The global ropeless elevator market size will likely showcase a CAGR of 12.8% in the forecast period 2024 to 2034. It is anticipated to be valued at USD 483.3 million by 2034 from USD 155.6 million in 2024.
Skyscrapers have always been a powerful element in offering energy-efficient, dense living for individuals residing in densely populated areas witnessing rapid urbanization. However, this concept may face certain hindrances associated with its conventional form, such as the lack of community, urban context, and cooperation between towers.
Hence, several companies are coming up with technologies like multidirectional and ropeless elevators to boost accessibility, efficiency, and interconnectedness among cities.
| Attributes | Description |
|---|---|
| Estimated Global Ropeless Elevator Market Size (2024E) | USD 155.6 million |
| Projected Global Ropeless Elevator Market Value (2034F) | USD 483.3 million |
| Value-based CAGR (2024 to 2034) | 12.8% |
The Council on Tall Buildings and Urban Habitat (CTBUH) states that Hong Kong has the most number of skyscrapers with about 558 buildings exceeding 150 meters, followed by Shenzhen, New York City, and Dubai with 413, 318, and 263 buildings, respectively. These numbers are anticipated to surge at a steady pace in the estimated period, creating a rising demand for ropeless elevators.
With the rapid migration of individuals toward metropolitan cities, real estate firms are planning for vertical expansion. It has shifted the focus of city planners and civic authorities toward the development of high-rise buildings and satellite cities.
In emerging countries like China and India, the concept of high-rise buildings is still at the nascent stage. However, with ongoing economic development, several international companies are setting up their offices in these countries, which is projected to bolster the development of high-rise buildings with unique features like ropeless elevators.
With the rising population in emerging countries, there is barely any space left for horizontal construction projects. Several metropolitan cities have already planned the development of high-rise towers for several purposes like entertainment, office spaces, malls, residential accommodations, parking spots, clubs, and retail. These are anticipated to be equipped with the latest amenities, including ropeless elevators.
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The global ropeless elevator market exhibited a CAGR of around 8.4% in the historical period from 2019 to 2023. It stood at USD 136.9 million in 2023. In the forecast period, it is likely to surge at a CAGR of 12.8%.
As the development of high-rise buildings needed extra investments due to the requirement for high-tech systems like elevators, structural systems, fire-resistant systems, and sophisticated foundations, the industry showcased moderate growth in the historical period.
This was due to declining investments in real estate companies owing to the disruptions caused by the COVID-19 pandemic. Individuals had halted their decision to purchase new properties and were only focusing on buying essential items.
The forecast period will likely witness a steady demand as developed countries are planning to construct skyscrapers with premium yet sustainable amenities like ropeless elevators. The high geriatric population residing in skyscrapers is another key factor augmenting demand.
According to the World Health Organization (WHO), the total population of the world above the age of 60 is anticipated to double to 22% from 12% from 2015 to 2050. The maintenance of a comfortable lifestyle is significant among this population category.
With the surging prevalence of arthritis and cardiovascular disease, the elderly population often suffers from walking or gait problems, thereby requiring speedy yet safe elevators. The Centers for Disease Control and Prevention (CDC), for instance, states that around 18.9% of adults above the age of 18 years were living with diagnosed arthritis in 2022.
Among individuals aged 75 years and older, the prevalence rate was 53.9% in the same year. As these numbers rise to new heights by 2034, ropeless elevator demand is also projected to skyrocket.
Revival of the Hospitality Industry Amid Announcement of Concerts like Eras Tour Spurs Demand
When the COVID-19 pandemic hit the world back in 2019, the hospitality industry had come to a standstill backed by lockdown and social distancing norms. However, in the post-COVID period, the industry has established itself to become one of the most significant sources of economy globally.
The industry includes meetings, recreation, events, food and beverages, tourism, and lodging. Guest houses, inns, motels, and hostels also come under this industry. The growing trends for hassle-free payment options, sustainable hotels, leisure travel, smart rooms, and multicultural employment are projected to create new growth opportunities.
With an increasing number of concert tours in various parts of the world, hospitality companies are set to demolish their existing infrastructure and develop new amenities from scratch. Taylor Swift’s Eras Tour, for instance, added about USD 98.2 million in terms of room revenue in the United States alone in 2023.
Shows held on Sunday nights had a positive impact on the hotel occupancy rate. It surged from a 54% to 68.9% amid the concert. Saturday concerts were the most successful ones for hotels as the occupancy jumped to 90.9% from 81%. The announcement of similar tours is projected to encourage hoteliers to add new amenities, including ropeless elevators.
Lack of Skilled Personnel and Planning May Hamper Demand in Emerging Countries
Though the demand for ropeless elevators is anticipated to surge at a considerable pace in developed countries, developing countries are likely to face several issues, especially with the construction of high-rise buildings. Such projects are estimated to require constant evaluation of electrical installations, fall areas, open shafts, blind spots, parking lots, and balconies. It is yet to be done from the perspective of adult and children’s safety.
Vertical transportation is a key area of concern in these countries. According to experts, transportation engineering requires planning the location and number of elevators by stabilizing the wait times for passengers and cost. With a lack of skilled personnel in emerging economies, planning such projects is estimated to be a far cry.
Principal Consultant
Tier 1 companies comprise dominant companies focusing on broadening their existing product lines and bolstering manufacturing capacity to attract customers worldwide. They are mainly characterized by a robust consumer base, enhanced manufacturing capabilities, and a broad geographical footprint.
A few Tier 1 companies include ThyssenKrupp Elevator, Otis Elevator Company, KONE Corporation, Schindler Group, and Fujitec Co., Ltd. These companies are acquiring small-scale players and using the latest technologies to cater to the varying needs of customers.
A few companies in Tier 2 are Wittur Group, Ziemek GmbH, Doppelmayr Garaventa Group, and Cibes Lift Group. These are mid-sized companies with a significant presence in a few regions globally. These players have a positive influence on local sales and are mainly characterized by their deep expertise in manufacturing.
Tier 2 companies may not always possess cutting-edge technology or an extensive reach. However, they often comply with stringent norms to launch new products. By following all the norms, they help ensure customer satisfaction and loyalty.
A handful of Tier 3 players are Kleemann Hellas SA, IGV Group, and Fujihd Elevator Co., Ltd. This segment primarily contains small-sized companies operating at the local level and meeting the needs of niche areas.
The companies do not have an extended geographic reach, the latest technologies, or well-established facilities. But, their importance is high among local consumers who seek state-of-the-art yet cost-effective solutions.
The table below shows the estimated CAGRs of several countries worldwide. This information would enable stakeholders to get a better understanding of the growth trajectory in every country. They can then make significant business decisions to invest in specific countries.
India is projected to remain at the forefront with a CAGR of 14.2%, followed by Italy at 13.6% from 2024 to 2034. Germany, the United States, and Japan are set to remain behind with CAGRs of 12.4%, 10.5%, and 10.2%, respectively.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 14.2% |
| United States | 10.5% |
| Germany | 12.4% |
| Italy | 13.6% |
| Japan | 10.2% |
India is projected to lead in the estimated period with a CAGR of 14.2%. Several designers in the country are limiting the capacity of their planning to within their own boundaries. The development of high-rise buildings can have a negative impact on the external environment, including vehicles, individuals, stormwater runoffs, and traffic. Hence, modern designers are conducting research activities to come up with new solutions to reduce the impact.
They are mainly dividing India into five different zones, namely, moderate, cold and cloudy, hot and dry, hot and humid, and composite. Designers located in each of these zones are planning to make high-rise buildings to suit the specific climatic conditions.
Construction companies are hence adopting new strategies like taking care of the direction of the sun and wind as well as the orientation. They are focusing on the development of compact buildings equipped with window shading, double glass, cavity walls, and insulations to reduce energy consumption. With such plans, the construction of high-rise buildings is projected to bolster in India, thereby pushing demand for ropeless elevators.
The United States is likely to showcase a CAGR of around 10.5% in the evaluation period. Changing standards of living and booming tourism industry in the United States are set to augment demand for high-rise luxury hotels. The emergence of low-cost airlines, popularity of weekend culture, and the influence of social media are also accelerating demand for luxury hotels in the country.
The country is further witnessing an increasing number of sports and music events, which is fostering the need for luxury accommodations. Spectators and sports teams traveling from various parts of the world for the events are likely to book their stays online in luxury hotels with several amenities. Hence, key companies in the country are set to invest huge sums in renovating the hotels with unique amenities like ropeless elevators and Jacuzzis.
Japan’s ropeless elevator market is anticipated to showcase a CAGR of about 10.2% in the estimated period. Domestic and international companies based in Japan are likely to focus on revitalizing their corporate culture and brand in the pre-pandemic phase.
It is set to help in significantly enhancing services and amenities available for employees. Companies are more likely to strengthen their identity by renting offices in high-rise buildings with several amenities. It is projected to help them in reinvigorating and retaining existing and new employees.
Naoshi Kondo Studio, for instance, recently designed the SHAKAIKA! KYOTO office. It is a modern transformable workplace in a commercial building located in Kyoto. The interior provides a unique space to accommodate a conference room, a workspace, and a photo studio.
It also features a conference area that serves as a mobile reception room. The development of such cutting-edge architecture for office spaces in Japan is projected to boost the requirement for ropeless elevators.
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The section provides in-depth information about the leading segments in the market. It dissects the technology and application categories to give a clear picture to potential clients of the trends and drivers in each of these categories. It would enable them to invest in the right segment that is more profitable.
Based on technology, the linear motor segment is likely to remain dominant by holding a share of 63.8% in 2024. By application, the commercial category is projected to hold a share of 31.5% in the same year.
| Segment | Linear Motor (Technology) |
|---|---|
| Value Share (2024) | 63.8% |
By technology, the linear motor segment is projected to lead by holding a share of around 63.8% in 2024. The technology is set to be used in next generation self-propelled elevators to surge the level of freedom in terms of control and trajectory.
The need to restrict the traveling track vertically can be diminished with linear motors. It would also enable several cars to move on the same track by utilizing very little space. The technology is projected to be embraced by companies across the globe to provide aesthetic yet quick mobility solutions in high-rise buildings.
Manufacturers are projected to cooperate and collaborate with automation specialists to develop several dynamic features of linear motors. With high demand for lightweight linear servo drives, companies are anticipated to invest huge sums in production facilities.
| Segment | Commercial (Application) |
|---|---|
| Value Share (2024) | 31.5% |
In terms of application, the commercial segment is projected to account for a share of 31.5% in 2024. Ropeless elevators are estimated to find increasing use across commercial centers worldwide, including co-working spaces, retail centers, and shopping malls.
Customers are demanding eco-efficiency, safety, and flexible design, which is augmenting the segment forward. The trend toward co-working spaces has also surged due to increasing self-employment. It will likely accelerate investments in office spaces with modern amenities, including ropeless elevators.
In June 2024, for instance, 315Work Avenue, based in Bengaluru, India, signed an agreement with MoEngage to broaden its lease period. The latter is a San Francisco-based customer engagement platform, which is driven by artificial intelligence. With this expansion, the company is planning to attract more 900 individuals. Such initiatives are estimated to create new opportunities for ropeless elevator manufacturers.
The global ropeless elevator market is a niche industry and research work is still underway for their smooth implementation worldwide. Counterweight-less and ropeless elevators are set to emerge in the next 10 years with rising investments by key players like Hitachi and ThyssenKrupp AG.
Leading manufacturers are anticipated to focus on providing numerous benefits, such as the ability to move several cars at the same time in the same shaft, lower energy use, and quick travel times. The concept is yet to be expanded by several companies and their deployment will likely require important changes in infrastructure in existing skyscrapers.
Industry Updates
In terms of technology, the market is segregated into linear motor and electromagnetic propulsion technology.
Low-rise buildings (up to 25 meters), mid-rise buildings (25 to 100 meters), and high-rise buildings (above 100 meters) are the three main building heights.
Commercial (offices, hotels, retail spaces), residential, institutional (hospitals, educational institutions), and industrial are the key applications.
New installation, modernization and retrofit, and modernization/retrofit are the prominent types of installations.
Information is given for North America, Latin America, Western Europe, South Asia and Pacific, East Asia, and the Middle East and Africa.
It is estimated to reach USD 155.6 million in 2024.
ThyssenKrupp Elevator and Otis Elevator Company are the leaders.
A gearless elevator can surpass 500 fpm.
It utilizes magnetic rails and electromagnetic forces to move without conventional cables.
The wheel is directly attached to the motor in gearless elevators.
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Ropeless Elevator Market
