+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)
New

Asia Pacific Elevator Modernization Market, By Country, Competition, Forecast & Opportunities, 2020-2030F

  • PDF Icon

    Report

  • 130 Pages
  • July 2025
  • Region: Asia Pacific
  • TechSci Research
  • ID: 5911291
Free Webex Call
10% Free customization
Free Webex Call

Speak directly to the analyst to clarify any post sales queries you may have.

10% Free customization

This report comes with 10% free customization, enabling you to add data that meets your specific business needs.

The Asia Pacific Elevator Modernization Market was valued at USD 1.55 Billion in 2024, and is expected to reach USD 2.37 Billion by 2030, rising at a CAGR of 7.20%. The rapid pace of urbanization in the Asia Pacific region is driving a surge in the construction of high-rise buildings. As these tall structures necessitate elevators, the demand for elevator modernization is expected to parallel the growth in the number of high-rise buildings.
  • As of 2023, India’s urban population reached over 508 million, with the UN projecting 50% urbanization by 2047. This rapid migration to urban areas fuels vertical construction, driving demand for elevators in high-rise residential and commercial buildings.
  • India faces a housing shortage of over 19 million units, predominantly in urban areas. The Pradhan Mantri Awas Yojana (PMAY) aims to build 20 million affordable homes by 2025, directly increasing elevator installations in multi-storey residential developments.
  • India’s commercial building stock is growing at 7-8% annually, with many aging buildings over 15 years old now mandating elevator refurbishments to meet updated BIS and safety regulations.
  • Over 45% of urban households in China live in buildings over 7 stories tall, many of which were built before 2000 and require modernization to meet safety and energy efficiency standards.

Key Market Drivers

Technology Advancement will drive Asia Pacific Elevator Modernization market.
The Asia Pacific region is poised for a substantial surge in elevator modernization, driven by rapid technological advancements. As economies continue to grow and urbanization intensifies, there is an increasing need to enhance the efficiency, safety, and sustainability of existing infrastructure. Elevators, being a crucial component of urban mobility, are receiving significant attention for modernization efforts. Advancements in technology are at the forefront of this transformation. Smart technologies such as IoT (Internet of Things), AI (Artificial Intelligence), and cloud computing are being integrated into elevator systems to provide real-time monitoring, predictive maintenance, and enhanced user experiences. These innovations enable elevator operators to remotely monitor the health of their equipment, detect potential issues before they escalate, and optimize maintenance schedules, ultimately reducing downtime and improving passenger safety.

Furthermore, energy efficiency is a key concern in the Asia Pacific region due to increasing environmental awareness and regulatory pressures. Modernization offers the opportunity to replace outdated and energy-intensive systems with more energy-efficient models. Regenerative drive systems, LED lighting, and improved insulation are just a few examples of technologies that can contribute to substantial energy savings.

The market also benefits from the demand for improved accessibility and user convenience. Elevator modernization allows for the integration of features like touchless controls, biometric authentication, and personalized settings, catering to the diverse needs of a growing population. Governments and private sector stakeholders alike are recognizing the potential of elevator modernization to revitalize urban infrastructure. Incentive programs, subsidies, and supportive policies are being implemented to accelerate adoption.

This support, combined with the region's technological prowess, creates fertile ground for innovation and growth. In conclusion, the Asia Pacific elevator modernization market is poised for significant expansion, primarily fueled by technological advancements. These advancements not only enhance safety and efficiency but also align with the region's goals of sustainability and improved urban living. As economies continue to evolve, the elevator modernization sector will play a pivotal role in shaping the future of urban mobility in the Asia Pacific region.

Key Market Challenges

Diverse Regulatory Landscape

The Asia Pacific elevator modernization market confronts a significant obstacle in the form of a diverse regulatory landscape. The region comprises a multitude of countries, each with distinct safety standards, building codes, and regulations governing elevator systems. This variability complicates efforts to implement standardized modernization practices across borders.

Navigating these regulatory intricacies can lead to project delays, increased compliance costs, and operational uncertainties for elevator manufacturers and service providers. The need to tailor modernization solutions to meet varying requirements within each country further adds complexity. This lack of regulatory harmonization can hinder seamless cross-border operations, hampering the efficiency of elevator modernization projects and potentially deterring investment. Addressing this challenge necessitates concerted efforts by industry associations, governments, and stakeholders to establish common standards or agreements that streamline regulatory processes and promote uniform safety and efficiency guidelines across the Asia Pacific region.

Key Market Trends

Smart Technology Integration

Smart technology integration is set to be a prime catalyst propelling the Asia Pacific elevator modernization market to new heights. The convergence of cutting-edge technologies with elevator systems is revolutionizing industry, ushering in a new era of efficiency, safety, and enhanced user experiences. One of the pivotal factors driving the adoption of smart technology in elevator modernization is its potential to significantly enhance operational efficiency. Internet of Things (IoT) sensors and connected devices enable real-time monitoring of elevator performance, allowing for proactive maintenance and issue detection. Predictive analytics powered by artificial intelligence (AI) algorithms anticipate maintenance needs, reducing downtime and minimizing disruptions to building operations.

Moreover, smart technology integration is a game-changer in terms of passenger safety. Automated emergency response systems, remote monitoring, and data-driven safety protocols ensure rapid response times in case of emergencies, enhancing the overall security of elevator users. Energy efficiency is another area where smart technology shines. Advanced control systems optimize elevator movements, reducing energy consumption and aligning with sustainability goals. Regenerative drive systems convert kinetic energy during descent into reusable electricity, further contributing to energy savings. The integration of touchless controls, destination dispatch systems, and personalized settings transforms the user experience. Passengers benefit from a seamless, convenient, and customizable journey within buildings, fostering higher satisfaction levels.

The Asia Pacific region's rapid urbanization and increasing infrastructure investments align with the capabilities of smart elevator technology. Governments and building owners recognize the advantages of technology-driven modernization, contributing to a conducive market environment. In conclusion, the integration of smart technology is a driving force behind the Asia Pacific elevator modernization market's growth. By optimizing efficiency, safety, sustainability, and user experiences, smart technology ensures that the future of elevators is not only smarter but also safer and more user centric. This transformative trend is reshaping the industry landscape and setting the trajectory for innovation and advancement in the region.

Key Market Players

  • OTIS INTERNATIONAL ASIA PACIFIC PTE. LTD.
  • KONE Asia Pacific
  • Schindler Lifts (S) Pte Ltd
  • Hitachi, Ltd.
  • Thyssenkrupp Elevator Asia Pacific Limited
  • Mitsubishi Electric Asia Pte Ltd
  • Fujitec Co., Ltd
  • Hyundai Elevator Co.,Ltd
  • Shanghai SANEI Elevator Co., Ltd.
  • SANYO YUSOKI KOGYO

Report Scope:

In this report, the Asia Pacific Elevator Modernization market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Asia Pacific Elevator Modernization market, By Elevator Type:

  • Traction
  • Machine Room-Less Traction
  • Hydraulic

Asia Pacific Elevator Modernization market, By Component:

  • Controller
  • Door Equipment
  • Cabin Enclosure
  • Signalling Fixture
  • Power Unit
  • Others

Asia Pacific Elevator Modernization market, By End-use:

  • Residential Sector
  • Industrial Sector
  • Commercial Sector
  • Infrastructural Sector

Asia Pacific Elevator Modernization, By Modernization Type:

  • Partial
  • Full

Asia Pacific Elevator Modernization, By Speed:

  • < 200 fpm
  • 200-500 fpm
  • >500 fpm

Asia Pacific Elevator Modernization, By Height:

  • >20 floors
  • 20-50 floors
  • < 50 floors

Asia Pacific Elevator Modernization market, By Region:

  • China
  • India
  • Vietnam
  • Thailand
  • Indonesia
  • South Korea
  • Australia
  • Rest of Asia Pacific

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia Pacific Elevator Modernization market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company's specific needs. The following customization options are available for the report.

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

This product will be delivered within 1-3 business days.

Table of Contents

1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary4. Voice of Customer
5. Asia Pacific Elevator Modernization market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume
5.2. Market Share & Forecast
5.2.1. By Elevator Type (Traction, Machine Room-Less Traction, Hydraulic)
5.2.2. By Component (Controller, Door Equipment, Cabin Enclosure, Signalling Fixture, Power Unit, Others)
5.2.3. By End User (Residential Sector, Industrial Sector, Commercial Sector, Infrastructural Sector)
5.2.4. By Modernization Type (Partial, Full)
5.2.5. By Speed (< 200 fpm, 200-500 fpm, >500 fpm)
5.2.6. By Height (>20 floors, 20 -50 floors, < 50 floors)
5.2.7. By Country
5.3. By Company (2024)
5.4. Market Map
6. China Elevator Modernization Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Elevator Type
6.2.2. By Component
6.2.3. By End-User
6.2.4. By Modernization Type
6.2.5. By Speed
6.2.6. By Height
7. India Elevator Modernization Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Elevator Type
7.2.2. By Component
7.2.3. By End-User
7.2.4. By Modernization Type
7.2.5. By Speed
7.2.6. By Height
8. Vietnam Elevator Modernization Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Elevator Type
8.2.2. By Component
8.2.3. By End-User
8.2.4. By Modernization Type
8.2.5. By Speed
8.2.6. By Height
9. Thailand Elevator Modernization Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Elevator Type
9.2.2. By Component
9.2.3. By End-User
9.2.4. By Modernization Type
9.2.5. By Speed
9.2.6. By Height
10. Indonesia Elevator Modernization Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Elevator Type
10.2.2. By Component
10.2.3. By End-User
10.2.4. By Modernization Type
10.2.5. By Speed
10.2.6. By Height
11. South Korea Elevator Modernization Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Elevator Type
11.2.2. By Component
11.2.3. By End-User
11.2.4. By Modernization Type
11.2.5. By Speed
11.2.6. By Height
12. Australia Elevator Modernization Market Outlook
12.1. Market Size & Forecast
12.1.1. By Value
12.2. Market Share & Forecast
12.2.1. By Elevator Type
12.2.2. By Component
12.2.3. By End-User
12.2.4. By Modernization Type
12.2.5. By Speed
12.2.6. By Height
13. Market Dynamics
13.1. Drivers
13.2. Challenges
14. Market Trends and Developments
15. Company Profiles
15.1. OTIS INTERNATIONAL ASIA PACIFIC PTE. LTD.
15.1.1. Business Overview
15.1.2. Key Revenue and Financials
15.1.3. Recent Developments
15.1.4. Key Personnel
15.1.5. Key Product/Services
15.2. KONE Asia Pacific
15.2.1. Business Overview
15.2.2. Key Revenue and Financials
15.2.3. Recent Developments
15.2.4. Key Personnel
15.2.5. Key Product/Services
15.3. Schindler Lifts (S) Pte Ltd
15.3.1. Business Overview
15.3.2. Key Revenue and Financials
15.3.3. Recent Developments
15.3.4. Key Personnel
15.3.5. Key Product/Services
15.4. Hitachi, Ltd.
15.4.1. Business Overview
15.4.2. Key Revenue and Financials
15.4.3. Recent Developments
15.4.4. Key Personnel
15.4.5. Key Product/Services
15.5. Thyssenkrupp Elevator Asia Pacific Limited
15.5.1. Business Overview
15.5.2. Key Revenue and Financials
15.5.3. Recent Developments
15.5.4. Key Personnel
15.5.5. Key Product/Services
15.6. Mitsubishi Electric Asia Pte Ltd
15.6.1. Business Overview
15.6.2. Key Revenue and Financials
15.6.3. Recent Developments
15.6.4. Key Personnel
15.6.5. Key Product/Services
15.7. Fujitec Co. Ltd.
15.7.1. Business Overview
15.7.2. Key Revenue and Financials
15.7.3. Recent Developments
15.7.4. Key Personnel
15.7.5. Key Product/Services
15.8. Hyundai Elevator Co.,Ltd
15.8.1. Business Overview
15.8.2. Key Revenue and Financials
15.8.3. Recent Developments
15.8.4. Key Personnel
15.8.5. Key Product/Services
15.9. Shanghai SANEI Elevator Co., Ltd.
15.9.1. Business Overview
15.9.2. Key Revenue and Financials
15.9.3. Recent Developments
15.9.4. Key Personnel
15.9.5. Key Product/Services
15.10. SANYO YUSOKI KOGYO
15.10.1. Business Overview
15.10.2. Key Revenue and Financials
15.10.3. Recent Developments
15.10.4. Key Personnel
15.10.5. Key Product/Services
16. Strategic Recommendations17. About the Publisher & Disclaimer

Companies Mentioned

  • OTIS INTERNATIONAL ASIA PACIFIC PTE. LTD.
  • KONE Asia Pacific
  • Schindler Lifts (S) Pte Ltd
  • Hitachi, Ltd.
  • Thyssenkrupp Elevator Asia Pacific Limited
  • Mitsubishi Electric Asia Pte Ltd
  • Fujitec Co., Ltd
  • Hyundai Elevator Co.,Ltd
  • Shanghai SANEI Elevator Co., Ltd.
  • SANYO YUSOKI KOGYO

Table Information