Elevator Components Market By Component Type (Control Systems, Traction Systems & Motors, Doors & Safety Mechanisms, Cabin Interiors & Fixtures); By Application (New Installations, Modernization/Renovation); By End User (Residential, Commercial, Healthcare, Public Sector, Industrial); By Geography, Segment Revenue Estimation, Forecast, 2024–2030

Introduction And Strategic Context

The Global Elevator Components Market is poised to grow at a steady pace, with an estimated valuation of USD 82.6 billion in 2024 , expected to reach approximately USD 126.1 billion by 2030 , expanding at a CAGR of 7.3 % over the forecast period, according to internal strategic modeling .

 

Elevator components refer to the mechanical, electrical, and electronic subsystems that make up a complete vertical transportation unit — from controllers and traction systems to cabin interiors and safety assemblies. While the elevator industry itself may seem mature, the dynamics inside the components segment tell a more complex story. Rising global urbanization, increasing adoption of smart buildings, and stricter energy efficiency mandates are placing new demands on every single subsystem.

 

To put it plainly: it's no longer just about moving people up and down. Stakeholders now need elevators to be smarter, faster, safer, and more sustainable. This shift has elevated the strategic importance of component-level innovation — whether it’s gearless motors, regenerative drives, predictive maintenance sensors, or IoT-enabled control boards.

 

Several macro forces are converging here. Aging infrastructure in Europe and North America is fueling retrofit demand. In parallel, megacity expansions across Asia and the Middle East are generating orders for high-speed, high-capacity systems — where component failure is not an option. Meanwhile, regulators are tightening the screws on energy consumption and safety standards, pushing OEMs to redesign their core modules from the ground up.

 

The stakeholder mix is layered. OEMs like Otis and KONE dominate the systems-level market but rely heavily on tier-1 and tier-2 suppliers for components. Construction firms and real estate developers are demanding pre-certified modules to reduce installation risks. And facilities management companies now insist on remote diagnostics and predictive analytics, especially in commercial towers and hospitals. On the policy front, governments are updating elevator safety codes (like EN 81-20/50 in Europe and ASME A17 in North America), which directly influence component specification cycles.

 

It’s also worth noting the role of investors and PE firms entering this space — particularly in companies producing energy-saving or software-based elevator modules. These smaller players, often sitting within the component supply chain, are getting acquired or funded as vertical mobility becomes central to smart city planning.

 

In short, the elevator components market is transitioning from commodity-driven supply to high-value, performance-critical engineering. It’s not about just selling parts anymore. It’s about delivering uptime, sustainability, and compliance — system by system, module by module.

 

Market Segmentation And Forecast Scope

The elevator components market breaks down along multiple practical axes — each shaped by evolving building design, regulatory codes, and technology integration. These segments help clarify which parts of the supply chain are growing fastest, and why.

 

By Component Type

• Control Systems These include microprocessor controllers, sensors, and drive units. Demand here is rising due to the shift toward predictive maintenance and real-time diagnostics. Smart controllers are now standard in new builds and retrofits alike.

• Traction Systems & Motors This includes gearless motors, sheaves, ropes, and counterweights. Gearless traction machines, in particular, are growing quickly due to their energy efficiency and reduced noise — critical for residential and hospital settings.

• Doors & Safety Mechanisms From door operators and interlocks to emergency braking systems and buffers. Safety is a non-negotiable factor in both mature and emerging markets, especially following high-profile elevator failure incidents in urban centers .

• Cabin Interiors & Fixtures These components (panels, buttons, display units) are heavily influenced by aesthetic trends and user experience upgrades in commercial spaces.

Among these, control systems currently account for an estimated 34% of the total market in 2024, driven by digital modernization across both new installations and upgrades.

 

By Application

• New Installations Dominant in high-growth economies like India, China, UAE, and parts of Southeast Asia, where rapid commercial and residential development is fueling demand for full systems and bundled component contracts.

• Modernization/Renovation A fast-growing segment in North America, Japan, and Western Europe. Older buildings are being refitted with modern controllers, door systems, and eco-efficient drives to meet current safety and environmental regulations.

Modernization projects are gaining ground — accounting for roughly 42% of component revenue in mature markets in 2024 — as developers look to extend elevator lifecycles without full replacement.

 

By End User

• Residential Buildings Standardized, mid-range components dominate here. But there's increasing interest in smart control panels and space-saving traction systems for mid-rise urban housing.

• Commercial Buildings Skyscrapers, malls, office complexes, and hotels prioritize high-speed, high-capacity systems. This drives premium demand across safety, control, and interior component segments.

• Industrial Facilities Freight and service elevators in manufacturing or logistics hubs have niche component requirements — including heavy-duty motors and reinforced safety systems.

• Public Infrastructure Airports, hospitals, and metro stations require durable components with high uptime and remote diagnostics capabilities — often with customization for accessibility compliance.

Commercial buildings currently lead in component demand globally, but modernization in public infrastructure is expected to close the gap by 2030.

 

By Region

• Asia Pacific dominates in volume — both for new builds and component sourcing — especially across China, India, and Southeast Asia.

• North America and Europe lead in upgrades and safety-standard replacements.

• Middle East & Africa is seeing a sharp rise in smart skyscraper deployments, translating into bundled high-performance component contracts.

Scope Note : This segmentation isn’t just for sizing. It reflects how component manufacturers are repositioning themselves — moving from bulk hardware suppliers to technology partners with platform strategies, service layers, and long-term upgrade cycles.

 

Market Trends And Innovation Landscape

The elevator components market is undergoing a quiet transformation — driven not by flashy hardware, but by embedded intelligence, material science tweaks, and tighter integration with building ecosystems. Components that were once treated as mechanical afterthoughts are now shaping how elevators function, communicate, and even conserve energy.

Let’s break down what’s changing.

 

Digital-First Components Are Taking the Lead

Elevator control units and drive systems are shifting from analog to digital — fast. Microprocessor-based controllers are now expected to support remote diagnostics , machine learning-based fault prediction , and IoT integration for building-wide analytics.

OEMs and tier-1 suppliers are embedding smart chips and modular interfaces in even basic control boards. This allows technicians to troubleshoot without physically accessing the shaft or cabin. One large real estate developer in Singapore recently mandated that all elevators in new projects must support cloud-based monitoring via BACnet or Modbus protocols.

Expect open API architecture and software-driven diagnostics to become the norm across commercial projects by 2027.

 

Energy Recovery Systems Are Now Standard in High-Rise

Regenerative drives — which capture braking energy and feed it back into the building grid — are no longer a niche upgrade. In high-rise commercial towers and luxury hotels, they're now standard spec.

Why? Utility costs are rising. Building codes in cities like Tokyo, Dubai, and New York increasingly reward energy reuse. As a result, motor controllers and traction modules are being re-engineered with regenerative braking, variable voltage inverters , and ultra-low standby modes .

Even retrofits are catching up. A German bank tower recently recovered 22% of elevator energy costs post-installation of regen drives — enough to amortize the upgrade in under four years.

 

Slimline, Modular Design Is Gaining Ground

Developers want more usable floor space. So, elevator shafts are getting tighter. That’s fueling demand for compact components — especially in mid-rise residential buildings.

We’re seeing traction machines with reduced form factors, control panels that mount flush with wall surfaces, and compact door systems that require fewer overhead clearances.

Vendors are also pushing modular component kits , enabling faster installation and simplified inventory across global projects. This is especially useful for multinational developers managing installations across different codes and countries.

 

Material Science Is Quietly Redefining Durability

Increased footfall in metro stations, hospitals, and malls has exposed one weak link — component durability. As a result, OEMs are investing in corrosion-resistant alloys , lightweight carbon composites , and fire-retardant polymers for key modules.

Some newer fixtures and control panels now feature anti-microbial coatings , a post-COVID addition driven by healthcare sector demand.

 

Cybersecurity in Control Systems Is a Growing Focus

As more elevator components connect to networks, cybersecurity has entered the picture. Control boards are being hardened against intrusion. Suppliers are implementing encrypted firmware updates , device whitelisting , and even cyber risk insurance clauses in some commercial contracts.

To be honest, this isn’t about elevators being hacked mid-transit — it’s about compliance. Smart building systems are now bound by IT security audits, and elevator controllers are being included in those checks.

 

Collaborations Are Accelerating Component Innovation

OEMs can’t build everything. So they’re partnering with:

• Startups offering plug-and-play IoT sensors

• Automation companies for better drive integration

• Material suppliers for durable, sustainable alternatives

These partnerships are shortening innovation cycles — with some vendors releasing new door system variants every 12–18 months instead of the traditional 3–5 years.

In fact, a leading elevator brand recently co-developed a controller module with a European chipmaker to improve edge processing for real-time diagnostics. The result? 17% fewer service calls over 9 months in pilot locations.

Bottom line: Innovation in elevator components isn’t loud, but it’s relentless. It’s not about reinventing the elevator — it’s about reengineering every piece inside it to be faster, smarter, safer, and lighter.

 

Competitive Intelligence And Benchmarking

The elevator components market may be part of a bigger vertical mobility system, but the competition at the component level is intense — and increasingly global. The key players fall into two categories: full-system OEMs that produce components in-house, and specialist suppliers that offer high-performance modules to multiple elevator brands.

What separates winners from the rest? Speed to innovate, ability to meet evolving safety codes, and increasingly — digital readiness.

 

Otis Elevator Company

Otis not only dominates elevator systems but also manufactures a significant portion of its core components, including control systems, motors, and doors. Their latest push is in smart elevator control modules with built-in AI diagnostics and touchless access. They’ve also invested heavily in regenerative drive systems, and offer modular upgrade kits for older installations — a strategic move to capture the growing modernization market.

Otis benefits from vertical integration but also sources components selectively from tier-1 partners for regional customization. Their Gen3 platform, which combines hardware upgrades with cloud connectivity, is being positioned as a future-proof solution for mid-rise buildings globally.

 

KONE Corporation

KONE takes a differentiated approach by doubling down on design, safety, and sustainability at the component level. Their EcoDisc motors and KONE Door Operator series are recognized for being compact and energy efficient. KONE is also a frontrunner in remote monitoring, often bundling sensors and control boards with their predictive maintenance platform, KONE 24/7 Connected Services.

What sets them apart? Their ability to adapt components for regional standards — from CE compliance in Europe to GB in China — without delaying project timelines.

 

Schindler Group

Schindler is investing heavily in digital control systems and IoT-ready components, especially for smart cities and public infrastructure projects. Their controllers and motor drives are designed with modular firmware, allowing updates without hardware swaps. The company has also announced multi-year partnerships with semiconductor and AI vendors to improve the responsiveness of its controller systems.

They’re strong in Europe and Latin America and are now targeting Asia Pacific with a focus on standardized, affordable component kits that can be shipped globally but installed locally.

 

Thyssenkrupp Elevator (Now TK Elevator)

TK Elevator is leveraging its German engineering roots to lead in high-precision components — especially for high-rise applications. They offer advanced traction machines, guide rail systems, and redundant safety modules that are popular in skyscrapers and mission-critical environments.

They’re also aligning with European green building standards by introducing low-energy controllers and drive systems made with recyclable materials.

 

Fujitec

Fujitec is emerging as a serious player in Asia and the Middle East. They focus on regionally compliant components with simplified architecture — ideal for projects where cost and speed matter more than hyper-customization. Their compact motor systems and standardized door modules are used widely in public sector projects in Japan, UAE, and Singapore.

The firm is quietly investing in touchless panel tech and antimicrobial coatings, which are now standard in many of their cabin interior packages.

 

Hitachi Elevator

Hitachi’s strength lies in industrial-grade component systems, especially for logistics, factories, and public transport hubs. Their motors and control panels are ruggedized for heavy use and high uptime. They’ve also made strategic moves into IoT controllers and edge analytics — especially in India and Southeast Asia, where demand for affordable smart elevators is growing.

 

Competitive Landscape Snapshot

• Otis, KONE, and Schindler dominate the high-end component space — especially in bundled contracts tied to premium projects.

• Fujitec and Hitachi are winning on scale and region-specific agility, particularly in Asia.

• Specialist suppliers (like Fermator for doors, Ziehl-Abegg for motors, and STEP Electric for controllers) are gaining ground by offering plug-and-play components to multiple OEMs.

Here’s the nuance: most major OEMs are now moving to "component platforms" — modular systems that can be reconfigured based on project type and regional code. This means more competition at the integration layer, not just the component level.

To be honest, the players who succeed won’t be the ones with the most patents. It’ll be those who design components that are smart, modular, and deployment-ready — whether you’re in a 70-floor tower in Shanghai or a mid-rise hospital in Madrid.

 

Regional Landscape And Adoption Outlook

Adoption patterns in the elevator components market don’t follow a one-size-fits-all trajectory. They hinge on building norms, code enforcement, population density, and how aggressively countries are urbanizing. While some regions are modernizing aging vertical infrastructure, others are installing elevators in first-generation high-rises. The result? A patchwork of demand profiles — each shaping what components are needed, and when.

 

Asia Pacific: The Demand Engine

No surprise here — Asia Pacific is the epicenter of elevator component demand , thanks to massive urbanization and sustained residential and commercial construction booms in China, India, Indonesia, and Vietnam.

China remains the largest consumer of elevator systems globally. But it’s now also a hub for component production , particularly for control panels, traction motors, and door operators. Local brands and suppliers have matured, and cost-competitive manufacturing now rivals European quality in mid-range component segments.

• India is seeing a spike in low-to-mid-rise buildings, which require compact, reliable component sets with limited customization. The push for smart cities has triggered growing demand for connected controllers and energy-efficient motors , especially in Tier 1 and Tier 2 cities.

• Japan and South Korea lean more toward technology-heavy upgrades . Component retrofits that offer IoT connectivity or energy savings are gaining traction as these countries modernize their aging vertical transport systems.

In Asia, the top priority is volume, not bells and whistles. But components that offer easy installation, local code compliance, and smart diagnostics are starting to win deals — especially in commercial and public infrastructure builds.

 

North America: The Retrofit Market

In the U.S. and Canada, elevator installation volumes are relatively stable — but modernization is booming . Buildings from the 1970s to early 2000s are being updated with new safety systems, regenerative drives, and networked control units.

• The U.S. is focused on improving uptime in high-traffic buildings — offices, hospitals, airports — which is pushing demand for remote monitoring-enabled controllers and predictive diagnostics systems .

• Canada , with stricter building codes and an aging real estate stock, is investing in low-energy drive systems and code-compliant emergency braking modules for high-rise residential complexes.

What makes this market unique is the emphasis on compliance. Components must meet ASME A17.1 safety standards and ADA accessibility mandates , which creates strong pull for pre-certified, test-validated component packages.

 

Europe: Efficiency and Regulation-Driven

Europe may not see the raw volume of Asia, but it leads in stringent energy, safety, and accessibility mandates — making it a premium market for high-end, regulation-ready components.

• Countries like Germany , France , and the UK are upgrading old elevators to meet EN 81-20/50 safety requirements, which has made components like emergency brakes, overspeed governors, and door sensors high-priority replacements.

• The Nordics are ahead in installing energy-recuperating drive systems and IoT-enabled controllers in both commercial and residential builds.

Also, sustainability is a selling point here. Green-certified components — from recyclable panels to energy-efficient motors — are increasingly preferred in public sector and institutional projects.

 

Middle East and Africa (MEA): Building Up, Fast

The Gulf states — especially UAE, Saudi Arabia, and Qatar — are on a high-rise building spree. From commercial towers to airports and cultural landmarks, most projects demand high-performance, smart components bundled into elevator packages.

But in Africa , it’s a different story. Component adoption is patchy. Many countries still rely on imported systems and legacy infrastructure. That said, donor-led investments and public-private housing initiatives are slowly opening the door for affordable, modular component kits in hospitals and transit hubs.

In MEA, suppliers who can offer full installation support, local service networks, and easy-to-maintain modules are best positioned to scale.

 

Latin America: Gradual Shift to Modernization

Brazil, Mexico, and Colombia are steadily upgrading their commercial buildings — especially in financial districts and urban retail zones. The focus is on mid-range component sets that balance price and performance.

• Brazil is one of the few LATAM countries with its own component manufacturing capacity, particularly for door operators and control panels.

• Mexico leans heavily on imports from the U.S. and Asia, making compatibility and certification critical for entry.

Latin America’s challenge? Fragmented regulation and inconsistent code enforcement. Suppliers that can navigate this with flexible, adaptable component packages are doing well.

 

Key Regional Takeaways

• Asia Pacific dominates in volume and sourcing, driven by construction booms.

• North America and Europe lead on safety, modernization, and compliance-ready components.

• Middle East is prioritizing luxury and smart components in high-rises.

• Africa and parts of LATAM remain price-sensitive but are opening up through public initiatives.

Here’s the reality: every region has a unique mix of drivers. Success comes down to matching the right component stack to the right code, project type, and price point.

 

End-User Dynamics And Use Case

In the elevator components ecosystem, the real decision-makers aren’t always engineers or system integrators. More often, they’re facilities managers, real estate developers, or project procurement heads. Each of these end-user groups has different pain points — which, in turn, drives what components they choose, and why.

Let’s look at the major end-user profiles and how they approach elevator component procurement.

 

Residential Developers and Property Managers

For most residential builds — especially in mid-rise apartment blocks — simplicity, durability, and cost-efficiency matter most. These buyers want standardized, easy-to-maintain systems. Components like basic controllers, door operators, and traction motors are often bundled and chosen based on ease of sourcing and long-term serviceability.

In emerging markets, single-brand elevator packages are often preferred to avoid integration issues. But in markets like China and India, local developers are now opting for modular component kits to customize based on regional code and building use.

That said, there's growing demand for aesthetic panel designs and touchless buttons in upscale residential towers — largely driven by post-COVID hygiene concerns and tenant experience priorities.

 

Commercial Building Owners and Facility Managers

Office towers, hotels, and mixed-use complexes are high-performance environments. Here, elevator uptime is directly tied to tenant satisfaction and building reputation. That’s why these buyers demand predictive diagnostic systems , regenerative drives , and IoT-based control panels that integrate with building automation systems.

What they care about most:

• Energy efficiency (due to rising operational costs)

• Remote fault detection

• Short installation windows during renovation cycles

In high-traffic zones like airports and business districts, these users also request reinforced safety components — like dual-door interlocks or anti-vandal cabin fixtures — especially for public-facing installations.

 

Hospitals and Healthcare Facilities

In hospitals, elevator components must support silent operation , precise leveling , and backup power compatibility . Control systems must respond quickly and safely — especially during power fluctuations or emergency evacuations.

Buyers in this segment often go for redundant safety systems , bi-directional communication modules , and antimicrobial interior fixtures — features that most general commercial elevators don’t prioritize.

Also, many healthcare buildings in Europe and the U.S. are undergoing energy retrofits. That means drive and controller upgrades are happening independently of full system overhauls — making component compatibility a major selection factor.

 

Public Sector and Transit Authorities

Government contracts — for metro stations, airports, and civic buildings — typically come with rigid specifications. Buyers here want compliance-ready components that align with public safety mandates and local codes.

They also require:

• Tamper-resistant fixtures

• Heavy-duty motors with extended life cycles

• Low-maintenance, high-durability doors

Tenders in this space often include strict penalties for downtime, which puts pressure on component vendors to provide reliable parts with fast replacement cycles and robust support networks .

 

Industrial and Logistics Operators

This is a smaller segment, but growing. Factories and distribution centers require freight elevators and service lifts built around heavy-duty components — like high-torque traction machines , ruggedized control panels , and non-slip cabin floors .

These customers typically bypass aesthetic upgrades and focus on pure functionality. Their key concerns? Load handling, vibration resistance , and minimal maintenance disruption .

 

Use Case Spotlight

A tertiary care hospital in South Korea faced recurring issues with elevator delays during emergency patient transfers. The existing system — over a decade old — was running on legacy controllers prone to overheating and power spikes.

The hospital upgraded to a modular control unit with AI-based load balancing and auto-priority dispatching , designed to prioritize emergency floor calls and reduce lift lag during high-demand periods. They also installed smart door operators with noise dampening and integrated safety barriers to minimize mid-operation interruptions.

Result? Average elevator wait times for critical units dropped by 47%, and equipment downtime fell by more than half in the first year. Hospital staff reported higher trust in the system, especially in emergency wards.

Bottom line: End-users don’t just buy components — they buy performance under pressure . Whether it’s uptime in an office block, precision in a hospital, or resilience in a transit hub, the elevator component market is about solving for operational friction — one module at a time.

 

Recent Developments + Opportunities & Restraints

Recent Developments (Last 2 Years)

• Otis Elevator Company introduced its eView Smart Cabin Display in late 2023 — a controller-integrated infotainment and emergency communication system aimed at enhancing elevator interactivity in commercial towers.

• KONE launched its DX Class door system modules in early 2024, offering upgraded edge sensors, faster open-close cycles, and IoT compatibility for commercial high-rise applications.

• In 2023, Schindler Group partnered with a German semiconductor firm to co-develop AI-enabled elevator control chips that process predictive maintenance data locally at the controller level.

• TK Elevator opened its new Test Tower and R&D Hub in Atlanta, USA, in mid-2024 to accelerate component innovation across traction machines and drive systems.

• Fujitec rolled out antimicrobial touch panel surfaces and minimalist fixture designs in Japan and the Middle East, targeting post-pandemic hygiene concerns in residential and hospitality buildings.