Global Elevator Drive Components Market Growth (Status and Outlook) 2026-2032
Description
The global Elevator Drive Components market size is predicted to grow from US$ million in 2025 to US$ million in 2032; it is expected to grow at a CAGR of %from 2026 to 2032.
Elevator drive components are the mechanical and electromechanical parts that generate and transmit power to move the elevator car, including traction machines (geared and gearless motors), drive sheaves, reduction gearboxes, brakes, couplings, and variable-frequency drives (VVVF inverters), working together with ropes or belts and counterweights (or hydraulic systems) to provide controlled acceleration, deceleration, and stopping in accordance with elevator control commands and safety standards.
The elevator drive components industry chain begins upstream with suppliers of electric motors, permanent-magnet materials, steels, castings, bearings, frequency-converter power modules, hydraulic pumps and valves; midstream manufacturers design and assemble traction machines, gearboxes, brakes, sheaves, VVVF drives and hydraulic power units, integrating them into complete drive packages tested to relevant elevator and safety standards; downstream, global and regional elevator OEMs, modernization contractors and service companies configure these drive systems into passenger, freight, and special elevators for residential, commercial, industrial and public projects, and generate recurring aftermarket demand through upgrades, replacements, and maintenance over 20–30-year lifecycles.
Globally, elevator drive components are being installed or specified across numerous under-construction and planned projects including high-rise office and residential towers in China, India and Southeast Asia, mega mixed-use complexes in the Middle East, metro and railway station expansions in Europe, North America and Latin America, hospital and university campus upgrades, as well as large-scale social housing programs; in parallel, modernization projects in aging building stocks in Japan, Western Europe and the US are replacing old geared machines with energy-efficient gearless traction and VVVF drives, creating continuous demand for advanced drive packages and retrofit-optimized compact units.
2024 Global Market Average Gross Profit Margin: 24%.
United States market for Elevator Drive Components is estimated to increase from US$ million in 2025 to US$ million by 2032, at a CAGR of % from 2026 through 2032.
China market for Elevator Drive Components is estimated to increase from US$ million in 2025 to US$ million by 2032, at a CAGR of % from 2026 through 2032.
Europe market for Elevator Drive Components is estimated to increase from US$ million in 2025 to US$ million by 2032, at a CAGR of % from 2026 through 2032.
Global key Elevator Drive Components players cover Inovance, NIDEC, Wittur Group, Bauer Gear Motor, Bucher Hydraulics, etc. In terms of revenue, the global two largest companies occupied for a share nearly % in 2025.
LPI (LP Information)' newest research report, the “Elevator Drive Components Industry Forecast” looks at past sales and reviews total world Elevator Drive Components sales in 2025, providing a comprehensive analysis by region and market sector of projected Elevator Drive Components sales for 2026 through 2032. With Elevator Drive Components sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Elevator Drive Components industry.
This Insight Report provides a comprehensive analysis of the global Elevator Drive Components landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Elevator Drive Components portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Elevator Drive Components market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Elevator Drive Components and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Elevator Drive Components.
This report presents a comprehensive overview, market shares, and growth opportunities of Elevator Drive Components market by product type, application, key players and key regions and countries.
Segmentation by Type:
Traction Drive
Hydraulic Drive
Segmentation by Motor Transmission Type:
Geared Traction Machine
Gearless Permanent-Magnet Synchronous Traction Machine
Segmentation by Speed Class:
Low-Speed, Low-Rise Drives (≤1.0 M/S)
Mid-Speed Drives (1.0–2.5 M/S)
High-Speed Drives (2.6–4.0 M/S)
Ultra-High-Speed Drives (>4.0 M/S)
Segmentation by Application:
Passenger Elevator
Freight Elevator
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Inovance
NIDEC
Wittur Group
Bauer Gear Motor
Bucher Hydraulics
SynMatic
Chr. Mayr GmbH + Co. KG
ZIEHL-ABEGG
Columbus McKinnon
WEG
ABB
Schneider Electric
Siemens
Toshiba
Danfoss
Please note: The report will take approximately 2 business days to prepare and deliver.
Elevator drive components are the mechanical and electromechanical parts that generate and transmit power to move the elevator car, including traction machines (geared and gearless motors), drive sheaves, reduction gearboxes, brakes, couplings, and variable-frequency drives (VVVF inverters), working together with ropes or belts and counterweights (or hydraulic systems) to provide controlled acceleration, deceleration, and stopping in accordance with elevator control commands and safety standards.
The elevator drive components industry chain begins upstream with suppliers of electric motors, permanent-magnet materials, steels, castings, bearings, frequency-converter power modules, hydraulic pumps and valves; midstream manufacturers design and assemble traction machines, gearboxes, brakes, sheaves, VVVF drives and hydraulic power units, integrating them into complete drive packages tested to relevant elevator and safety standards; downstream, global and regional elevator OEMs, modernization contractors and service companies configure these drive systems into passenger, freight, and special elevators for residential, commercial, industrial and public projects, and generate recurring aftermarket demand through upgrades, replacements, and maintenance over 20–30-year lifecycles.
Globally, elevator drive components are being installed or specified across numerous under-construction and planned projects including high-rise office and residential towers in China, India and Southeast Asia, mega mixed-use complexes in the Middle East, metro and railway station expansions in Europe, North America and Latin America, hospital and university campus upgrades, as well as large-scale social housing programs; in parallel, modernization projects in aging building stocks in Japan, Western Europe and the US are replacing old geared machines with energy-efficient gearless traction and VVVF drives, creating continuous demand for advanced drive packages and retrofit-optimized compact units.
2024 Global Market Average Gross Profit Margin: 24%.
United States market for Elevator Drive Components is estimated to increase from US$ million in 2025 to US$ million by 2032, at a CAGR of % from 2026 through 2032.
China market for Elevator Drive Components is estimated to increase from US$ million in 2025 to US$ million by 2032, at a CAGR of % from 2026 through 2032.
Europe market for Elevator Drive Components is estimated to increase from US$ million in 2025 to US$ million by 2032, at a CAGR of % from 2026 through 2032.
Global key Elevator Drive Components players cover Inovance, NIDEC, Wittur Group, Bauer Gear Motor, Bucher Hydraulics, etc. In terms of revenue, the global two largest companies occupied for a share nearly % in 2025.
LPI (LP Information)' newest research report, the “Elevator Drive Components Industry Forecast” looks at past sales and reviews total world Elevator Drive Components sales in 2025, providing a comprehensive analysis by region and market sector of projected Elevator Drive Components sales for 2026 through 2032. With Elevator Drive Components sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Elevator Drive Components industry.
This Insight Report provides a comprehensive analysis of the global Elevator Drive Components landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Elevator Drive Components portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Elevator Drive Components market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Elevator Drive Components and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Elevator Drive Components.
This report presents a comprehensive overview, market shares, and growth opportunities of Elevator Drive Components market by product type, application, key players and key regions and countries.
Segmentation by Type:
Traction Drive
Hydraulic Drive
Segmentation by Motor Transmission Type:
Geared Traction Machine
Gearless Permanent-Magnet Synchronous Traction Machine
Segmentation by Speed Class:
Low-Speed, Low-Rise Drives (≤1.0 M/S)
Mid-Speed Drives (1.0–2.5 M/S)
High-Speed Drives (2.6–4.0 M/S)
Ultra-High-Speed Drives (>4.0 M/S)
Segmentation by Application:
Passenger Elevator
Freight Elevator
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Inovance
NIDEC
Wittur Group
Bauer Gear Motor
Bucher Hydraulics
SynMatic
Chr. Mayr GmbH + Co. KG
ZIEHL-ABEGG
Columbus McKinnon
WEG
ABB
Schneider Electric
Siemens
Toshiba
Danfoss
Please note: The report will take approximately 2 business days to prepare and deliver.
Table of Contents
113 Pages
- *This is a tentative TOC and the final deliverable is subject to change.*
- 1 Scope of the Report
- 2 Executive Summary
- 3 Elevator Drive Components Market Size by Player
- 4 Elevator Drive Components by Region
- 5 Americas
- 6 APAC
- 7 Europe
- 8 Middle East & Africa
- 9 Market Drivers, Challenges and Trends
- 10 Global Elevator Drive Components Market Forecast
- 11 Key Players Analysis
- 12 Research Findings and Conclusion
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