Hoist and Elevator Motors Market - Regional Analysis
APAC Market Insights
Hoist and elevator motors market in Asia Pacific is poised to hold a share of 36% during the forecast period. The growth can be attributed to the rapid urbanization and a rise in building & construction activities in the region. Moreover, the surge in demand for high-rise buildings, an increase in the adoption of advanced technologies, and a rise in demand for energy-efficient elevator systems are contributing to the growth of the hoist and elevator motors market. In addition, nations like China, India, and Japan have experienced significant economic expansion, raising their standards of life and creating more discretionary income. The promotion of the use of elevators and hoists is also greatly aided by local infrastructure development projects and government efforts. These programs seek to promote sustainable development, increase accessibility, and improve urban mobility, which will benefit the hospitality and elevator motor industries.
European Market Insights
European hoist and elevator motors market is expected to hold a share of 28% during the projected period. Europe has a significant number of aging buildings that require modernization and renovation. As per a report, from 2021 to 2026, the building rehabilitation in Europe is anticipated to expand by 55.6 billion U.S. Dollars. As a result, there is a growing demand for elevator installations and upgrades to improve accessibility and comply with safety regulations. Also, the European Union has implemented directives and regulations that promote energy efficiency and sustainability in buildings. This has led to an increased focus on energy-efficient elevator systems, driving the demand for hoist and elevator motors in the region.
