The elevator components industry is witnessing robust expansion driven by accelerating urban infrastructure development and increasing demand for modernization and safety enhancements. With innovations in smart systems and energy-efficient technologies, the landscape for elevator components is evolving rapidly, presenting significant market growth opportunities.
Market Size and Overview
The Global Elevator Components Market is estimated to be valued at USD 53.92 Bn in 2025 and is expected to reach USD 119.95 Bn by 2032, growing at a compound annual growth rate (CAGR) of 12.1% from 2025 to 2032.
Market Segments
The elevator components market is categorized primarily by component type, application, and elevator type. Key product type segments include control systems, door components, motors and drives, and safety & security systems. Among these, door components are the dominant segment in terms of revenue, with advances in sensor technology driving growth in 2024–2025. Control systems show the fastest growth rate, particularly driven by AI-enabled lift management solutions.
By application, commercial elevators lead due to extensive use in office complexes and malls, while residential elevators are the fastest-growing segment, supported by increasing home automation trends. Regarding elevator types, traction elevators remain dominant for their energy efficiency, but machine-room-less (MRL) elevators are gaining rapid adoption owing to space-saving benefits, especially in urban residential settings.
Market Drivers
A critical Elevator Components Market Driver is the growing emphasis on modernization and safety compliance retrofits worldwide. In 2024, government mandates in regions like the EU and North America on upgrading elevator safety standards led to a 15% surge in demand for advanced safety and security components. This regulatory push, combined with increasing consumer focus on ride comfort and operational efficiency, is fueling market revenue growth and opening new market opportunities.
Segment Analysis: Product Type
Focusing on product types, door components dominate market revenue, accounting for over 30% of the elevator components market in 2025. Innovations such as smart sensors and automated closing mechanisms enhanced user safety and convenience. Meanwhile, control systems are projected as the fastest-growing segment with a CAGR exceeding 14%, fueled by smart elevator controls integrating IoT and AI for predictive maintenance and real-time monitoring, as evidenced by case studies in Asia Pacific urban centers deploying these technologies in 2024.
Consumer Behaviour Insights
Recent consumer behavior reveals shifts toward prioritizing technological integration and customization. A 2025 survey among property developers highlighted that 68% prefer elevator components that offer smart integration with building management systems. Additionally, sustainability preferences have impacted buyer decisions; nearly 55% of end users in 2024 indicated willingness to invest in energy-efficient elevator parts despite premium pricing, reflecting reduced pricing sensitivity toward green technologies. Digital procurement channels also grew, with a 34% increase in online purchases of elevator components noted in 2025, indicating evolving purchasing patterns.
Key Players
Prominent market players accelerating market growth include Wittur Group, GAL Manufacturing Corp., Adams Elevator Equipment Company, Avire Ltd., and Fermator Group. Throughout 2024 and 2025, several companies expanded production capacities; for instance, Wittur Group increased manufacturing by 20% following a new plant launch in Eastern Europe in early 2025. Fermator Group introduced innovative door operating systems that gained rapid adoption in North America. GAL Manufacturing Corp. expanded regional presence in Southeast Asia, leveraging rising demand propelled by urban infrastructure projects.
Key Winning Strategies Adopted by Key Players
A standout strategy was Wittur Group’s deployment of modular elevator components in 2025, enabling customizable solutions and reducing installation time by 30%, which significantly enhanced business growth and market penetration. Fermator Group’s investment in AI-enabled door control systems in 2024 revolutionized safety features and minimized downtime, resulting in a 15% increase in market revenue within a year. Moreover, Adams Elevator Equipment Company focused on strategic partnerships with smart building technology providers, incorporating IoT-enabled components to differentiate product offerings and target premium segments, a strategy that yielded double-digit revenue growth in 2025.
FAQs
Q1: Who are the dominant players in the elevator components market?
Leading companies include Wittur Group, GAL Manufacturing Corp., Adams Elevator Equipment Company, Avire Ltd., and Fermator Group, each actively innovating and expanding capacities to capture emerging opportunities.
Q2: What will be the size of the elevator components market in the coming years?
The elevator components market size is projected to expand from USD 53.92 billion in 2025 to USD 119.95 billion by 2032, at a CAGR of 12%.
Q3: Which end user industry holds the largest growth opportunity?
Commercial buildings currently dominate, but the residential sector shows the fastest growth due to increasing adoption of smart home technologies and urban housing developments.
Q4: How will market development trends evolve over the next five years?
Trends indicate increasing integration of AI and IoT within components, rising focus on energy-efficient solutions, and greater adoption of modular and customizable parts to meet diverse infrastructure needs.
Q5: What is the nature of the competitive landscape and challenges in the elevator components market?
The market features intense innovation-driven competition with challenges including regulatory compliance, cost pressures, and evolving technological demands requiring continuous R&D investment.
Q6: What go-to-market strategies are commonly adopted in the elevator components market?
Key strategies involve capacity expansions, smart component innovations, regional market expansion, and strategic collaborations with building automation firms to enhance solution portfolios and market reach.
This comprehensive elevator components market report combines detailed insights, growth strategies, and emerging trends aimed at fostering informed decision-making and business growth in this fast-evolving sector. The elevator components market trends and market analysis presented here serve as a valuable resource for stakeholders seeking to capitalize on market opportunities and navigate challenges effectively.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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