Traction Machine Market Size by End-User, by Applications, by Type, by Deployment & by Technology 2032
Traction Machine Market was valued at USD 3.12 Billion in 2022 and is projected to reach USD 5.25 Billion by 2030, growing at a CAGR of 7.12% from 2024 to 2030.
In terms of market growth, traction machines used in elevators accounted for the majority share from 2018 to 2022. The demand was propelled by the expansion of smart cities, vertical building developments, and the adoption of high-speed elevators in high-rise buildings. The market witnessed a surge in demand from the residential, commercial, and industrial sectors, with major manufacturers innovating to produce quieter and more efficient machines. Automation and digitalization in this period also played a critical role, further boosting market expansion.
Looking ahead to 2023 to 2033, the demand for traction machines is expected to grow at a faster pace compared to the previous five years. The ongoing trends of urbanization, the rising number of skyscrapers, and advancements in construction technologies are expected to fuel the need for energy-efficient and sustainable traction machines. This demand will be further reinforced by the growing adoption of smart elevators, IoT integration, and the continued push towards reducing carbon footprints in the building and transportation sectors.
Innovation will remain a core focus, with manufacturers expected to invest more in the development of high-tech traction machines equipped with AI, machine learning, and other advanced technologies. As automation becomes increasingly central to construction and transportation, traction machines will likely be more integrated into building management systems, allowing for more control, maintenance, and operation efficiencies. Additionally, the growth of the renewable energy sector, particularly in emerging markets, will continue to be a major driver of demand, as businesses and governments prioritize sustainability.
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The traction machine market has undergone significant evolution from 2018 to 2022, driven by rapid technological advancements and increasing demand in the construction, elevator, and manufacturing industries. The period saw an uptick in the installation of energy-efficient traction machines, primarily fueled by growing urbanization, the need for space-saving designs, and the shift towards sustainability in the elevator and transportation sectors. Key players in the market focused on providing systems that reduce energy consumption while offering greater reliability and faster speeds.
Who are the largest Global manufacturers in the Traction Machine industry?
- Nidec Elevator Group
- Wittur Group
- APSON
- Nagaoka Machinery
- Torin Drive
- Tectronics Engineers
- Kolmar Asansor
- Elecon
- Raman Engineering
- Shenyang Yuanda Intellectual Industry Group
- Hebei Fengwei Machinery Manufacturing
- Montanari Drive Technology
- Zhejiang Xierk Elevator Parts
- Ningbo Xinda Elevator Traction Technology
- Cheng Day International Group
- Suzhou BDFUJI Elevator
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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What are the factors driving the growth of the Global Traction Machine Market?
Growing demand for below applications around the world has had a direct impact on the growth of the Global Traction Machine Market
- Household Elevator
- Hospital Elevator
- Sightseeing Elevator
- Cargo Elevator
- Escalators
What are the types of Traction Machine available in the Market?
Based on Types the Market is categorized into Below types that held the largest Traction Machine market share In 2023.
- Geared Traction Machine
- Gearless Traction Machine
Which regions are leading the Global Traction Machine Market?
- Global (United States, Global and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia, etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Detailed TOC of Global Traction Machine Market Research Report, 2024-2032
1. Introduction of the Global Traction Machine Market
- Overview of the Market
- Scope of Report
- Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
- Data Mining
- Validation
- Primary Interviews
- List of Data Sources
4. Global Traction Machine Market Outlook
- Overview
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Porters Five Force Model
- Value Chain Analysis
5. Global Traction Machine Market, By Type
6. Global Traction Machine Market, By Application
7. Global Traction Machine Market, By Geography
- Global
- Europe
- Asia Pacific
- Rest of the World
8. Global Traction Machine Market Competitive Landscape
- Overview
- Company Market Ranking
- Key Development Strategies
9. Company Profiles
10. Appendix
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