The Elevator Components Market is driven by Urbanization and Infrastructure Development
The elevator components market comprises components such as elevator cables, elevator buttons, electrical components, and elevator doors. Elevator components play a vital role in the smooth functioning of elevators by acting as key power transmission elements and facilitating safe and efficient passenger transport between various floors of buildings. The increasing use of elevators in residential, commercial, and industrial buildings is boosting the demand for elevator components. With rapid urbanization and growing infrastructure development activities across the globe, the construction of multi-story buildings and high-rise complexes has surged tremendously. This increasing construction of tall buildings is propelling the elevator installation rate, thereby fueling the elevator components market growth.
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.
Electric Vehicle Battery Coolant Market -https://www.coherentmi.com/ind....ustry-reports/electr