Hydraulic Elevator Motor

It means duty cycle. 40% in this case.

What's 40% of 24 hours?

I suspect there is a maximum on time too.

MIG welders (not the same thing) have percent duty cycle per 10 minute period. Depending upon current (metal thickness) a MIG might have ratings of 40%, 60%, 80% and 100%. For a MIG this means a maximum of 4 minutes, 6 minutes, 8 minutes or no limit to the on time during a 10 minute period.

A 40% MIG will allow you to have 4 minutes on and 6 minutes off. A 40% MIG rating will not allow you to have 8 minutes of on time and 12 minutes of off time.

Warning: I don't know anything about hydraulic elevator motors. I don't know if the percent rating you are asking about is defined in the same way.

Who makes hydraulic motors with only a 40% duty cycle? Or is this an electric motor that drives a hydraulic pump?