Elevator Components Market driven by Increasing Construction of Commercial Spaces
The Elevator Components Market consists of different components that help in operating elevators. Elevator components involve various mechanical and electrical parts like elevator buttons, elevator cables, elevator doors, and actuators & controllers. Elevator components play a vital role in ensuring smooth vertical movement of elevators as well as passenger safety. Technological advancements are helping improve the efficiency and performance of elevator components. Components are being developed using advanced materials to reduce weight and enhance durability. Moreover, smart elevator components integrated with IoT are enabling remote monitoring and predictive maintenance of elevators.
The Global Elevator Components Market is estimated to be valued at USD 48.1 Bn in 2024 and is expected to reach USD 118.4 Bn by 2031, growing at a compound annual growth rate (CAGR) of 11.9% from 2024 to 2031.
Growing construction of commercial buildings across the world is driving the demand for Elevator Components Market. Rapid urbanization and increasing investments in infrastructure development are fueling the construction of malls, offices, hotels and hospitals which need elevator systems. This is positively impacting the sales of elevator components.
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