Engineering asset management (EAM) requires the accurate assessment of current and the prediction of future asset health condition. Suitable mathematical models that are capable of predicting time-to-failure and the probability of failure in future time are essential. In general reliability models, lifetime of component and system is estimated using failure time data. This paper deals with the reliability assessment of elevators using life of main components. Especially this work is concerned with the stochastic nature of life of elevator components. First, we investigate the Weibull statistical analysis of lifetime data for the components. The final goal is to establish the mathematical model for reliability assessment. This work provides more perspectives to future research in the fields of reliability and maintainability.