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

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    Report

  • 145 Pages
  • January 2023
  • Region: Global
  • IMARC Group
  • ID: 5732852

Quick Summary:

The global elevator modernization market has seen considerable growth in response to the increasing need for an efficient mobility system within buildings. The process of modernizing critical elevator parts significantly enhances the safety, performance, and aesthetics of these integral transport mechanisms. Improving operational efficiency and reliability, while reducing energy costs and minimizing electromagnetic noise, have become crucial in the residential, commercial, and industrial sectors. Elevator modernization helps eliminate recurring issues such as breakdowns, slow mobility, and frequent maintenance.

The rising safety concerns in elevators of high-rise buildings and expanding working population are driving market growth. There has been an increase in government initiatives promoting the construction and renovation of buildings due to aging urban infrastructure. Combined with escalating investments in commercial sectors such as hospitals, shopping malls, and airports, this trend is propelling the elevator modernization market forward. Innovative product developments are encouraging the commercial usage of upgraded, energy-efficient elevators. With the rising demand for modern amenities, rapid urbanization, improving living standards, and increasing consumer expenditure capacities, the elevator modernization market continues to thrive.

The global elevator modernization market size reached US$ 8.6 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 11.9 Billion by 2028, exhibiting a CAGR of 5.56% during 2022-2028.

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.

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:

The publisher 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:

  • 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:

  • 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.

Key Questions Answered in This Report

1. What was the size of the global elevator modernization market in 2022?
2. What is the expected growth rate of the global elevator modernization market during 2023-2028?
3. What are the key factors driving the global elevator modernization market?
4. What has been the impact of COVID-19 on the global elevator modernization market?
5. What is the breakup of the global elevator modernization market based on the elevator type?
6. What is the breakup of the global elevator modernization market based on the end user?
7. What are the key regions in the global elevator modernization market?
8. Who are the key players/companies in the global elevator modernization market?
Frequently Asked Questions about the Elevator Modernization Market

What is the estimated value of the Elevator Modernization Market?

The Elevator Modernization Market was estimated to be valued at $8.6 Billion in 2022.

What is the growth rate of the Elevator Modernization Market?

The growth rate of the Elevator Modernization Market is 5.5%, with an estimated value of $11.9 Billion by 2028.

What is the forecasted size of the Elevator Modernization Market?

The Elevator Modernization Market is estimated to be worth $11.9 Billion by 2028.

Who are the key companies in the Elevator Modernization Market?

Key companies in the 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 and Olympia Elevators Pvt. Ltd..

Table of Contents

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

Companies Mentioned

  • 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
  • Stanley Elevator Company Inc.

Methodology

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