Elevator Modernization Market Report by Elevator Type (Traction Elevator, Hydraulic Elevator), Modernization Type (Partial Modernization, Full Modernization), Components (Controllers, Door Equipment, Cabin Enclosures, Signaling Fixtures, Power Units, and Others), End Use (Residential, Commercial, Industrial), and Region 2024-2032

Elevator Modernization Market Report by Elevator Type (Traction Elevator, Hydraulic Elevator), Modernization Type (Partial Modernization, Full Modernization), Components (Controllers, Door Equipment, Cabin Enclosures, Signaling Fixtures, Power Units, and Others), End Use (Residential, Commercial, Industrial), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A4864
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Market Overview:

The global elevator modernization market size reached US$ 9.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032.

Report Attribute
 Key Statistics 
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 9.0 Billion
Market Forecast in 2032
US$ 13.7 Billion
Market Growth Rate 2024-2032 4.5%


Elevator modernization, also known as lift modernization, refers to the process of upgrading the critical parts of an elevator. The process usually involves modernizing the controller equipment, motors, hoist machines, buttons, and electrical wiring. It enhances the overall safety, performance, and aesthetics of the equipment. It also assists in improving the operational efficiency and reliability of the elevators while reducing energy costs and minimizing electromagnetic noise. In recent years, elevator modernization has gained traction across the residential, commercial, and industrial sectors since it helps eliminate problems, such as breakdowns, slow mobility, and frequent maintenance.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Elevator Modernization Market Trends:

Elevator modernization extends the life of the existing elevators and improves passenger safety and comfort. Due to this, there has been a growing need for an efficient mobility system within buildings, representing the primary factor driving the market growth. Besides this, the rising safety concerns in elevators in high-rise buildings, and the expanding working population, are augmenting the demand for elevator modernization. Additionally, governments of various nations are taking favorable initiatives for the construction and renovation of buildings due to the aging urban infrastructure. This, in confluence with the increasing investments in the commercial sector, such as hospitals, shopping malls, and airports, is propelling the market growth. Furthermore, the rising commercial usage of elevators is encouraging manufacturers to develop technologically advanced product variants that are faster, more energy-efficient, and compact. Other factors, including the escalating demand for modern amenities, rapid urbanization and industrialization, improving living standards, and rising consumer expenditure capacities, are also creating a positive market outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global elevator modernization market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on elevator type, modernization type, components and end user.

Breakup by Elevator Type:

 

 
 

 

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  • Traction Elevator
  • Hydraulic Elevator
     

Breakup by Modernization Type:

  • Partial Modernization
  • Full Modernization
     

Breakup by Components:

  • Controllers
  • Door Equipment
  • Cabin Enclosures
  • Signaling Fixtures
  • Power Units
  • Others
     

Breakup by End User:

  • Residential
  • Commercial
  • Industrial
     

Breakup by Region:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Champion Elevator Corporation, Fujitec Co. Ltd, Hitachi Ltd, Hyundai Elevator Co. Ltd., Kone Oyj, Liberty Elevator Corporation, Mid-American Elevator, Mitsubishi Electric Corporation, Olympia Elevators Pvt. Ltd., Pincus Elevator Company Inc., Schindler Group and Stanley Elevator Company Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Elevator Type, Modernization Type, Components, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Champion Elevator Corporation, Fujitec Co. Ltd, Hitachi Ltd, Hyundai Elevator Co. Ltd., Kone Oyj, Liberty Elevator Corporation, Mid-American Elevator, Mitsubishi Electric Corporation, Olympia Elevators Pvt. Ltd., Pincus Elevator Company Inc., Schindler Group and Stanley Elevator Company Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global elevator modernization market was valued at US$ 9.0 Billion in 2023.

We expect the global elevator modernization market to exhibit a CAGR of 4.5% during 2024-2032.

The rising need for an efficient mobility system within buildings, along with the growing adoption of elevator modernization to extend the life of the existing elevators and improve passenger safety, is primarily driving the global elevator modernization market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in various installation activities for upgrading the critical parts of an elevator, thereby negatively impacting the global market for elevator modernization.

Based on the elevator type, the global elevator modernization market has been segmented into traction elevator and hydraulic elevator. Currently, traction elevator holds the majority of the total market share.

Based on the end user, the global elevator modernization market can be divided into residential, commercial, and industrial. Among these, the residential sector exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global elevator modernization market include Champion Elevator Corporation, Fujitec Co. Ltd, Hitachi Ltd, Hyundai Elevator Co. Ltd., Kone Oyj, Liberty Elevator Corporation, Mid-American Elevator, Mitsubishi Electric Corporation, Olympia Elevators Pvt. Ltd., Pincus Elevator Company Inc., Schindler Group, and Stanley Elevator Company Inc.

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Elevator Modernization Market Report by Elevator Type (Traction Elevator, Hydraulic Elevator), Modernization Type (Partial Modernization, Full Modernization), Components (Controllers, Door Equipment, Cabin Enclosures, Signaling Fixtures, Power Units, and Others), End Use (Residential, Commercial, Industrial), and Region 2024-2032
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