Forecast
Hoist and elevator motors market in Asia Pacific is poised to hold a share of 36% during the forecast period. The growth can be attributed to the rapid urbanization and a rise in building & construction activities in the region. Moreover, the surge in demand for high-rise buildings, an increase in the adoption of advanced technologies, and a rise in demand for energy-efficient elevator systems are contributing to the growth of the hoist and elevator motors market. In addition, nations like China, India, and Japan have experienced significant economic expansion, raising their standards of life and creating more discretionary income. The promotion of the use of elevators and hoists is also greatly aided by local infrastructure development projects and government efforts. These programs seek to promote sustainable development, increase accessibility, and improve urban mobility, which will benefit the hospitality and elevator motor industries.
European Market Statistics
European hoist and elevator motors market is expected to hold a share of 28% during the projected period. Europe has a significant number of aging buildings that require modernization and renovation. As per a report, from 2021 to 2026, the building rehabilitation in Europe is anticipated to expand by 55.6 billion U.S. Dollars. As a result, there is a growing demand for elevator installations and upgrades to improve accessibility and comply with safety regulations. Also, the European Union has implemented directives and regulations that promote energy efficiency and sustainability in buildings. This has led to an increased focus on energy-efficient elevator systems, driving the demand for hoist and elevator motors in the region.
Author Credits: Rushikesh, Richa Gupta
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