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Gearless Elevator Traction Motor Industry Report 2026-2035: A $7.25+ Billion Market by 2030 with Hitachi, Siemens, Thyssenkrupp, Mitsubishi, Toshiba, Nidec, Otis, Schindler, and Kone Leading

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SI Siemens AG is mentioned as a leading company in the gearless elevator traction motor market, which is experiencing substantial growth. The article does not provide specific positive or negative sentiment towards Siemens itself, but places it within a growing industry. OTIS Otis Elevator Company is identified as a leading company in the gearless elevator traction motor market. The article focuses on the overall market growth and trends, without specific sentiment for Otis.

Gearless Elevator Traction Motor Industry Report 2026-2035: A $7.25+ Billion Market by 2030 with Hitachi, Siemens, Thyssenkrupp, Mitsubishi, Toshiba, Nidec, Otis, Schindler, and Kone Leading Dublin, Feb. 27, 2026 (GLOBE NEWSWIRE) -- The "Gearless Elevator Traction Motor Market Report 2026" has been added to ResearchAndMarkets.com's offering.

The gearless elevator traction motor market has experienced substantial growth in recent years and shows promising prospects, with its size expected to increase from $5.29 billion in 2025 to $5.64 billion by 2026, achieving a compound annual growth rate (CAGR) of 6.7%. This noticeable expansion can be attributed to urbanization, the proliferation of high-rise buildings, and the escalated demand for efficient vertical transportation solutions. Factors such as reduced maintenance costs, improved ride comfort, and the replacement of traditional geared traction systems with gearless alternatives have further fueled this growth trajectory.

Looking forward, the gearless elevator traction motor market is anticipated to continue its robust growth trajectory, reaching $7.29 billion by 2030, with an expected CAGR of 6.6% during the forecast period. This acceleration is driven by the integration of smart building technologies, the adoption of regenerative drives, expansion in green building projects, and the modernization of existing elevator systems. Notable trends include the shift towards energy-efficient systems, increased usage of permanent magnet motors, demand for quieter elevator operations, and the continued construction of high-rise buildings.

The increasing construction of high-rise structures, driven by urbanization, population growth, restricted land availability, and advancements in construction technologies, is a significant market driver. These builds require efficient and reliable vertical transportation systems. In 2023, 185 buildings of 200 meters or more were completed globally, representing a 10.1% rise from 2022, according to the Council on Tall Buildings and Urban Habitat. This surge underlines the growing market demand for gearless traction motors, which are instrumental in delivering smooth, high-speed, and energy-efficient transportation in tall buildings.

Leading companies are integrating advanced technologies like permanent-magnet synchronous motors (PMSMs) to enhance efficiency, compactness, and sustainability. A prime example is the launch of Bluelight Group's WYT-R Rail Mount Version Elevator Gearless Machine, which utilizes PMSM technology, offering smoother operation and higher energy efficiency by eliminating gearbox-related energy losses. The focus is on improving ride comfort and safety through enhanced operation capabilities.

Another noteworthy development is the collaboration between Aritec New Materials Group AG and Alberto Sassi S.p.A., through which innovative machine-room-less elevator solutions are being developed. These solutions are designed to maximize space usage, reduce power consumption by up to 35%, and extend the lifespan of elevator systems.

Prominent players in this expanding market include Hitachi Ltd., Siemens AG, Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, Nidec Corporation, Otis Elevator Company, Schindler Holding AG, and Kone Corporation, among others. The Asia-Pacific region is predicted to spearhead market growth through 2025, bolstering the global market presence.

The market encompasses the sale of various traction motors, each valued at factory gate prices. This scope includes direct sales and those through manufacturers, wholesalers, or retailers. Revenue components include all related services associated with the production and sale of these motors within specified geographies.

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Global Gearless Elevator Traction Motor Market Trends and Strategies

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For more information about this report visit https://www.researchandmarkets.com/r/hzbp62

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