The elevator modernization market was valued at US$ 10,640.0 million in 2017 and is projected to reach US$ 14,386.2 million by 2025; it is expected to grow at a CAGR of 3.8% during 2018–2025.
The 21st century has witnessed huge influx of population in the urban cities of developed and developing economies in search of better life. Higher standards of living, higher job opportunities, access to modern amenities and services are the few major factors that have contributed in the migration of rural population to the urban areas around the world. Developing economies witnessed a steady growth in the post-recession era and thus there was rise in the disposable incomes by consumers. As per the data from World Bank, currently 54% of the entire globe’s population resides in the urban areas while the remaining percentages are still residing in the rural areas. Hence, close to 4 billion of the world’s population houses in the urban areas piling up pressure on the infrastructures in the urban areas. As a result, density of population in these areas has reached unprecedented levels.
As urbanization has increased, there have been increasing demands for housing and infrastructure from the consumer segment. Also, the legacy and existing vertical transportation systems used in the commercial buildings, offices, malls and other public places have proven to be incapable of handling the current capacities. As a result, individuals have been facing longer waiting times in queues in the lobbies of commercial and public buildings. In a fast-moving era, waiting times is not desirable by any individual and results in losses for the person. Thus, the demand for a smoother, efficient and quicker vertical transportation system have led to modernization of elevators driving its adoptions.
Lucrative Regions for Elevator Modernization Market
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Market Insights–Elevator Modernization Market
Ageing Urban Infrastructure and Ageing Global Population Driving Elevator Replacement with Latest Technology
The global population in the year 2000 constituted of 11% people older than 60 years and the rate is expected to increase. As per the statistics, the percentage of old population would be doubled by the year 2050 and amount to 22% of the entire world population. This demographic change has increased the importance of accessibility in the buildings. Such changes present a challenge for town-planners, architects and the government regarding the urban infrastructure and accessibility in the buildings. Also, the era has changed when older generation preferred to stay at places offering fewer amenities and live a secluded life. The current older generation thinks of being rather more proactive and prefers staying in the same environment as the current youth. This integration has led building owners to look for good solutions for accessibility in the buildings. Apart from this, the urban infrastructure is also ageing in major cities of the world especially in North America and Europe. A large portion of the existing infrastructure is close to or more than 25 years old. In such a time frame, any kind of equipment wears down performance wise. Modern equipment in the old architecture adds value to the building and its owners. Also, it retains the heritage of the building upgrading it with the latest technology. Thus, the emotional aesthetics attached with any old building is maintained while the performance of vertical transportation system in it is upgraded.
Type Segment Insights
Based on type, the elevator modernization market is segmented into hydraulic and traction. Depending upon the factors such as type of building, number of floors, budget, and the level of modernization required in the elevator, decides the type of elevator required in the building. Both, Hydraulic and Traction elevators, have to carry people or various items to the different floors of the building and each elevator has a weight capacity. Modernization, partial or full, of these elevators are needed due to load carrying capacity shortages, long wait times due to slow speed, high power consumption, wear and tear of components, and new regulations. Both the elevator type has their advantages and disadvantages depending upon their usage.
Component Segment Insights
Based on vehicle type, the elevator modernization market is bifurcated into power units, cabin enclosures, controllers, signalling fixtures, door equipment and others. As the reconstructions in buildings, airports, and other infrastructure works is increasing, the demand for the modernization of the elevators is increasing. Several factors affect the modernization of the elevators, such as safety, convenience, increasing traffic, and others. Therefore, either the whole or the components of the elevator system are changed in order to meet the need of the client.
End User Segment Insights
Based on end users, the elevator modernization market is bifurcated into industrial, residential building, institutional, marine, commercial and others. Different building structure demands different elevator model. The elevator designs are tailor made and not generic in nature. The modernization of elevators depends upon the age of installed elevator, and as the need of the building. Elevators those are 15-20 years old requires modernization as maintenance may not be effective enough. Period of 1990s had seen a substantial growth in new development of commercial as well as residential building across all the countries. Most of the building today are upgrading and modernizing building infrastructure as per the requirement of the building type. The elevator traffic has changed as it was been before and the new government regulations demand the need to modernize the existing elevators.
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Elevator Modernization Market: Strategic Insights
Market Size Value in US$ 10,640.0 Million in 2017 Market Size Value by US$ 14,386.2 Million by 2025 Growth rate CAGR of 3.8% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Elevator Modernization Market: Strategic Insights
| Market Size Value in | US$ 10,640.0 Million in 2017 |
| Market Size Value by | US$ 14,386.2 Million by 2025 |
| Growth rate | CAGR of 3.8% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
2017:Otis’ connected IoT systems enable intelligent and predictive service to address maintenance issues before they occur. After receiving “health reports” from every elevator, the system will diagnose and determine the parts that need to be replaced. This information is then relayed to the OTISLINE customer service center automatically so that technicians can prepare the necessary tools and parts before servicing customers.
2017:The Company announced the implementation of 26 new elevators and escalators at the new Rinascente department store at Piazza del Tritone in Rome. These elevators will help to carry up to 90,000 people per hour.
2017:The Company announced the development in the existing elevator with the concept for its net-zero energy solution at Energy Efficiency Global Forum 2017. This concept is implemented via modernization, producing net-energy positive systems without replacing the entire elevator.
The Global Elevator Modernization Market has been Segmented as Follows:
Elevator Modernization Market – By Type
- Hydraulic
- Traction
Elevator Modernization Market – By Component
- Power Units
- Cabin Enclosures
- Controllers
- Signaling Fixtures
- Door Equipment
- Others
Elevator Modernization Market – By End-User
- Industrial
- Residential Building
- Institutional
- Marine
- Commercial
- Other
Elevator Modernization Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Elevator Modernization Market – Companies Profiles
- United Technologies Corporation
- KONE Corporation
- Schindler Holding Ltd.
- ThyssenKrupp AG
- Fujitec Co Ltd.
- Hitachi Ltd.
- Electra Elevators
- Hyundai Elevator Co., Ltd
- Mitsubishi Electric Corporation
- Toshiba International Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Component ; and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Table of Contents
1.1 List of Tables 10
1.2 List of Figures 12
2 Introduction 16
2.1 Scope of the Study 16
2.2 The Insight Partners Research Report Guidance 16
3 Key Takeaways 18
4 Elevator modernization Market Landscape 21
4.1 Market Overview 21
4.2 Market Segmentation 22
4.2.1 Global Elevator modernization Market - By Type 23
4.2.2 Global Elevator modernization Market - By Component 23
4.2.3 Global Elevator modernization Market - By End-user 24
4.2.4 Global Elevator modernization Market - By Geography 24
4.3 PEST Analysis 26
4.3.1 North America PEST Analysis 26
4.3.2 Europe PEST Analysis 29
4.3.3 Asia Pacific PEST Analysis 32
4.3.4 Middle East & Africa PEST Analysis 35
4.3.5 South America PEST Analysis 38
5 Global Elevator Modernization Market - Key Industry Dynamics 40
5.1 Key Market Drivers 40
5.1.1 Need for a smooth and efficient mobility system inside buildings owing to increasing urbanization 40
5.1.2 Rising concerns of safety in elevators in high rise buildings 40
5.1.3 Ageing urban infrastructure and ageing global population driving elevator replacement with latest technology 41
5.2 Key Market Restraints 42
5.2.1 Design related issues concerned around modernization of elevators 42
5.2.2 Damages due to leakages in hydraulic elevators 42
5.3 Key Market Opporunities 43
5.3.1 Predictive maintenance service for elevators 43
5.4 Future Trends 44
5.4.1 Minimizations on downtimes of elevator systems 44
5.5 Impact Analysis of Drivers and Restraints 45
6 Elevator Modernization Market - Global 46
6.1 Global Elevator Modernization Market Overview 46
6.2 Global Elevator modernization Market Forecast and Analysis 47
7 Global Elevator modernization Market Analysis - By Type 48
7.1 Overview 48
7.2 Hydraulic 49
7.2.1 Overview 49
7.2.2 Global Hydraulic Market Revenue and Forecasts to 2025 (US$ Mn) 49
7.3 Traction 51
7.3.1 Overview 51
7.3.2 Global Traction Market Revenue and Forecasts to 2025 (US$ Mn) 51
8 Global Elevator Modernization Market Analysis - By Component 53
8.1 Overview 53
8.2 Power Units 54
8.2.1 Overview 54
8.2.2 Global Power Units Market Revenue and Forecasts to 2025 (US$ Mn) 54
8.3 Cabin Enclosures 56
8.3.1 Overview 56
8.3.2 Global Cabin Enclosures Market Revenue and Forecasts to 2025 (US$ Mn) 56
8.4 Controllers 57
8.4.1 Overview 57
8.4.2 Global Controllers Market Revenue and Forecasts to 2025 (US$ Mn) 57
8.5 Signaling Fixtures 59
8.5.1 Overview 59
8.5.2 Global Signaling Fixtures Market Revenue and Forecasts to 2025 (US$ Mn) 59
8.6 Door Equipment 61
8.6.1 Overview 61
8.6.2 Global Door Equipment Market Revenue and Forecasts to 2025 (US$ Mn) 61
8.7 Others 63
8.7.1 Overview 63
8.7.2 Global Others Market Revenue and Forecasts to 2025 (US$ Mn) 63
9 Global Elevator Modernization Market Analysis - By End-user 65
9.1 Overview 65
9.2 Industrial 66
9.2.1 Overview 66
9.2.2 Global Industrial Market Revenue and Forecasts to 2025 (US$ Mn) 66
9.3 Residential Building 67
9.3.1 Overview 67
9.3.2 Global Residential Building Market Revenue and Forecasts to 2025 (US$ Mn) 68
9.4 Institutional 69
9.4.1 Overview 69
9.4.2 Global Institutional Market Revenue and Forecasts to 2025 (US$ Mn) 69
9.5 Marine 70
9.5.1 Overview 70
9.5.2 Global Marine Market Revenue and Forecasts to 2025 (US$ Mn) 70
9.6 Commercial 72
9.6.1 Overview 72
9.6.2 Global Commercial Market Revenue and Forecasts to 2025 (US$ Mn) 72
9.7 Others 73
9.7.1 Overview 73
9.7.2 Global Others Market Revenue and Forecasts to 2025 (US$ Mn) 73
10 Global Elevator modernization Market - Geographical Analysis 75
10.1 Overview 75
10.2 North America Elevator Modernization Market Revenue and Forecasts to 2025 76
10.2.1 Overview 76
10.2.2 North America Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 77
10.2.3 North America Elevator Modernization Market Breakdown by Key Countries 78
10.2.3.1. US Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 79
10.2.3.2. Canada Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 80
10.2.3.3. Mexico Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 81
10.2.4 North America Elevator Modernization Market Breakdown by Type 82
10.2.5 North America Elevator Modernization Market Breakdown by Component 83
10.2.6 North America Elevator Modernization Market Breakdown by End-User 84
10.3 Europe Elevator Modernization Market Revenue and Forecasts to 2025 86
10.3.1 Overview 86
10.3.2 Europe Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 86
10.3.3 Europe Elevator Modernization Market Breakdown by Key Countries 88
10.3.3.1. France Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 89
10.3.3.2. Germany Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 90
10.3.3.3. Italy Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 91
10.3.3.4. Spain Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 92
10.3.3.5. UK Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 93
10.3.3.6. Rest of Europe Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 94
10.3.4 Europe Elevator Modernization Market Breakdown by Type 95
10.3.5 Europe Elevator Modernization Market Breakdown by Component 96
10.3.6 Europe Elevator Modernization Market Breakdown by End-User 97
10.4 Asia Pacific (APAC) Elevator Modernization Market Revenue and Forecasts to 2025 99
10.4.1 Overview 99
10.4.2 Asia Pacific Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 99
10.4.3 Asia Pacific Elevator Modernization Market Breakdown by Countries 100
10.4.3.1. China Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 101
10.4.3.2. India Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 102
10.4.3.3. Japan Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 103
10.4.3.4. Australia Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 104
10.4.3.5. Rest of APAC Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 105
10.4.4 Asia Pacific Elevator Modernization Market Breakdown by Type 106
10.4.5 Asia Pacific Elevator Modernization Market Breakdown by Component 108
10.4.6 Asia Pacific Elevator Modernization Market Breakdown by End-User 110
10.5 Middle East & Africa (MEA) Elevator Modernization Market Revenue and Forecasts to 2025 112
10.5.1 Overview 112
10.5.2 Middle East & Africa Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 112
10.5.3 Middle East & Africa Elevator Modernization Market Breakdown by Key Countries 114
10.5.3.1. Saudi Arabia Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 115
10.5.3.2. UAE Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 116
10.5.3.3. South Africa Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 117
10.5.3.4. Rest of MEA Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 118
10.5.4 Middle East & Africa Elevator Modernization Market Breakdown by Type 118
10.5.5 Middle East & Africa Elevator Modernization Market Breakdown by Component 120
10.5.6 Middle East & Africa Elevator Modernization Market Breakdown by End-User 121
10.6 South America Elevator Modernization Market Revenue and Forecasts to 2025 123
10.6.1 Overview 123
10.6.2 South America Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 123
10.6.3 South America Elevator Modernization Market Breakdown by Key Countries 125
10.6.3.1. Brazil Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 126
10.6.3.2. Rest of SAM Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 127
10.6.4 South America Elevator Modernization Market Breakdown by Type 128
10.6.5 South America Elevator Modernization Market Breakdown by Component 129
10.6.6 South America Elevator Modernization Market Breakdown by End-User 130
11 Industry Landscape 132
11.1 Market Initative 132
11.2 Merger and Acquisition 134
11.3 New Development 136
12 Competitive Landscape 138
12.1 Competitive Product Mapping 138
12.2 Market Positioning - Global Top 5 Players Ranking 140
13 Global Elevator modernization Market - Key Company Profiles 141
13.1 United Technologies Corporation 141
13.1.1 Key Facts 141
13.1.2 Business Description 141
13.1.3 Financial Overview 142
13.1.4 SWOT Analysis 142
13.1.5 Key Developments 145
13.2 KONE Corporation 148
13.2.1 Key Facts 148
13.2.2 Business Description 148
13.2.3 Financial Overview 149
13.2.4 SWOT Analysis 150
13.2.5 Key Developments 151
13.3 Schindler Holding Ltd. 154
13.3.1 Key Facts 154
13.3.2 Business Description 154
13.3.3 Financial Overview 155
13.3.4 SWOT Analysis 156
13.3.5 Key Developments 158
13.4 Thyssenkrupp AG 160
13.4.1 Key Facts 160
13.4.2 Business Description 160
13.4.3 Financial Overview 161
13.4.4 SWOT Analysis 162
13.4.5 Key Developments 164
13.5 Fujitec Co. Ltd. 166
13.5.1 Key Facts 166
13.5.2 Business Description 166
13.5.3 Financial Overview 167
13.5.4 SWOT Analysis 168
13.5.5 Key Developments 169
13.6 Hitachi Ltd. 170
13.6.1 Key Facts 170
13.6.2 Business Description 170
13.6.3 Financial Overview 171
13.6.4 SWOT Analysis 172
13.6.5 Key Developments 173
13.7 Electra Elevators 175
13.7.1 Key Facts 175
13.7.2 Business Description 175
13.7.3 Financial Overview 176
13.7.4 SWOT Analysis 176
13.7.5 Key Developments 178
13.8 Hyundai Elevator Co., Ltd. 179
13.8.1 Key Facts 179
13.8.2 Business Description 179
13.8.3 Financial Overview 179
13.8.4 SWOT Analysis 180
13.8.5 Key Developments 182
13.9 Mitsubishi Electric Corporation 183
13.9.1 Key Facts 183
13.9.2 Business Description 183
13.9.3 Financial Overview 184
13.9.4 SWOT Analysis 185
13.9.5 Key Developments 187
13.10 Toshiba International Corporation 188
13.10.1 Key Facts 188
13.10.2 Business Description 188
13.10.3 Financial Overview 189
13.10.4 SWOT Analysis 190
13.10.5 Key Developments 191
14 Appendix 192
14.1 About The Insight Partners 192
14.2 Glossary of Terms 193
14.3 Methodology 194
14.3.1 Coverage 194
14.3.2 Secondary Research 194
14.3.3 Primary Research 195
14.4 Contact Us 196
14.5 Disclaimer 196
List of Tables
Table 1: Global Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 47
Table 2: North America Elevator Modernization Market Revenue and Forecasts to 2025 - By Type (US$ Mn) 82
Table 3: North America Elevator Modernization Market Revenue and Forecasts to 2025 - By Component (US$ Mn) 83
Table 4: North America Elevator Modernization Market Revenue and Forecasts to 2025 - By End-User (US$ Mn) 85
Table 5: Europe Elevator Modernization Market Revenue and Forecasts to 2025 - By Type (US$ Mn) 95
Table 6: Europe Elevator Modernization Market Revenue and Forecasts to 2025 - By Component (US$ Mn) 96
Table 7: Europe Elevator Modernization Market Revenue and Forecasts to 2025 - By End-User (US$ Mn) 98
Table 8: Asia Pacific Elevator Modernization Market Revenue and Forecasts to 2025 - By Type (US$ Mn) 107
Table 9: Asia Pacific Elevator Modernization Market Revenue and Forecasts to 2025 - By Component (US$ Mn) 109
Table 10: Asia Pacific Elevator Modernization Market Revenue and Forecasts to 2025 - By End-User (US$ Mn) 110
Table 11: Middle East & Africa Elevator Modernization Market Revenue and Forecasts to 2025 - By Type (US$ Mn) 119
Table 12: Middle East & Africa Elevator Modernization Market Revenue and Forecasts to 2025 - By Component (US$ Mn) 120
Table 13: Middle East & Africa Elevator Modernization Market Revenue and Forecasts to 2025 - By End-User (US$ Mn) 122
Table 14: South America Elevator Modernization Market Revenue and Forecasts to 2025 - By Type (US$ Mn) 128
Table 15: South America Elevator Modernization Market Revenue and Forecasts to 2025 - By Component (US$ Mn) 129
Table 16: South America Elevator Modernization Market Revenue and Forecasts to 2025 - By End-User (US$ Mn) 131
Table 17: Glossary of Terms, Elevator modernization Market 193
List of Figures
Figure 1: Controllers Elevator modernization, Global Revenue (US$ Mn), 2016 & 2025 18
Figure 2: APAC Elevator modernization, Global Revenue (US$ Mn), 2016 & 2025 19
Figure 3: Commercial Elevator modernization Market, Global Revenue (US$ Mn), 2016 & 2025 20
Figure 4: Elevator modernization Market Segmentation 22
Figure 5: Elevator modernization Market Segmentation 23
Figure 6: North America PEST Analysis 26
Figure 7: Europe PEST Analysis 29
Figure 8: APAC PEST Analysis 32
Figure 9: MEA PEST Analysis 35
Figure 10: SAM PEST Analysis 38
Figure 11: Elevator Modernization Market Impact Analysis of Driver and Restraints 45
Figure 12: Global Elevator Modernization Market Breakdown By Type, 2016 & 2025 (%) 48
Figure 13: Hydraulic Market Revenue and Forecasts to 2025 (US$ Mn) 50
Figure 14: Traction Market Revenue and Forecasts to 2025 (US$ Mn) 52
Figure 15: Global Elevator Modernization Market Breakdown By Component, 2016 & 2025 (%) 53
Figure 16: Power Units Market Revenue and Forecasts to 2025 (US$ Mn) 55
Figure 17: Cabin Enclosures Market Revenue and Forecasts to 2025 (US$ Mn) 56
Figure 18: Controllers Market Revenue and Forecasts to 2025 (US$ Mn) 58
Figure 19: Signaling Fixtures Market Revenue and Forecasts to 2025 (US$ Mn) 60
Figure 20: Door Equipment Market Revenue and Forecasts to 2025 (US$ Mn) 62
Figure 21: Others Market Revenue and Forecasts to 2025 (US$ Mn) 64
Figure 22: Global Elevator Modernization Market Breakdown By End User, 2016 & 2025 (%) 65
Figure 23: Global Industrial Market Revenue and Forecasts to 2025 (US$ Mn) 67
Figure 24: Global Residential Building Market Revenue and Forecasts to 2025 (US$ Mn) 68
Figure 25: Global Institutional Market Revenue and Forecasts to 2025 (US$ Mn) 70
Figure 26: Global Marine Market Revenue and Forecasts to 2025 (US$ Mn) 71
Figure 27: Global Commercial Market Revenue and Forecasts to 2025 (US$ Mn) 73
Figure 28: Global Others Market Revenue and Forecasts to 2025 (US$ Mn) 74
Figure 29: Elevator Modernization Market, Global Breakdown by Regions, 2016 & 2025 (%) 75
Figure 30: North America Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 77
Figure 31: North America Elevator Modernization Market Breakdown by Key Countries, 2016 & 2025 (%) 78
Figure 32: US Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 79
Figure 33: Canada Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 80
Figure 34: Mexico Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 81
Figure 35: North America Elevator Modernization Market Breakdown by Type, 2016 & 2025 (%) 82
Figure 36: North America Elevator Modernization Market Breakdown by Component, 2016 & 2025 (%) 83
Figure 37: North America Elevator Modernization Market Breakdown by End-User, 2016 & 2025 (%) 84
Figure 38: Europe Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 87
Figure 39: Europe Elevator Modernization Market Breakdown by Key Countries, 2016 & 2025 (%) 88
Figure 40: France Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 89
Figure 41: Germany Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 90
Figure 42: Italy Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 91
Figure 43: Spain Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 92
Figure 44: UK Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 93
Figure 45: Rest of Europe Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 94
Figure 46: Europe Elevator Modernization Market Breakdown by Type, 2016 & 2025 (%) 95
Figure 47: Europe Elevator Modernization Market Breakdown by Component, 2016 & 2025 (%) 96
Figure 48: Europe Elevator Modernization Market Breakdown by End-User, 2016 & 2025 (%) 97
Figure 49: Asia Pacific Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 100
Figure 50: Asia Pacific Elevator Modernization Market Breakdown by Key Countries, 2016 & 2025 (%) 100
Figure 51: China Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 101
Figure 52: India Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 102
Figure 53: Japan Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 103
Figure 54: Australia Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 104
Figure 55: Rest of APAC Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 105
Figure 56: Asia Pacific Elevator Modernization Market Breakdown by Type, 2016 & 2025 (%) 106
Figure 57: Asia Pacific Elevator Modernization Market Breakdown by Component, 2016 & 2025 (%) 108
Figure 58: Asia Pacific Elevator Modernization Market Breakdown by End-User, 2016 & 2025 (%) 110
Figure 59: Middle East & Africa Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 113
Figure 60: Middle East & Africa Elevator Modernization Market Breakdown by Key Countries, 2016 & 2025 (%) 114
Figure 61: Saudi Arabia Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 115
Figure 62: UAE Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 116
Figure 63: South Africa Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 117
Figure 64: Rest of MEA Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 118
Figure 65: Middle East & Africa Elevator Modernization Market Breakdown by Type, 2016 & 2025 (%) 119
Figure 66: Middle East & Africa Elevator Modernization Market Breakdown by Components, 2016 & 2025 (%) 120
Figure 67: Middle East & Africa Elevator Modernization Market Breakdown by End-User, 2016 & 2025 (%) 121
Figure 68: South America Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 124
Figure 69: South America Elevator Modernization Market Breakdown by Key Countries, 2016 & 2025 (%) 125
Figure 70: Brazil Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 126
Figure 71: Rest of SAM Elevator Modernization Market Revenue and Forecasts to 2025 (US$ Mn) 127
Figure 72: South America Elevator Modernization Market Breakdown by Type, 2016 & 2025 (%) 128
Figure 73: South America Elevator Modernization Market Breakdown by Component, 2016 & 2025 (%) 129
Figure 74: South America Elevator Modernization Market Breakdown by End-User, 2016 & 2025 (%) 130
Figure 75: Elevator Modernization Market Competitive Product Mapping 138
The List of Companies
1. KONE Corporation
2. United Technologies Corporation
3. Siemens AG
4. Schindler Holding Ltd.
5. Mitsubishi Electric Corporation
6. thyssenKrupp AG
7. Fujitec Co., Ltd.
8. Hitachi, Ltd.
9. HYUNDAIELEVATOR CO., LTD.
10. TOSHIBA CORPORATION.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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