Gearless Elevator Traction Motor Market Anticipated To Witness Robust Growth, Surpassing 7.07 Billion By 2029

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What Is the Current Gearless Elevator Traction Motor Market Size and Its Estimated Growth Rate?
There has been a robust growth in the market size of gearless elevator traction motors over the past few years. This market, estimated at $5.00 billion in 2024, is projected to rise to $5.37 billion in 2025, reflecting a compound annual growth rate of 7.4%. This significant growth during the historic period can be traced back to factors such as improvement in economic conditions, surge in high-rise building constructions, urban development, increased adoption of eco-friendly technology, and escalating demand for energy-efficient buildings.

Projected robust growth in the gearless elevator traction motor market suggests the market could reach $7.07 billion in 2029 with a compound annual growth rate (CAGR) of 7.1%. This anticipated growth during the forecast period is due to the increasing need for energy-efficient solutions, soaring demand for tall buildings, the requirement for optimized vertical transport systems, population increase, and energy conservation capabilities. Major future trends include technological progress, the formulation of efficient elevator systems, infrastructure advancement, incorporation of the Internet of Things, and the integration of cutting-edge control systems.

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How Are Emerging Segments Shaping the Gearless Elevator Traction Motor Market Landscape?
The gearless elevator traction motor market covered in this report is segmented -

1) By Type: Permanent Magnet Motor, AC Motor, DC Motor
2) By Technology: Smart Motors, Conventional Motors, High Efficiency Motors, Regenerative Motors
3) By Capacity: Low, Medium, High
4) By Application: Commercial, Residential, Industrial
5) By End Users: New Installation, Modernization

Subsegments:

1) By Permanent Magnet Motor: Synchronous Permanent Magnet Motors, Axial Flux Permanent Magnet Motors, Radial Flux Permanent Magnet Motors, High-Torque Permanent Magnet Motors
2) By AC Motor: Single-Phase AC Motors, Three-Phase AC Motors, High-Efficiency AC Motors, Low-Noise AC Motors
3) By DC Motor: Brushed DC Motors, Brushless DC Motors, High-Speed DC Motors, Energy-Efficient DC Motors

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Which Growth Factors Are Influencing Gearless Elevator Traction Motor Market Expansion?
The anticipated expansion of the gearless elevator traction motor market is driven by the increasing construction of tall buildings. A high-rise building usually goes beyond 35-40 meters (115-131 feet) or around 12-14 stories, and is typically constructed for residential, commercial or mixed uses. Such structures are on the rise, influenced by rapid urbanization, population growth, scarcity of land, advancements in construction technology, and the necessity for efficient land utilization in densely populated cities. Gearless elevator traction motors are employed in these buildings to deliver efficient, hassle-free, and high-speed vertical transport which also minimizes maintenance and energy expenditures. For example, the New London Architecture (NLA), a UK-based entity advocating for the city's built environment, reported in March 2024 that the number of development applications or authorizations featuring at least one tall tower increased from 31 in 2021 to 58 in 2022. As such, the growing trend of constructing high-rise buildings will boost the gearless elevator traction motor market.

Who Are the Dominant Players Across Different Gearless Elevator Traction Motor Market Segments?
Major companies operating in the gearless elevator traction motor market are Hitachi Ltd., Siemens AG, Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, Nidec Corporation, Otis Elevator Company, Schindler Holding AG, Kone Corporation, Hyundai Elevator Co. Ltd., Hiwin Technologies Corp., Kleemann Elevators S.A., Ningbo Xinda Elevator Traction Technology Co. Ltd., Fujitec Co. Ltd., Suzhou Torin Drive Equipment Co. Ltd., Cheng Day Machinery Works, Xizi Forvorda Co. Ltd., Fenoja Oy, Shanghai ZanFeng Technology Co. Ltd., Mont Drive Systems Co. Ltd.

What Are the Latest Developing Trends in the Gearless Elevator Traction Motor Market?
Key firms in the gearless elevator traction motor market are prioritizing technological upgrades such as permanent magnet synchronous (PMS) motors to boost energy efficiency, streamline maintenance, enhance ride smoothness, and maximize space in contemporary elevator designs. The PMS motor is an electrical motor that employs permanent magnets within the rotor to create a stable magnetic field, thus achieving higher efficiency, precise control, and lower energy use. For instance, in September 2022, TK Elevator, which is based in Germany and manufactures elevators and related machinery, unveiled the enta100 GL in India, targeting the affordable low-rise market. As a gearless variant of the enta100 GD, it exhibits reduced maintenance costs, less noise, and extended lifespan. Propelled by a Permanent Magnet Synchronous (PMS) motor, it guarantees improved energy efficiency, lower electric power drain, and smooth speed changes. Meant for higher buildings (up to 45 m, 16 stops), it can carry 8 passengers (544 kg) and comes in machine-room (MR) and machine-room-less (MRL) designs to maximize space allocation in new buildings.

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Which Geographic Regions Are Expected to Dominate the Gearless Elevator Traction Motor Market in the Coming Years?
Asia-Pacific was the largest region in the gearless elevator traction motor market in 2024. The regions covered in the gearless elevator traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Gearless Elevator Traction Motor Market?
2. What is the CAGR expected in the Gearless Elevator Traction Motor Market?
3. What Are the Key Innovations Transforming the Gearless Elevator Traction Motor Industry?
4. Which Region Is Leading the Gearless Elevator Traction Motor Market?

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