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Elevator Modernization Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global elevator modernization market size reached US$ 8.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

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.

 

 
 

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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 2023-2028. 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 2022
Historical Period 2017-2022
Forecast Period 2023-2028
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$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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:

  • How has the global elevator modernization market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global elevator modernization market?
  • What are the key regional markets?
  • What is the breakup of the market based on the elevator type?
  • What is the breakup of the market based on the modernization type?
  • What is the breakup of the market based on the components?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global elevator modernization market and who are the key players?
  • What is the degree of competition in the industry?

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Elevator Modernization Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Elevator Type
    6.1    Traction Elevator
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Hydraulic Elevator
        6.2.1 Market Trends
        6.2.2 Market Forecast
7   Market Breakup by Modernization Type
    7.1    Partial Modernization
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Full Modernization
        7.2.1 Market Trends
        7.2.2 Market Forecast
8   Market Breakup by Components
    8.1    Controllers
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Door Equipment
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Cabin Enclosures
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Signaling Fixtures
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Power Units
        8.5.1 Market Trends
        8.5.2 Market Forecast
    8.6    Others
        8.6.1 Market Trends
        8.6.2 Market Forecast
9   Market Breakup by End User
    9.1    Residential
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Commercial
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Industrial
        9.3.1 Market Trends
        9.3.2 Market Forecast
10  Market Breakup by Region
    10.1    North America
        10.1.1 United States
           10.1.1.1 Market Trends
           10.1.1.2 Market Forecast
        10.1.2 Canada
           10.1.2.1 Market Trends
           10.1.2.2 Market Forecast
    10.2    Asia-Pacific
        10.2.1 China
           10.2.1.1 Market Trends
           10.2.1.2 Market Forecast
        10.2.2 Japan
           10.2.2.1 Market Trends
           10.2.2.2 Market Forecast
        10.2.3 India
           10.2.3.1 Market Trends
           10.2.3.2 Market Forecast
        10.2.4 South Korea
           10.2.4.1 Market Trends
           10.2.4.2 Market Forecast
        10.2.5 Australia
           10.2.5.1 Market Trends
           10.2.5.2 Market Forecast
        10.2.6 Indonesia
           10.2.6.1 Market Trends
           10.2.6.2 Market Forecast
        10.2.7 Others
           10.2.7.1 Market Trends
           10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1 Germany
           10.3.1.1 Market Trends
           10.3.1.2 Market Forecast
        10.3.2 France
           10.3.2.1 Market Trends
           10.3.2.2 Market Forecast
        10.3.3 United Kingdom
           10.3.3.1 Market Trends
           10.3.3.2 Market Forecast
        10.3.4 Italy
           10.3.4.1 Market Trends
           10.3.4.2 Market Forecast
        10.3.5 Spain
           10.3.5.1 Market Trends
           10.3.5.2 Market Forecast
        10.3.6 Russia
           10.3.6.1 Market Trends
           10.3.6.2 Market Forecast
        10.3.7 Others
           10.3.7.1 Market Trends
           10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1 Brazil
           10.4.1.1 Market Trends
           10.4.1.2 Market Forecast
        10.4.2 Mexico
           10.4.2.1 Market Trends
           10.4.2.2 Market Forecast
        10.4.3 Others
           10.4.3.1 Market Trends
           10.4.3.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Market Trends
        10.5.2 Market Breakup by Country
        10.5.3 Market Forecast
11  SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12  Value Chain Analysis
13  Porters Five Forces Analysis

    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14  Price Analysis
15  Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Champion Elevator Corporation
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio
        15.3.2    Fujitec Co. Ltd
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio
           15.3.2.3 Financials
        15.3.3    Hitachi Ltd
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio
           15.3.3.3 Financials
           15.3.3.4 SWOT Analysis
        15.3.4    Hyundai Elevator Co. Ltd.
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio
           15.3.4.3 Financials
        15.3.5    Kone Oyj
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio
           15.3.5.3 Financials
        15.3.6    Liberty Elevator Corporation
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
        15.3.7    Mid-American Elevator
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio
        15.3.8    Mitsubishi Electric Corporation
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio
           15.3.8.3 Financials
           15.3.8.4 SWOT Analysis
        15.3.9    Olympia Elevators Pvt. Ltd.
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio
        15.3.10    Pincus Elevator Company Inc.
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio
        15.3.11    Schindler Group
           15.3.11.1 Company Overview
           15.3.11.2 Product Portfolio
           15.3.11.3 Financials
           15.3.11.4 SWOT Analysis
        15.3.12    Stanley Elevator Company Inc.
           15.3.12.1 Company Overview
           15.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Elevator Modernization Market: Major Drivers and Challenges
Figure 2: Global: Elevator Modernization Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Elevator Modernization Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Elevator Modernization Market: Breakup by Elevator Type (in %), 2022
Figure 5: Global: Elevator Modernization Market: Breakup by Modernization Type (in %), 2022
Figure 6: Global: Elevator Modernization Market: Breakup by Components (in %), 2022
Figure 7: Global: Elevator Modernization Market: Breakup by End User (in %), 2022
Figure 8: Global: Elevator Modernization Market: Breakup by Region (in %), 2022
Figure 9: Global: Elevator Modernization (Traction Elevator) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Elevator Modernization (Traction Elevator) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Elevator Modernization (Hydraulic Elevator) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Elevator Modernization (Hydraulic Elevator) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Elevator Modernization (Partial Modernization) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Elevator Modernization (Partial Modernization) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Elevator Modernization (Full Modernization) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Elevator Modernization (Full Modernization) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Elevator Modernization (Controllers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Elevator Modernization (Controllers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Elevator Modernization (Door Equipment) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Elevator Modernization (Door Equipment) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Elevator Modernization (Cabin Enclosures) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Elevator Modernization (Cabin Enclosures) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Elevator Modernization (Signaling Fixtures) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Elevator Modernization (Signaling Fixtures) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Elevator Modernization (Power Units) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Elevator Modernization (Power Units) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Elevator Modernization (Other Components) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Elevator Modernization (Other Components) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Elevator Modernization (Residential Sector) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Elevator Modernization (Residential Sector) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Elevator Modernization (Commercial Sector) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Elevator Modernization (Commercial Sector) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Elevator Modernization (Industrial Sector) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Elevator Modernization (Industrial Sector) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: North America: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: North America: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: United States: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: United States: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Canada: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Canada: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Asia-Pacific: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Asia-Pacific: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: China: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: China: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Japan: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Japan: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: India: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: India: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: South Korea: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: South Korea: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Australia: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Australia: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Indonesia: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Indonesia: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Others: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Others: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Europe: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Europe: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Germany: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Germany: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: France: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: France: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: United Kingdom: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: United Kingdom: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Italy: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Italy: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Spain: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Spain: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Russia: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Russia: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Others: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Others: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Latin America: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Latin America: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Brazil: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Brazil: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Mexico: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Mexico: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Others: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Others: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Middle East and Africa: Elevator Modernization Market: Sales Value (in Million US$), 2017 & 2022
Figure 82: Middle East and Africa: Elevator Modernization Market: Breakup by Country (in %), 2022
Figure 83: Middle East and Africa: Elevator Modernization Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Global: Elevator Modernization Industry: SWOT Analysis
Figure 85: Global: Elevator Modernization Industry: Value Chain Analysis
Figure 86: Global: Elevator Modernization Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Elevator Modernization Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Elevator Modernization Market Forecast: Breakup by Elevator Type (in Million US$), 2023-2028
Table 3: Global: Elevator Modernization Market Forecast: Breakup by Modernization Type (in Million US$), 2023-2028
Table 4: Global: Elevator Modernization Market Forecast: Breakup by Components (in Million US$), 2023-2028
Table 5: Global: Elevator Modernization Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 6: Global: Elevator Modernization Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Elevator Modernization Market: Competitive Structure
Table 8: Global: Elevator Modernization Market: Key Players


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