The elevator modernization market size is projected to reach US$ 22.04 billion by 2031 from US$ 12.83 billion in 2023. The market is expected to register a CAGR of 6.9% in 2023—2031. Aging urban infrastructure and a growing global population are key elevator modernization market trends.

Elevator Modernization Market Analysis

The elevator modernization market is growing at a rapid pace. The consumer segment's needs for housing and infrastructure have grown as urbanization has developed. Furthermore, it has been seen that the legacy and present vertical transit systems utilized in shops, offices, malls, and other public areas are unable to accommodate the current capacities. People have, therefore, been having to wait longer in lines at the entrances to public and commercial facilities. Nowadays, in a fast-paced world, nobody enjoys waiting around since it costs them money. Elevator adoption has, therefore, been driven by elevator modernization, which has resulted from the need for a more seamless, effective, and rapid vertical transit system.

Elevator Modernization Market Overview

The process of updating crucial elevator components is known as elevator modernization. Elevator systems are made up of many different parts that eventually wear out and need to be updated in order to continue operating at peak efficiency, safety, and performance. Additionally, upgrading improves the elevator's quality and aesthetic appeal.

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Elevator Modernization Market: Strategic Insights

Elevator Modernization Market

• 
  CAGR (2023 - 2031)

  6.9%
• Market Size 2023
  US$ 12.83 Billion
• Market Size 2031
  US$ 22.04 Billion

Market Dynamics

GROWTH DRIVERS

• Aging Urban Infrastructure and Global Population to Favor The Market

FUTURE TRENDS

• Emergence of Smart Cities

OPPORTUNITIES

• Development in the commercial sector.

Key Players

• KONE Corporation
• United Elevator Corp
• Siemens
• Schindler
• Mitsubishi Electric US, Inc.
• TK Elevator
• FUJITEC CO. LTD.
• Hitachi, Ltd.
• TOSHIBA
• HYUNDAI ELEVATOR CO.,LTD

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Hydraulic
• Traction

Component

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

End User

• Industrial
• Residential Building
• Institutional
• Marine
• Commercial
• Others

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Elevator Modernization Market Drivers and Opportunities

Aging Urban Infrastructure and Global Population to Favor the Market

According to the projections, the proportion of older people will increase to 22% of the global population by 2050. The necessity of accessibility in buildings has increased due to this shift in demographics. Town planners, architects, and the government have difficulties as a result of these developments with regard to building accessibility and urban infrastructure. Additionally, the times have changed since the elder generation chose to stay in locations with fewer amenities and lead a more remote lifestyle. This is going to fuel the elevator modernization market.

Development in the commercial sector.

Development in the commercial sector can create opportunities for the modernization market by increasing demand for updated technologies and services. For instance, as businesses expand or adopt new processes, they often require modernized infrastructure, software solutions, or automation tools to stay competitive. This demand can drive innovation and investment in the modernization market, offering opportunities for companies specializing in upgrading and optimizing commercial systems. Elevator Modernization Market Report Segmentation Analysis

Key segments that contributed to the derivation of the elevator modernization market analysis are type, component, and end user.

• Based on type, the elevator modernization market is divided into hydraulic and traction. The hydraulic segment is anticipated to grow in the forecast period.
• By component, the market is segmented into power units, cabin enclosures, controllers, signalling fixtures, door equipment, and others. The power units segment is anticipated to grow in the forecast period.
• Based on end users, the elevator modernization market is divided into industrial, residential building, institutional, marine, commercial, and others. The industrial segment is anticipated to grow in the forecast period.

Elevator Modernization Market Share Analysis by Geography

The geographic scope of the elevator modernization market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the elevator modernization market. High technology adoption trends in various industries in the North American region have fuelled the growth of the elevator modernization market. America is predicted to rise significantly in the next years because of the introduction of new technologies and an increase in safety concerns. Due to the increase in residential, commercial, and industrial applications, the market is anticipated to grow significantly throughout the projected period. Even manufacturers are concentrating more on providing products that are outfitted with the newest technological advancements. All these factors contribute to the region's growth of the elevator modernization market.

Elevator Modernization Market Report Scope

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Elevator Modernization Market News and Recent Developments

The elevator modernization market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• In January 2024, - Otis Brazil completed the technological and aesthetic modernization of 13 elevators in the iconic Birmann 21 building in São Paulo, completing the 36-month modernization project on schedule. Otis Brazil is part of Otis Worldwide Corporation, the world leader in the manufacture, installation, and maintenance of elevators and escalators.

(Source: Otis, Press Release, 2023)

• In March 2022, Taoping Inc., one of the providers of blockchain technology and smart cloud services, announced that the company has entered into a strategic cooperation agreement (“Agreement”) with Shenzhen Zhihui Yunti IoT Co., Ltd. to jointly address the market needs of the elevator modernization and maintenance.

(Source: Taoping Inc., Press Release, 2022)

Elevator Modernization Market Report Coverage and Deliverables

The "Elevator Modernization Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles