Elevator Modernization Market Forecast and Growth 2031

Elevator Modernization Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Hydraulic and Traction); Component (Power Units, Cabin Enclosures, Controllers, Signalling Fixtures, Door Equipment and Others); and End User (Industrial, Residential Building, Institutional, Marine, Commercial and Others), and Geography

  • Report Code : TIPTE100000619
  • Category : Electronics and Semiconductor
  • No. of Pages : 150
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Elevator Modernization Market Growth Report | 2021 to 2031

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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

Market Size Value inUS$ 10,640.0 Million in 2017
Market Size Value byUS$ 14,386.2 Million by 2025
Growth rateCAGR of 3.8% from 2018-2025
Forecast Period2018-2025
Base Year2018
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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

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
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type ; Component ; and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Frequently Asked Questions

What will be the market size for the global elevator modernization market by 2031?

The global elevator modernization market is expected to reach US$ 22.04 billion by 2031.

Which are the key players holding the major market share of the elevator modernization market?

The key players holding majority shares in the global elevator modernization market are KONE Corporation, United Elevator Corp, Siemens, Schindler, Mitsubishi Electric US, Inc., TK Elevator, FUJITEC CO. LTD., and Hitachi, Ltd., Toshiba, Hyundai elevator Co., Ltd.

What are the opportunities of the global elevator modernization market?

Development in the commercial sector is impacting elevator modernization, which is anticipated to play a significant role in the global elevator modernization market in the coming years.

What are the driving factors impacting the global elevator modernization market?

Aging urban infrastructure and a growing global population are the major factors that propel the global elevator modernization market growth.

What is the estimated market size for the global elevator modernization market in 2023?

The global elevator modernization market was estimated to be US$ 12.83 billion in 2023 and is expected to grow at a CAGR of 6.9% during the forecast period 2024 - 2031.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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