The Global Traction Elevators Market was valued at USD 40.8 Bn in the year 2022 and is anticipated to grow at a CAGR of 6.9 percent to become a USD 65.09 Bn

Traction Elevators Market Report Scope and Research Methodology:

The global market for traction elevators is poised for steady growth over the next few years, driven by increasing urbanization and the growing need for efficient and safe vertical transportation systems. Traction elevators offer several advantages over other types of elevators, including smoother operation, greater energy efficiency, and lower noise levels. The growth is expected due to the increasing construction of high-rise buildings, especially in developing countries such as China, India, and Brazil. The market is also driven by the growing demand for energy-efficient and environmentally friendly elevators, as well as the increasing adoption of smart elevator technologies.

This in-depth market research report on the Traction Elevators Market provides a comprehensive analysis of the industry, including market size and growth potential, key trends and drivers, competitive landscape, and regional analysis. The report includes detailed market segmentation by product type, application, and geography, providing valuable insights into the various factors that are shaping the industry. Extensive primary and secondary research, including interviews with industry experts, market participants, and other stakeholders, has been conducted to gather the most up-to-date and accurate data.

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What are Traction Elevators Market Dynamics:

The rapid pace of urbanization in developing countries is a key driver of the Traction Elevators Market. The growing need for efficient and safe vertical transportation systems, required for the increasing number of high-rise buildings, is driving the demand for traction elevators. Additionally, the integration of advanced technologies, such as machine learning, artificial intelligence, and IoT, into traction elevators, is expected to improve their performance, energy efficiency, and safety.

However, some restraints are acting in this market. Traction elevators are generally more expensive than other types of elevators, and they also require more time and effort to install. Moreover, the high maintenance cost of traction elevators is a concern for building owners. Safety is a major concern in the elevator industry, and any incidents or accidents can negatively impact the growth of the market.

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Traction Elevators Market Regional Insights:

Asia-Pacific dominated the global Traction Elevators Market in 2020, accounting for over 40 percent of the market revenue. The growth in the Asia-Pacific market can be attributed to rapid urbanization, infrastructure development, and increasing demand for high-rise buildings in countries such as China, India, and Japan.

Europe is the second-largest market for traction elevators, accounting for over 25 percent of the market revenue in 2020. The growth in the European market can be attributed to increasing investments in infrastructure development and modernization of existing buildings in countries such as Germany, France, and the UK.

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What is Traction Elevators Market Segmentation:

By Product Type:

1.Geared
2.Gearless

By Capacity:

1.Standard Capacity
2.Heavy-Duty Capacity

By Speed:

1.Low Speed
2.Mid Speed
3.High Speed

By End-User:

1.Residential
2.Commercial
3.Industrial
4.Institutional

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Who are Traction Elevators Market Key Players:

1. Otis Elevator Company - Farmington, Connecticut, USA
2.Schindler Group - Ebikon, Switzerland
3.KONE Corporation - Espoo, Finland
4.Mitsubishi Electric Corporation - Tokyo, Japan
5. thyssenkrupp AG - Essen, Germany
6. Fujitec Co., Ltd. - Tokyo, Japan
7. Hitachi, Ltd. - Tokyo, Japan
8. Hyundai Elevator Co., Ltd. - Seoul, South Korea
9. Toshiba Elevator and Building Systems Corporation - Tokyo, Japan
10. Sigma Elevator Company Limited - Shanghai, China
11. Canny Elevator Co. Ltd. - Guangdong, China
12. Johnson Lifts Private Limited - Mumbai, India
13.Sematic S.p.A. - Osio Sotto, Italy
14. Kleemann Hellas SA - Kilkis, Greece
15.Sicher Elevator Co., Ltd. - Shanghai, China
16.SANYO Electric Co., Ltd. - Osaka, Japan
17.SJEC Corporation - Shanghai, China
18.KLEEMANN Aufzüge GmbH - Göppingen, Germany
19.Wittur Group - Wiedenzhausen, Germany
20. BLT Elevator Components Co., Ltd. - Zhejiang, China
21.Shanghai Mitsubishi Elevator Co., Ltd. - Shanghai, China
22.Doppler S.A. - Córdoba, Argentina
23. BMM Weston Limited - West Yorkshire, United Kingdom
24.IGV Group S.p.A. - Genoa, Italy
25.Mitsubishi Electric Elevator & Escalator - Cypress, California, USA

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Table of content for the Traction Elevators Market includes:

1. Global Traction Elevators: Research Methodology

2. Global Traction Elevators Market: Executive Summary

• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry

1. Global Traction Elevators Market: Competitive Analysis

• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact

1. Global Traction Elevators Market Segmentation

• Global Market, by Product Type (2022-2029)
• Global Market, by Capacity (2022-2029)
• Global Market, by Speed (2022-2029)
• Global Market, by End-User (2022-2029)

1. Regional Traction Elevators Market (2022-2029)

• Regional Market, by Product Type (2022-2029)
• Regional Market, by Capacity (2022-2029)
• Regional Market, by Speed (2022-2029)
• Regional Market, by End-User (2022-2029)
• Regional Market, by Country (2022-2029)


1. Company Profile: Key players

• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by Product Type, Capacity, Speed and End-User
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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