Hoist and Elevator Motors Market: Growth Analysis, Industry Trends, and Forecasts to 2035
Overview:
The hoist and elevator motors market is poised for steady expansion in the coming years. In 2025, the market is anticipated to reach a valuation of USD 105.93 billion, driven by consistent demand across various end-use sectors. A compound annual growth rate (CAGR) of 4.0% is projected, propelling the market to an estimated size of USD 156.80 billion by 2035. This growth is underpinned by the crucial role these motors play in vertical transportation and material handling systems.
Technological innovations in motor design and control systems are pivotal in shaping the market dynamics. The adoption of energy-efficient motors and advanced control technologies is gaining traction, driven by stringent energy regulations and the need for operational efficiency. These advancements enhance the performance and reliability of hoisting and elevator systems.
The construction industry’s expansion and urbanization trends are significant drivers for the hoist and elevator motors market. Increased construction activities in both residential and commercial sectors necessitate the installation of elevators and hoists, thereby boosting the demand for related motors.
Industrial growth and infrastructure development also contribute substantially to market expansion. The need for material handling equipment in manufacturing plants and logistics centers fuels the demand for robust and reliable hoist motors.
Regionally, Asia Pacific, North America, and Europe represent key markets with substantial growth potential. The increasing investments in infrastructure projects and the rising demand for advanced material handling solutions drive market growth in these regions.
Major players are focused on product innovation and strategic collaborations to strengthen their market presence. These companies are continuously developing advanced motor technologies and expanding their service offerings to cater to the evolving needs of the market.
Sustainability concerns and the drive for energy conservation are influencing the market towards more efficient motor solutions. This trend is expected to intensify, shaping the future trajectory of the hoist and elevator motors market.
Year On Year Growth Chart
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| Report Attribute | Details |
|---|---|
| Market Size in 2025 | USD 105,926.4 million |
| Revenue Forecast for 2035 | USD 156,796.9 million |
| Growth Rate (CAGR) | 4.0% from 2025 to 2035 |
| Base Year for Estimation | 2024 |
| Historical Data | 2020 – 2024 |
| Forecast Period | 2025 – 2035 |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2025 to 2035 |
| Report Coverage | Revenue forecast, company market share, competitive landscape, growth factors, and trends |
| Covered Segments | Type, output power, and end use |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, MEA |
| Country Scope | U.S., Canada, Mexico, U.K., Germany, Italy, Poland, China, India, Japan, Australia, South Korea, Brazil, UAE, KSA, South Africa |
| Key Companies Analyzed | Mitsubishi Electric Corporation; Toshiba Corporation; Hitachi Ltd.; Schindler Group; Otis Elevator Company |
| Customization Options | Free report customization (up to 8 analysts working days) with purchase. Changes to country, regional, and segment scope |
| Pricing and Purchase Options | Customizable purchase options for tailored research needs |
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Key Companies Market Share
Report Coverage & Deliverables
- Market Trends And Dynamics
- Competitve Benchmarking
- Historical data and forecasts
- Value/Volume analysis
- Company revenue shares and key strategies
- Regional opportunities
This is an indicative segmentation. Please request a sample report to see detail segmentation of this market.
Detailed Market Segmentation
- By Motor Type
- AC Motors
- DC Motors
- Servo Motors
- By Output Power
- Low (Below 10kW)
- Medium (10kW – 100kW)
- High (Above 100kW)
- By End Use
- Elevators
- Cranes and Hoists
- Escalators
- Industrial Lifts
- By Region
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, France, Italy, Poland)
- Asia-Pacific (China, India, Japan, Australia, South Korea)
- Latin America (Brazil, Argentina)
- Middle East & Africa (MEA) (UAE, Saudi Arabia, South Africa)
Table of Content
- Executive Summary
- Market Overview
- Key Market Trends
- Market Dynamics
- Global Economic Outlook
- Hoist and Elevator Motors Market Analysis, by Motor Type
- AC Motors
- DC Motors
- Servo Motors
- Hoist and Elevator Motors Market Analysis, by Output Power
- Low (Below 10kW)
- Medium (10kW – 100kW)
- High (Above 100kW)
- Hoist and Elevator Motors Market Analysis, by End Use
- Elevators
- Cranes and Hoists
- Escalators
- Industrial Lifts
- Hoist and Elevator Motors Market Analysis, by Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
- North America: Hoist and Elevator Motors Market Analysis
- Europe: Hoist and Elevator Motors Market Analysis
- Asia-Pacific: Hoist and Elevator Motors Market Analysis
- Latin America: Hoist and Elevator Motors Market Analysis
- Middle East & Africa: Hoist and Elevator Motors Market Analysis
- Market Forecast and Outlook
- Competitive Landscape
- Key Company Profiles
- Strategic Recommendations
- Research Methodology
- Assumptions and Disclaimers