Gearless Elevator Traction Motor Market Report 2025: A Projected $7.07 Billion Market by 2029

The gearless elevator traction motor market is set to grow from $5 billion in 2024 to $7.07 billion by 2029, driven by energy-efficient solutions and high-rise building demands. Key trends include IoT integration and advanced control systems. Major players are Hitachi, Siemens, and TK Elevator. Asia-Pacific leads the market.


Dublin, July 17, 2025 (GLOBE NEWSWIRE) -- The "Gearless Elevator Traction Motor Market Report 2025" has been added to ResearchAndMarkets.com's offering.

The gearless elevator traction motor market is exhibiting robust growth, with projections indicating an increase from $5 billion in 2024 to $5.37 billion in 2025, at a CAGR of 7.4%. This growth is driven by advancements in economic standards, urbanization, and the rising need for energy-efficient and sustainable building practices.

Looking forward, the market is set to expand further, reaching $7.07 billion by 2029, at a CAGR of 7.1%. The demand for energy-efficient solutions, the necessity for efficient vertical transportation systems, and the growth of high-rise building construction contribute significantly to this trajectory.

Technological advancements, IoT integration, and the development of advanced control systems are expected to characterize this growth phase.

The increasing construction of high-rise buildings is notably driving the demand for gearless elevator traction motors. Rapid urbanization, population growth, and limited land availability in urban areas accentuate the need for these motors, known for efficient, smooth, and high-speed vertical transportation. For instance, New London Architecture reported a jump in development applications for tall towers in 2022, amplifying the demand for these motors.

Companies are prioritizing technological innovations, such as permanent magnet synchronous (PMS) motors, which enhance energy efficiency, reduce maintenance costs, and optimize space. An example is TK Elevator's launch of the enta100 GL in India, a gearless alternative aimed at optimizing operational efficiency and energy consumption for low-rise buildings.

Major industry players include Hitachi Ltd., Siemens AG, Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, and Nidec Corporation, among others. Asia-Pacific dominated the market in 2024, with other significant markets in Western Europe, North America, and the Middle East.

Report Scope:

Markets Covered:

  • Type: Permanent Magnet Motor; AC Motor; DC Motor
  • Technology: Smart Motors; Conventional Motors; High Efficiency Motors; Regenerative Motors
  • Capacity: Low; Medium; High
  • Application: Commercial; Residential; Industrial
  • End Users: New Installation; Modernization

Subsegments:

  • Permanent Magnet Motor: Synchronous, Axial Flux, Radial Flux, High-Torque
  • AC Motor: Single-Phase, Three-Phase, High-Efficiency, Low-Noise
  • DC Motor: Brushed, Brushless, High-Speed, Energy-Efficient

Companies Featured

The companies featured in this Gearless Elevator Traction Motor market report include:

  • Hitachi Ltd.
  • Siemens AG
  • Thyssenkrupp AG
  • Mitsubishi Electric Corporation
  • Toshiba Corporation
  • Nidec Corporation
  • Otis Elevator Company
  • Schindler Holding AG
  • Kone Corporation
  • Hyundai Elevator Co. Ltd.
  • Hiwin Technologies Corp.
  • Kleemann Elevators S.A.
  • Ningbo Xinda Elevator Traction Technology Co. Ltd.
  • Fujitec Co. Ltd.
  • Suzhou Torin Drive Equipment Co. Ltd.
  • Cheng Day Machinery Works
  • Xizi Forvorda Co. Ltd.
  • Fenoja Oy
  • Shanghai ZanFeng Technology Co. Ltd.
  • Mont Drive Systems Co. Ltd.

Key Attributes:

Report AttributeDetails
No. of Pages175
Forecast Period2025 - 2029
Estimated Market Value (USD) in 2025$5.37 Billion
Forecasted Market Value (USD) by 2029$7.07 Billion
Compound Annual Growth Rate7.1%
Regions CoveredGlobal



Key Topics Covered:

  1. Gearless Elevator Traction Motor Market Characteristics
  2. Gearless Elevator Traction Motor Market Trends and Strategies
  3. Gearless Elevator Traction Motor Market - Macro Economic Scenario
  4. Global Gearless Elevator Traction Motor Growth Analysis and Strategic Analysis Framework
    1. Global Gearless Elevator Traction Motor PESTEL Analysis
    2. Analysis of End Use Industries
    3. Global Gearless Elevator Traction Motor Market Growth Rate Analysis
    4. Global Gearless Elevator Traction Motor Historic Market Size and Growth, 2019-2024
    5. Global Gearless Elevator Traction Motor Forecast Market Size and Growth, 2024-2029, 2034F
    6. Global Gearless Elevator Traction Motor Total Addressable Market (TAM)
    7. Gearless Elevator Traction Motor Market Segmentation
      1. Global Gearless Elevator Traction Motor Market, Segmentation by Type
      2. Global Gearless Elevator Traction Motor Market, Segmentation by Technology
      3. Global Gearless Elevator Traction Motor Market, Segmentation by Capacity
      4. Global Gearless Elevator Traction Motor Market, Segmentation by Application
      5. Global Gearless Elevator Traction Motor Market, Segmentation by End Users
      6. Gearless Elevator Traction Motor Market Regional and Country Analysis
      7. Asia-Pacific Gearless Elevator Traction Motor Market
        1. Asia-Pacific Gearless Elevator Traction Motor Market Overview
        2. Asia-Pacific Gearless Elevator Traction Motor Market, Segmentation by Type
        3. Asia-Pacific Gearless Elevator Traction Motor Market, Segmentation by Technology
        4. Asia-Pacific Gearless Elevator Traction Motor Market, Segmentation by Capacity
        5. China Gearless Elevator Traction Motor Market
        6. India Gearless Elevator Traction Motor Market
        7. Japan Gearless Elevator Traction Motor Market
        8. Australia Gearless Elevator Traction Motor Market
        9. Indonesia Gearless Elevator Traction Motor Market
        10. South Korea Gearless Elevator Traction Motor Market
        11. Western Europe Gearless Elevator Traction Motor Market
        12. UK Gearless Elevator Traction Motor Market
        13. Germany Gearless Elevator Traction Motor Market
        14. France Gearless Elevator Traction Motor Market
        15. Italy Gearless Elevator Traction Motor Market
        16. Spain Gearless Elevator Traction Motor Market
        17. Eastern Europe Gearless Elevator Traction Motor Market
        18. Russia Gearless Elevator Traction Motor Market
        19. North America Gearless Elevator Traction Motor Market
        20. USA Gearless Elevator Traction Motor Market
        21. Canada Gearless Elevator Traction Motor Market
        22. South America Gearless Elevator Traction Motor Market
        23. Brazil Gearless Elevator Traction Motor Market
        24. Middle East Gearless Elevator Traction Motor Market
        25. Africa Gearless Elevator Traction Motor Market
        26. Gearless Elevator Traction Motor Market Competitive Landscape and Company Profiles
        27. Gearless Elevator Traction Motor Market Other Major and Innovative Companies
        28. Global Gearless Elevator Traction Motor Market Competitive Benchmarking and Dashboard
        29. Key Mergers and Acquisitions in the Gearless Elevator Traction Motor Market
        30. Recent Developments in the Gearless Elevator Traction Motor Market
        31. Gearless Elevator Traction Motor Market High Potential Countries, Segments and Strategies
        32. For more information about this report visit https://www.researchandmarkets.com/r/i773x1

          About ResearchAndMarkets.com
          ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

          Attachment

           
        Gearless Elevator Traction Motor Market

        Contact Data

        Recommended Reading