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Gearless Elevator Traction Motor Market Expansion Outlook: What Revenue Opportunities Are Ahead?
The gearless elevator traction motor market size has demonstrated significant expansion in recent years. This market is anticipated to increase from $5.29 billion in 2025 to $5.64 billion in 2026, achieving a compound annual growth rate (CAGR) of 6.7%. The historical growth of the market can be linked to factors like increasing urbanization and the development of high-rise buildings, a growing need for efficient vertical transportation, reductions in maintenance expenditures, enhancements in ride comfort, and the replacement of older geared traction systems.
The gearless elevator traction motor market is anticipated to experience robust expansion over the coming years. This market is projected to reach $7.29 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 6.6%. The anticipated growth during this period stems from factors such as the integration of smart building technologies, the adoption of regenerative drives, the increasing number of green building initiatives, the upgrade of existing elevator systems, and the development of large-scale infrastructure projects. Key developments expected in this forecast period include a move towards more energy-efficient elevator systems, a rise in the use of permanent magnet motors, a growing need for quiet elevator operations, the updating of older elevator setups, and an increase in high-rise building construction.
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Gearless Elevator Traction Motor Market Growth Catalysts And Demand Drivers
The projected expansion of the gearless elevator traction motor market is anticipated to be fueled by the increasing construction of high-rise buildings in the future. A high-rise building is defined as a tall structure, generally surpassing 35-40 meters (115-131 feet) or roughly 12-14 stories, built for residential, commercial, or mixed-use purposes. The rise in high-rise buildings stems from rapid urbanization, population growth, limited land availability, advancements in construction technology, and the demand for efficient land use in densely populated cities. Gearless elevator traction motors are employed in high-rise buildings to facilitate efficient, smooth, and high-speed vertical movement while also reducing maintenance needs and energy consumption. For instance, in January 2024, the Council on Tall Buildings and Urban Habitat (CTBUH), a US-based international non-profit organization that monitors global skyscraper development, reported that 185 buildings measuring 200 meters or more were completed worldwide in 2023, representing a 10.1% increase compared to 2022. Thus, the escalating construction of high-rise buildings will propel the gearless elevator traction motor market.
Gearless Elevator Traction Motor Market Segment Analysis And Revenue Potential
The gearless elevator traction motor market covered in this report is segmented –
1) By Type: Permanent Magnet Synchronous Motors, Brushless DC Motors
2) By Motor Design: Radial Flux Permanent Magnet Motors, Axial Flux Permanent Magnet Motors, High-Torque, Low-Speed Direct-Drive Motors
3) By Efficiency And Energy Technology: High-Efficiency Motors, Regenerative Drive-Compatible Motors, Energy-Optimized Or Low-Loss Motors
4) By Application: Commercial Buildings, Residential Buildings, Institutional And Public Infrastructure
5) By End-Use: New Installations, Modernization And Replacement
Subsegments:
1) By Permanent Magnet Synchronous Motor: Interior Permanent Magnet (IPM) PMSM, Surface-Mounted Permanent Magnet (SPM) PMSM
2) By Brushless DC Motors: Inrunner BLDC, Outrunner BLDC, Sensored (Hall-effect) BLDC, Sensorless BLDC
Gearless Elevator Traction Motor Market Trends Shaping Long-Term Demand
Leading companies within the gearless elevator traction motor market are prioritizing the integration of advanced motor technologies, such as permanent-magnet synchronous motors (PMSMs), to facilitate the development of more efficient, compact, and sustainable elevator systems. This PMSM technology incorporates high-strength permanent magnets within its rotor, allowing the motor to rotate in sync with the alternating current in the stator, thus enabling direct-drive functionality without requiring a gearbox, which in turn minimizes energy loss and friction. For instance, in October 2024, Bluelight Group, a China-based manufacturer of elevator components, introduced the WYT-R Rail Mount Version Elevator Gearless Machine. This PMSM-based gearless traction system, designed for rail-mounted elevator applications, features an outer-rotor structure for smoother low-speed operation and high overload capacity, a block-type armless brake for quick response and high reliability, and a compact design optimized for rail-mount installation. The WYT-R enhances energy efficiency, decreases maintenance costs by eliminating gearbox upkeep, and improves ride comfort and safety through its smoother, quieter operation, along with robust braking and overload protection.
Gearless Elevator Traction Motor Market Key Players Shaping Industry Direction
Major companies operating in the gearless elevator traction motor market are 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.
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Gearless Elevator Traction Motor Market Largest Region: Which Geography Holds The Biggest Share?
Asia-Pacific was the largest region in the gearless elevator traction motor market in 2025. The regions covered in the gearless elevator traction motor market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
