A Summary of the Hoist and Elevator Motors Market Developments (2023 to 2033)
As per Future Market Insights, the hoist and elevator motors market is anticipated to attain a value pool of US$ 97 billion by 2023-end. Global demand for hoist and elevator motorsis expected to rise at a CAGR of 4.5% to US$ 150 billion in 2033.
Going Up: The Rise of Smart Elevators and Vertical Transportation Boosts Hoist and Elevator Motors Market
Increasing Demand for Smart Elevators: The rise of smart buildings and the Internet of Things (IoT) is driving demand for hoist and elevator motors that are compatible with advanced elevator systems. These motors enable elevators to be more energy-efficient, faster, and safer and offer greater control and security.
Growing Emphasis on Energy Efficiency: Energy efficiency is a key driver of the hoist and elevator motors market, as building owners and operators seek to reduce energy costs and environmental impact. Manufacturers are developing more energy-efficient motors that use less power and generate less heat.
Technological Advancements: Technological advancements are driving innovation in the hoist and elevator motors market, with manufacturers developing motors that are more compact, durable, and reliable. New materials and designs are being used to improve motor performance and efficiency.
Increasing Demand for Vertical Transportation Solutions: As urbanization continues to grow, there is a rising demand for vertical transportation solutions, such as elevators, escalators, and moving walkways. This trend is driving demand for hoist and elevator motors that can handle heavy loads, operate smoothly and quietly and offer advanced safety features.
Green Buildings: The Eco-Friendly Opportunity for Hoist and Elevator Motor Manufacturers
Expansion into Emerging Markets: The hoist and elevator motors market presents significant opportunities for growth in emerging markets such as Asia-Pacific, Latin America, and the Middle East, where urbanization and infrastructure development are driving demand for vertical transportation solutions.
Rising Demand for Green Buildings: As awareness of the impact of climate change grows, there is increasing demand for green buildings that use energy-efficient technologies, including hoist and elevator motors. Manufacturers that can offer motors that reduce energy consumption and emissions will be well-positioned to capitalize on this trend.
Retrofitting and Modernization of Existing Elevator Systems: The growing trend of retrofitting and modernizing existing elevator systems presents opportunities for hoist and elevator motor manufacturers to provide energy-efficient and advanced motors that can be retrofitted to existing systems to enhance performance and extend their lifespan.
Permanent Magnet Motors: The Future of Hoist and Elevator Motors Market
Adoption of Permanent Magnet Motors: Permanent magnet motors are gaining popularity in the hoist and elevator motors market due to their high efficiency, compact size, and low maintenance requirements. As a result, manufacturers are increasingly incorporating these motors into their product offerings.
Integration of IoT and AI Technologies: The integration of IoT and AI technologies is transforming the hoist and elevator motors market, enabling the development of smart elevators that can offer enhanced performance, energy efficiency, and safety features.
Emphasis Sustainability: The focus on sustainability is driving innovation in the hoist and elevator motors market, with manufacturers developing motors that use less energy, generate less heat, and are made from eco-friendly materials.
Increase in Customization and Personalization: The hoist and elevator motors market is becoming increasingly focused on customization and personalization, with manufacturers offering a wider range of options and features to meet the specific needs of their customers. This includes customized motor designs, control systems, and safety features.
Data Points
Key Statistics
Expected Market Value of Hoist and Elevator Motors in 2023
US$ 97 billion
Projected Market Value of Hoist and Elevator Motors in 2033
US$ 150 billion
Growth Rate (2023 to 2033)
4.5% CAGR
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Hoist and Elevator Motors Market Overview
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.
What is Driving Demand for Hoist and Elevator Motors
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.
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Market Growth Expected to Witness Sharp Recovery Post the Containment of Pandemic
The ongoing COVID-19 pandemic has caused a significant impact on global economic growth. It has resulted in the closure of economic activity and shut down of supply chain networks.
The growth in demand for the hoist and elevator motors market is also expected to witness a significant plunge owing to the nationwide lockdowns across all the countries across the globe
Moreover, the unavailability of the workforce has also caused the shutdown of production activities causing a significant dent in market growth. However, the market is expected to recover sharply post the containment of the pandemic.
Asia Pacific Market Growth Outlook
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.
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Europe Demand Potential
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.
Who are the Key Manufacturers and Suppliers of Hoist and Elevator Motors
Some of the leading manufacturers and suppliers of hoist and elevator motors include
ARC Systems, Inc.
Asmo Co., Ltd
ABB Group
Dr. Fritz Faulhaber GmbH
Brook Crompton UK Ltd
Rockwell Automation, Inc.
Regal Beloit Corporation
Emerson Electric
Siemens AG
Maxon Motors AG, among others.
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.
