Elevator Components Market Size
Market Size in USD Bn
CAGR12.1%
| Study Period | 2025-2032 |
| Base Year of Estimation | 2024 |
| CAGR | 12.1% |
| Market Concentration | High |
| Major Players | Wittur Group, GAL Manufacturing Corp., Adams Elevator Equipment Company, Avire Ltd., Fermator Group and Among Others |
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Elevator Components Market Analysis
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. Rapid urbanization and growing construction activity for residential and commercial properties are driving significant demand for elevator components across the world. The market is expected to witness positive growth over the forecast period supported by increasing buildings construction projects especially in developing countries of Asia Pacific and Middle East & Africa. Additionally, the needs for modernization and retrofitting of aging elevator infrastructure in metro cities will further provide impetus to elevator components demand during the forecast period.