As per Future Market Insights, the Hoist And Elevator Motors market is anticipated to attain a value pool of USD 97 billion by 2023-end. Global demand for hoist and elevator motors is expected to rise at a CAGR of 4.5% to USD 150 billion in 2033.
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| Data Points | Key Statistics |
|---|---|
| Expected Market Value of Hoist and Elevator Motors in 2023 | USD 97 billion |
| Projected Market Value of Hoist and Elevator Motors in 2033 | USD 150 billion |
| Growth Rate (2023 to 2033) | 4.5% CAGR |
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According to the latest assessment, the hoist and elevator motors market is expected to increase multi-fold from 2021 to 2031, reflecting a CAGR of 4%-6% over the said period. Demand is set to witness a sturdy recovery in near future, with an optimistic growth outlook over the forecast period.
The surge in demand from the residential construction industry will create opportunities in near future. The incorporation of automated control systems with remote end-user interfaces is expected to be the preferred configuration which will be adopted by OEMs and end users alike to a healthy extent.
The demand for elevators is escalating in many areas such as industrial, commercial, and residential buildings. By virtue of the growth in the need for multi-storied buildings in various sectors of society, the requirement for elevators and hoists is increasing at a robust rate; subsequently, enhancing the demand for hoists and elevator motors.
Demand for high-rise buildings has been influenced owing to increased urbanization and rising living standards in the cities of developing economies.
This is foreseen to drive the need for elevation; subsequently, enhancing the global hoist and elevator motors market. Growing demand for safety, legislation, and installed base is expected to be important drivers for the maintenance segment.
Manufacturers are focused on investments in research and development for innovative designs with gearless technology, compact size, and low weight for higher power and higher speed with energy-efficient operations. This is expected to create positive prospects for the growth of the hoist and elevator motors market.
Principal Consultant
Asia Pacific is expected to witness a healthy growth rate in the hoist and elevator motors market over the forecast period. The growth is attributable to the rapid urbanization, demographic changes, and increasing prominence of high-rise buildings in emerging countries such as China, India, etc.
Europe is expected to have a prominent share in the global hoist and elevator motors market owing to substantial demand from the residential and industrial sectors from the developed countries in the regions.
Furthermore, the prevalence of a number of manufacturers in the region fuels the market growth in the region.
However, the main growth is anticipated from repair and sales of refurbished units wherein the motor manufacturers will earn added profits from offering value-added services such as periodic maintenance programs, accessory sales and installation of automated controls.
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Some of the leading manufacturers and suppliers of hoist and elevator motors include:
Many leading are poised for establishing their manufacturing facilities in the countries from Asia Pacific such as India, China, and ASEAN to cater to increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Motor Type 6.2. Output Power 6.3. End Use 7. Global Market Analysis and Forecast, By Motor Type 7.1. AC motors 7.2. Geared AC motors 7.3. 3 phase induction motors 7.4. DC motors 7.5. Series DC motors 7.6. Shunt DC motors 7.7. Compound motors 7.8. PMDC motors 8. Global Market Analysis and Forecast, By Output Power 8.1. Less than 1 HP 8.2. 1 - 500 HP 8.3. Above 500 HP 9. Global Market Analysis and Forecast, By End Use 9.1. Residential 9.2. Commercial 9.3. Industrial 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. East Asia 10.5. South Asia & Pacific 10.6. Middle East & Africa 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. East Asia Sales Analysis and Forecast, by Key Segments and Countries 15. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Motor Type, Output Power, and End Use for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. ARC Systems, Inc. 19.2. Asmo Co., Ltd 19.3. ABB Group 19.4. Dr. Fritz Faulhaber GmbH 19.5. Brook Crompton UK Ltd 19.6. Rockwell Automation, Inc. 19.7. Regal Beloit Corporation 19.8. Emerson Electric 19.9. Siemens AG 19.10. Maxon Motors AG
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Hoist and Elevator Motors Market
