Elevator Components Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Elevator Components Market is segmented By Component (Elevator Car and Shaft, Landing Door, Motor, Machiner Drive, Others), By Elevator Technology (Hy....
Elevator Components Market Size
Market Size in USD
CAGR11.9%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 11.9% |
| Market Concentration | High |
| Major Players | Wittur Group, GAL Manufacturing Corp., Adams Elevator Equipment Company, Avire Ltd., Fermator Group |
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Elevator Components Market Analysis
The Global Elevator Components Market is estimated to be valued at USD 48.1 Bn in 2024 and is expected to reach USD 118.4 Bn by 2031, growing at a compound annual growth rate (CAGR) of 11.9% from 2024 to 2031. 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.