Global Traction Elevators Market to Reach USD 69.57 Billion by 2030, Growing at a CAGR of 6.9% from USD 43.61 Billion in 2023
In 2023, the global traction elevators market was valued at approximately USD 43.61 billion. Forecasts indicate robust growth in the sector, with the market expected to expand at a compound annual growth rate (CAGR) of 6.9% through to 2030. By the end of this period, the market is projected to reach USD 69.57 billion. This growth is driven by increasing urbanization, advancements in elevator technology, and rising demand for energy-efficient and high-performance elevators in residential, commercial, and industrial sectors. Traction Elevators Market Overview: The traction elevators market is witnessing significant expansion due to the accelerating pace of urban development and infrastructure projects worldwide. These elevators, known for their efficiency and reliability, are increasingly being adopted in high-rise buildings and commercial spaces. The market is driven by technological advancements such as the integration of smart controls and energy-saving features, which enhance p