North America Traction Elevators Market to Witness 5.02% CAGR by 2031

North America Traction Elevators Market 2025 | Trends Insight with Future Aspect Analysis

Executive Summary

The global traction elevators market is poised for significant growth between 2025 and 2031, driven by rapid urbanization, technological advancements, and increasing demand for efficient vertical transportation solutions. According to Mordor Intelligence, the market size is expected to reach USD 3.42 billion in 2025 and grow at a Compound Annual Growth Rate (CAGR) of 5.02% to reach USD 4.37 billion by 2030.

Market Overview

Traction elevators operate using steel ropes or belts on a pulley system, offering advantages such as higher speed and efficiency compared to hydraulic elevators. They are commonly used in mid to high-rise buildings, including residential complexes, commercial establishments, and industrial facilities.

Key Market Drivers

1. Urbanization and Infrastructure Development: The global trend towards urbanization has led to increased construction of high-rise buildings, necessitating efficient vertical transportation systems. Traction elevators are preferred in such structures due to their speed and energy efficiency.

2. Technological Advancements: Innovations such as machine room-less (MRL) traction elevators have reduced space requirements and improved energy efficiency, making them attractive options for modern building designs.

3. Sustainability Initiatives: Growing awareness of environmental sustainability has led to the adoption of energy-efficient elevators. Traction elevators, particularly gearless models, consume less energy and align with green building standards.

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Market Segmentation

The traction elevators market can be segmented based on type, application, and region:

• By Type:

  • Geared Traction Elevators

  • Gearless Traction Elevators

• By Application:

  • Residential

  • Commercial

  • Industrial

• By Region:

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa

Regional Analysis

• North America: The region is expected to maintain a significant market share due to ongoing modernization of existing elevator systems and adherence to stringent safety regulations.

• Europe: Europe's focus on energy efficiency and sustainability in building designs supports the adoption of advanced traction elevators.

• Asia-Pacific: Rapid urbanization and infrastructure development in countries like China and India are driving substantial demand for traction elevators in this region.

• Latin America: Economic development and urban growth are contributing to increased installations of traction elevators in high-rise buildings.

• Middle East & Africa: The construction boom, particularly in the Middle East, is fueling the demand for efficient vertical transportation solutions.

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Competitive Landscape

Key players in the traction elevators market include Schindler Group, TK Elevator Corporation, Kone Corporation, Schumacher Elevator Company, and Delta Elevator Co. Ltd. These companies are focusing on product innovation, strategic partnerships, and expansion into emerging markets to strengthen their market position.

Future Outlook

The traction elevators market is anticipated to witness sustained growth through 2031, driven by technological advancements, urbanization, and a focus on energy efficiency. Manufacturers investing in smart technologies and sustainable solutions are likely to gain a competitive edge in this evolving market.