The global demand for Elevator Traction Machine Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period of 2022 - 2028. Whereas with regards to volume, the market was calculated XX K units in 2021 and foreseen to touch XX K units by 2028 with a CAGR of XX% during 2022-2028.
Traction lifts refer to all kinds of lifts, including cable lifts, rope lifts, or counterweight lifts. The major components of a traction lift are cables or ropes, a sheave or pulley, a counterweight, and a motor. Rope elevators are pushed by the traction machine situated in the rooftop machine room. There are geared- and gearless-type traction machines. Traction elevators are the most widespread type of elevator. They can be gearless or geared, and both model types are run by direct current (DC) or alternating current (AC) electrical motors.
Market Dynamics
The ever- increasing requirement for high-rise accommodation to deal with the growing population globally is the primary factor driving the elevator traction machine market. The rising demand due to the numerous advantages over hydraulic lifts such as more efficiency, fewer mechanical operations, and high reliability than a hydraulic lift contributes to the elevator traction machine market's growth. The increased demand from the residential buildings sector due to ease of travel and wheelchair access laws positively impacts the growth of the Elevator Traction Machine market. Moreover, a growing number of shopping malls and the ever-growing construction industry developing all across the globe are likely to create lucrative growth opportunities for key players of the elevator traction machine market in the coming years.
The report covers Porter's Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each segment in the global market of elevator traction machine.
Market Segmentation
This section of the elevator traction machine market report provides detailed data on the segments by analyzing them geographically, thereby assisting the strategist in identifying the target demographics for the respective product or service..
By Product Types
- Geared Machine
- Gearless Machine
By Application Spectrum
- Mall
- Office Building
- Public Places
- Other
Regional Analysis
This section covers regional segmentation which accentuates on current and future demand for Elevator Traction Machine market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Elevator Traction Machine Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the elevator traction machine market include Otis ,Hitachi, Suzhou Dengdao, Xizi Forvorda, Shenyang Bluelight, Suzhou Torin, Yaskawa, Kinetek, Kone and Mitsubishi Electric. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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