Hoist and Elevator Motors Market- Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Market Overview:
The Hoist and Elevator Motors Market is projected to grow from USD 97,012 million in 2024 to USD 137,960.8 million by 2032, reflecting a compound annual growth rate (CAGR) of 4.5% during the forecast period (2024–2032).

This growth is largely attributed to accelerating global construction activities, particularly the proliferation of high-rise buildings and smart infrastructure developments. Increased demand for vertical transportation and material handling solutions across residential, commercial, and industrial sectors is boosting adoption of hoist and elevator motors. The industry is also seeing a shift toward advanced motor technologies that comply with stringent safety standards and offer features such as regenerative braking, real-time monitoring, and load optimization. The transition from geared to gearless motors is gaining momentum due to advantages such as improved energy efficiency, lower noise levels, and reduced maintenance requirements.

Market Drivers:

Rising Urbanization and Smart Infrastructure Development:
Rapid urbanization and infrastructure investments are central to market growth. The demand for high-speed, intelligent elevator systems is rising as cities expand vertically with skyscrapers, metro stations, and modern commercial complexes. Mega infrastructure projects like the Dubai Creek Tower, designed to be the world’s tallest building, exemplify the increasing need for advanced elevator systems. Furthermore, government and private investments in smart cities, transport hubs, and residential towers—especially across Asia-Pacific and Middle Eastern regions—are catalyzing the integration of next-generation motor systems in hoists and elevators. These systems offer seamless vertical mobility, operational efficiency, and energy savings.

Market Challenges:

High Capital and Maintenance Expenditure:
Despite the long-term efficiency benefits, the high upfront cost of advanced hoist and elevator motors—particularly gearless designs and PMSMs (Permanent Magnet Synchronous Motors)—remains a major barrier to market entry, especially for SMEs. The integration of IoT-enabled diagnostics, real-time performance tracking, and predictive maintenance systems adds further to the initial investment. Additionally, ongoing maintenance requires specialized technical knowledge and incurs high costs for labor and parts, particularly in premium models. Retrofitting older buildings with modern motor systems can also present structural and technical challenges, driving up installation costs and limiting the scope of modernization in legacy infrastructure.

Market Segmentation:

By Motor Type:

DC Motors

Series DC Motors

Compound Motors

Shunt DC Motors

PMDC Motors

AC Motors

3-Phase Induction Motors

Geared AC Motors

By Output Power:

Above 500 HP

1–500 HP

Less than 1 HP

By End Use:

Commercial

Residential

Industrial

By Region:

North America:

U.S. & Canada

Latin America:

Brazil, Mexico, Others

Eastern Europe & Western Europe:

EU5, Nordics, Benelux, Rest of Europe

Asia Pacific:

Greater China, India, Japan, ANZ, ASEAN, Rest of APAC

Middle East & Africa:

GCC Countries, North Africa, South Africa, Other Middle East & Africa

Key Player Analysis:

ABB Group

ARC Systems, Inc.

Asmo Co., Ltd

Brook Crompton UK Ltd

Rockwell Automation, Inc.

Dr. Fritz Faulhaber GmbH

Maxon Motors AG

Regal Beloit Corporation

Emerson Electric

Siemens AG