United States Geared Elevator Traction Motor Market was valued at USD 600 Million in 2022 and is projected to reach USD 1.0 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
The US Geared Elevator Traction Motor Market is experiencing significant demand as industries continuously strive to improve the efficiency and sustainability of their elevator systems. Geared elevator traction motors are integral to elevator systems, providing the necessary mechanical power to move the elevator car. These motors are employed across various industries, from commercial buildings to residential complexes, and they are essential for the safe and smooth operation of elevators.
In recent years, the US market has seen a steady rise in the demand for geared elevator traction motors. This is largely driven by the increasing need for high-performance, energy-efficient, and cost-effective solutions in the construction and infrastructure sectors. As building infrastructure grows, especially in urban areas, the demand for elevators in high-rise buildings has surged, and so has the demand for efficient elevator systems powered by reliable traction motors.
Industries such as real estate, hospitality, and healthcare are driving the need for advanced geared elevator traction motors. In commercial and residential real estate, there is an increasing focus on the implementation of eco-friendly technologies that reduce energy consumption. Geared elevator traction motors, with their energy-efficient designs, play a pivotal role in reducing overall power consumption in elevator operations. Moreover, healthcare facilities require elevators that can handle heavy loads and operate smoothly in high-traffic areas, making geared motors a preferred choice.
Moreover, the need for safety and reliability is paramount. In high-rise buildings, the elevator's performance is critical, and geared elevator traction motors are designed to offer both stability and durability. These motors are built to endure the constant wear and tear typical of high-traffic environments, ensuring long-lasting functionality and minimal maintenance costs.
The US Geared Elevator Traction Motor Market continues to evolve, with innovations focused on enhancing motor efficiency and reducing environmental impact. As more industries and urban developments require sustainable and reliable elevator solutions, the demand for geared elevator traction motors is expected to grow significantly in the coming years, driving technological advancements and market competition.
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Imperial Electric
Ningbo Xinda Elevator Traction Technology
Xizi Forvorda
Suzhou Torin Drive Equipment
Otis
Kone
Kinetek
Shenyang Bluelight
Hiwin
Mitsubishi Electric
Yaskawa
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the US Geared Elevator Traction Motor Market
AC Geared Traction Motors
DC Geared Traction Motors
Permanent Magnet Geared Traction Motors
Induction Geared Traction Motors
Less than 10 kW
10 kW to 50 kW
51 kW to 100 kW
Above 100 kW
Residential Elevators
Commercial Elevators
Industrial Elevators
Hospital Elevators
Single Speed
Variable Speed
Building Contractors
Elevator Manufacturers
Maintenance and Service Providers
Real Estate Developers
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the US Geared Elevator Traction Motor Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. US Geared Elevator Traction Motor Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Geared Elevator Traction Motor Market, By Type
6. US Geared Elevator Traction Motor Market, By Application
7. US Geared Elevator Traction Motor Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Geared Elevator Traction Motor Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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