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Asia Pacific Elevator Modernization Market By Type (Traction System, Hydraulic System, Machine Room-Less (MRL) Elevators); By Application (Residential Buildings, Commercial Buildings, Industrial Buildings, Institutional Buildings); By Component (Control System, Door System, Cab Enclosure, Power Units, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2019-2022
Base Year	2023
Forecast Period	2024-2032
Asia Pacific Elevator Modernization Market Size 2023	USD 4,013.34 million
Asia Pacific Elevator Modernization Market, CAGR	13.82%
Asia Pacific Elevator Modernization Market Size 2032	USD 11,307.42 million

Market Overview

The Asia Pacific Elevator Modernization Market is projected to grow from USD 4,013.34 million in 2023 to USD 11,307.42 million by 2032, with a compound annual growth rate (CAGR) of 13.82%.

The Asia Pacific elevator modernization market is driven by several key factors, including the rapid urbanization, increasing demand for energy-efficient solutions, and the growing focus on safety and compliance with stringent building codes. As buildings age, there is a rising need for upgrading elevator systems to improve operational efficiency, enhance user experience, and reduce energy consumption. Technological advancements, such as the integration of IoT and smart features, are fueling market growth, offering enhanced monitoring, predictive maintenance, and remote diagnostics. Furthermore, government initiatives promoting sustainability and energy conservation are encouraging the adoption of modernized elevator systems. The demand for high-speed, space-efficient, and environmentally friendly elevators is also rising as Asia Pacific’s metropolitan areas continue to expand. As a result, these drivers and trends are propelling the market forward, with a strong focus on reducing costs and improving the overall building infrastructure.

The Asia Pacific elevator modernization market is driven by rapid urbanization and infrastructure development across key countries, including China, Japan, India, and South Korea. The region’s growing emphasis on smart cities and sustainable construction enhances the demand for modernized elevator systems equipped with energy-efficient technologies and IoT-based solutions. Aging building infrastructure in densely populated urban centers presents significant opportunities for modernization to improve safety, reliability, and energy efficiency. Additionally, government regulations mandating compliance with modern safety standards propel market growth. Key players driving innovation and competitiveness in the Asia Pacific elevator modernization market include Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, SJEC Corporation, and Canny Elevator Co., Ltd. These companies focus on technological advancements, strategic partnerships, and eco-friendly modernization solutions to meet evolving market demands and strengthen their market presence.

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Market Insights

The Asia Pacific elevator modernization market is projected to grow from USD 4,013.34 million in 2023 to USD 11,307.42 million by 2032, registering a CAGR of 13.82%.
Increasing urbanization and the rising construction of high-rise buildings are major drivers fueling market growth.
Energy efficiency and sustainability trends are boosting the demand for eco-friendly elevator modernization solutions with advanced technologies.
The adoption of IoT-enabled elevators and smart features, including predictive maintenance and touchless controls, is transforming modernization projects.
High initial investment costs and compatibility challenges with older building structures are key market restraints.
The market is highly competitive, with major players focusing on technological innovation and strategic partnerships to expand their market presence.
China, India, Japan, and Southeast Asian countries dominate the regional landscape, driven by rapid infrastructure development and modernization needs in aging buildings.

Market Drivers

Urbanization and Infrastructure Development

The rapid urbanization across Asia Pacific is a major driver for the elevator modernization market. As cities grow and more high-rise buildings are constructed, there is an increased need for advanced vertical transportation solutions. Older elevator systems in these structures require upgrades to keep pace with modern infrastructure demands. Elevator modernization allows buildings to cater to higher foot traffic, improving overall efficiency and meeting the needs of expanding urban populations.

Focus on Energy Efficiency and Sustainability

Energy efficiency has become a top priority for building owners and developers in the region. Elevator modernization solutions that incorporate energy-saving technologies, such as regenerative drives, LED lighting, and energy-efficient motors, are in high demand. For instance, KONE’s energy-efficient elevators have achieved A-class ratings according to ISO 25745 standards. Modernized elevators reduce power consumption and carbon emissions, aligning with the growing emphasis on sustainability. Government regulations and incentives aimed at promoting energy-efficient solutions further accelerate the adoption of elevator modernization projects across Asia Pacific.

Compliance with Safety Regulations and Building Codes

Strict safety standards and building regulations are essential drivers for the elevator modernization market. As older elevator systems may not comply with the latest safety codes, building owners are upgrading their systems to ensure compliance. For instance, the APEC Building Codes, Regulations, and Standards outline minimum safety requirements for elevators. Modernized elevators offer improved safety features such as advanced braking systems, seismic sensors, and emergency communication technologies. As governments in the region enforce more stringent regulations, the need for elevator modernization to meet these safety requirements becomes increasingly important.

Technological Advancements and Smart Features

Technological advancements are reshaping the elevator modernization landscape. The integration of IoT, smart sensors, and predictive maintenance capabilities enables real-time monitoring and diagnostics of elevator systems. These innovations reduce downtime, optimize performance, and extend the lifespan of elevators. Additionally, smart features such as touchless controls, destination dispatch systems, and remote access are becoming increasingly popular, enhancing user experience and making elevator systems more efficient. These technological trends are driving the market for modernization across the region.

Market Trends

Adoption of Smart and IoT-Enabled Elevators

A major trend in the Asia Pacific elevator modernization market is the growing adoption of smart and IoT-enabled elevators. These elevators incorporate advanced sensors and connectivity features that enable real-time monitoring, predictive maintenance, and remote diagnostics. By leveraging IoT, building managers can receive instant alerts regarding elevator performance, reducing downtime and increasing efficiency. The integration of smart technologies is enhancing the overall user experience by offering features such as touchless controls, automatic destination dispatch, and energy optimization.

Integration of Energy-Efficient Solutions

Energy efficiency is a prominent trend in the elevator modernization market as environmental concerns and operational cost reductions gain importance. Many modernization projects focus on upgrading existing elevator systems with energy-efficient components like regenerative drives, LED lighting, and low-power standby modes. For instance, regenerative braking systems in modern elevators can convert energy produced during braking into electricity, reducing net energy consumption. These upgrades help building owners reduce energy consumption and operational costs, aligning with the growing demand for sustainable building solutions. As regulations become stricter, energy-efficient elevator systems have become a standard in modernization projects across the region.

Enhanced Focus on Safety and Security

Safety and security have become key priorities in the modernization of elevator systems in Asia Pacific. With evolving building codes and stricter safety standards, modern elevators are equipped with enhanced safety features such as advanced braking systems, seismic sensors, and emergency communication tools. These updates help mitigate risks associated with older, outdated elevator systems, improving passenger safety and ensuring compliance with local regulations. As building owners prioritize safety, modernized elevators offer improved reliability and risk management.

Increasing Demand for Retrofit Solutions

Another growing trend is the rising demand for retrofit elevator modernization solutions. Retrofit modernization involves upgrading older elevator systems with newer, more efficient components without the need for a complete overhaul. This trend is driven by the cost-effectiveness of retrofitting, as it allows building owners to extend the life of existing elevator systems while benefiting from the latest technologies. Retrofit solutions are particularly popular in regions where there is a large number of aging buildings, as they offer a more affordable alternative to full system replacements.

Market Challenges Analysis

High Initial Investment Costs

One of the major challenges facing the Asia Pacific elevator modernization market is the high initial investment required for upgrading existing elevator systems. Modernizing an elevator involves not only the cost of new technology and components but also the installation and labor expenses. For many building owners, especially those with older infrastructures, the upfront costs of modernization can be a significant barrier. For instance, the cost of a full elevator modernization can range from €50,000 to €150,000. While modernization offers long-term savings through reduced energy consumption and fewer maintenance requirements, the substantial initial expenditure can deter many from proceeding with upgrades. This challenge is particularly acute for small and medium-sized buildings with limited budgets, slowing the adoption of modernization solutions.

Compatibility with Existing Building Structures

Another challenge in the elevator modernization market is the difficulty of integrating modern elevator technologies with existing building structures. Older buildings, particularly those built before the introduction of modern standards, may not have the necessary infrastructure to accommodate new elevator systems. Retrofitting modern elevators into these buildings often requires significant alterations to the existing design, such as reinforcing shafts or upgrading electrical systems. These changes can lead to additional costs, extended project timelines, and potential disruptions to daily operations, making modernization more complex and less attractive for property owners. Compatibility issues remain a significant hurdle for widespread modernization in the region, especially in densely populated urban centers with aging infrastructure.

Market Opportunities

The Asia Pacific elevator modernization market presents significant growth opportunities driven by the region’s rapid urbanization and increasing investment in smart infrastructure. As metropolitan areas expand and vertical construction becomes more prevalent, older buildings require upgraded elevator systems to meet modern efficiency and safety standards. Countries such as China, India, and Southeast Asian nations are witnessing a surge in real estate development, creating demand for modernization solutions that improve passenger comfort, reduce energy consumption, and enhance operational reliability. Additionally, government initiatives promoting sustainable development and energy conservation offer lucrative prospects for companies providing eco-friendly and energy-efficient modernization technologies.

Technological advancements also open avenues for market expansion as smart elevator systems with IoT-enabled features gain traction. The growing adoption of smart buildings and connected infrastructure provides opportunities for modernization solutions that incorporate predictive maintenance, remote monitoring, and touchless control technologies. Rising awareness of safety and compliance with evolving building codes further contributes to the market’s potential, with building owners increasingly opting for safety-enhancing retrofitting. Moreover, emerging markets across Asia Pacific, where a substantial portion of the building stock remains outdated, offer untapped potential for modernization service providers. By addressing these opportunities, companies in the elevator modernization sector can cater to the growing demand for advanced, sustainable, and technologically superior elevator solutions.

Market Segmentation Analysis:

By Type:

The Asia Pacific elevator modernization market is segmented into traction systems, hydraulic systems, and machine room-less (MRL) elevators. Among these, traction systems dominate the market due to their widespread use in high-rise buildings for superior speed and load-carrying capacity. Modernization in traction systems focuses on incorporating energy-efficient drives, advanced braking mechanisms, and smart control technologies to enhance performance and safety. Hydraulic systems, although traditionally used in low to mid-rise buildings, are also witnessing upgrades to improve energy efficiency and reduce noise levels. Meanwhile, MRL elevators are gaining traction due to their space-saving design and lower energy consumption. The growing adoption of MRL elevators in modernization projects is driven by their ability to optimize building space and reduce operational costs, making them a preferred choice for both residential and commercial applications.

By Application:

The market is further segmented based on application into residential, commercial, industrial, and institutional buildings. Residential buildings account for a significant share of modernization activities, driven by the rising need to upgrade aging infrastructure for safety, energy efficiency, and enhanced user experience. Commercial buildings, including offices and shopping complexes, are another major segment, where elevator modernization improves traffic management and operational efficiency. Institutional buildings, such as hospitals and educational facilities, prioritize modernization to comply with evolving safety standards and ensure smooth accessibility. Industrial buildings, though representing a smaller market share, also seek modernization solutions to enhance durability and meet stringent safety requirements. The growing construction of high-rise structures and smart buildings across Asia Pacific further fuels modernization demand across all these application segments.

Segments:

Based on Type:

Traction System
Hydraulic System
Machine Room-Less (MRL) Elevators

Based on Application:

Residential Buildings
Commercial Buildings
Industrial Buildings
Institutional Buildings

Based on Component:

Control System
Door System
Cab Enclosure
Power Units
Others

Based on the Geography:

China
Japan
South Korea
India
Australia
Thailand
Indonesia
Vietnam
Malaysia
Philippines
Taiwan
Rest of Asia Pacific

Regional Analysis

China

China holding the largest market share of approximately 30% in 2023. The country’s dominance is attributed to its extensive construction sector, rapid urbanization, and substantial investments in high-rise residential and commercial buildings. Government initiatives aimed at energy conservation and the modernization of aging infrastructure further boost demand. China’s focus on smart city development has also accelerated the adoption of IoT-enabled and energy-efficient elevator systems, driving the modernization market’s expansion.

Japan

Japan represents the second-largest market, accounting for a significant share of around 20%. The country’s well-established building infrastructure and stringent safety regulations contribute to its modernization demand. Japan’s aging population and focus on accessibility have driven the need for advanced elevator solutions equipped with safety enhancements and user-friendly features. Additionally, the push toward green building standards and energy-efficient solutions has led to the modernization of older elevator systems with regenerative drives and smart technologies that optimize energy consumption.

South Korea

South Korea holds approximately 15% of the market, driven by its robust real estate sector and strong emphasis on technological innovation. The country’s advanced infrastructure and high-rise buildings necessitate regular upgrades to elevator systems to ensure compliance with evolving safety codes and enhance operational efficiency. South Korea’s adoption of smart technologies and IoT integration in modernization projects further boosts market growth. The demand for touchless controls, predictive maintenance, and smart dispatch systems is rising as the country promotes smart building concepts.

India

India is emerging as a key market with a growing share of 10%, fueled by rapid urbanization, infrastructure development, and government initiatives focused on smart cities and affordable housing. The modernization market in India is driven by the need to upgrade outdated elevator systems to improve safety, efficiency, and passenger comfort. Increasing construction of residential and commercial buildings, coupled with rising awareness of energy efficiency and sustainability, is accelerating modernization activities. The country’s large pool of aging buildings presents significant opportunities for retrofitting elevator systems with advanced technologies. Overall, the Asia Pacific region’s elevator modernization market is poised for substantial growth, driven by a combination of urbanization, technological advancements, and sustainability initiatives.

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Key Player Analysis

Mitsubishi Electric Corporation
Fujitec Co., Ltd.
Hitachi Elevator Engineering Company
Toshiba Elevator and Building Systems Corporation
KONE Corporation
Otis Elevator Company
Schindler Group
Thyssenkrupp AG
SJEC Corporation
Canny Elevator Co., Ltd.

Competitive Analysis

The Asia Pacific elevator modernization market is highly competitive, with several established players focusing on technological innovation, strategic expansions, and sustainability-driven solutions. Leading companies such as Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, SJEC Corporation, and Canny Elevator Co., Ltd. dominate the market with comprehensive portfolios catering to various modernization needs. These players emphasize integrating smart technologies, including IoT-enabled systems, predictive maintenance tools, and touchless controls, to enhance operational efficiency and user convenience. For instance, IoT-enabled elevators can monitor real-time data and send alerts for maintenance needs. The competitive landscape is further shaped by strategic collaborations and acquisitions aimed at expanding geographical reach and strengthening service networks. Companies are investing in research and development to introduce energy-efficient solutions, such as regenerative drives and advanced control systems, in line with sustainability goals. The growing demand for customized modernization solutions tailored to specific building requirements has intensified competition. Additionally, market leaders are focusing on meeting stringent safety regulations and green building certifications to capture a broader customer base. Emerging regional players add to the competitive pressure, offering cost-effective solutions in local markets. This dynamic environment fosters continuous innovation, creating a robust growth trajectory for the elevator modernization sector in the region.

Recent Developments

In December 2024, Fujitec Indonesia successfully delivered 19 modernized elevators to the iconic Wisma 46office building in Jakarta. This modernization includes the introduction of the EZSHUTTLE destination dispatch system, which automates elevator assignments based on passenger destinations, improving operational efficiency.
In October 2024, Otis Elevator announced its involvement in the modernization of elevators at the Eiffel Towerin Paris, enhancing the duolift™ elevators that serve millions of visitors annually. Additionally, they are set to begin modernization work at the Burj Khalifa in Dubai, which will include a 10-year maintenance and upgrading contract for 34 elevators.
In September 2024, KONE Corporation unveiled its ambitious strategy called “Rise” for 2025-2030, which emphasizes driving modernization to unlock growth opportunities and enhance customer experiences. This strategy includes a focus on digital transformation and sustainability initiatives.
In September 2024, Thyssenkrupp AG (TK Elevator) was awarded a contract to modernize escalators for the Cologne subway system in Germany. The project includes installing 23 victoria-type escalators equipped with MAX Smart Maintenance technology, which aims to reduce maintenance efforts and enhance operational efficiency.

Market Concentration & Characteristics

The Asia Pacific elevator modernization market is characterized by a moderate to high level of market concentration, with a few key players commanding a significant share of the industry. Companies such as Mitsubishi Electric Corporation, KONE Corporation, Otis Elevator Company, and Schindler Group dominate the market, leveraging their extensive product portfolios, advanced technologies, and well-established service networks. These market leaders benefit from strong brand recognition and long-standing relationships with major real estate developers and infrastructure projects, giving them a competitive edge. The market also features a mix of regional and local players offering cost-effective solutions tailored to specific market needs, further intensifying competition. The elevator modernization market exhibits dynamic characteristics driven by rapid technological advancements, regulatory compliance, and growing demand for sustainability. Key features of the market include the integration of smart systems, energy-efficient upgrades, and customized modernization packages to meet evolving building codes and user preferences. Companies focus on predictive maintenance, touchless operation, and IoT-enabled monitoring to enhance safety and operational efficiency. Additionally, the market is increasingly customer-centric, with providers emphasizing after-sales service and long-term maintenance contracts to strengthen customer loyalty. This competitive environment fosters continuous innovation, shaping the market landscape and creating diverse growth opportunities across the Asia Pacific region.

Report Coverage

The research report offers an in-depth analysis based on Type, Application, Component and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

The Asia Pacific elevator modernization market is expected to continue its robust growth driven by rapid urbanization and infrastructure development.
Increasing demand for energy-efficient and eco-friendly elevator systems will shape the future of the market, with a focus on sustainable technologies.
IoT-enabled elevators with predictive maintenance and real-time monitoring features will become increasingly popular for enhancing operational efficiency.
Smart building concepts and the integration of advanced technologies like touchless controls will drive innovation in elevator modernization projects.
Government regulations mandating safety upgrades and energy conservation will encourage building owners to invest in modernization solutions.
Growing demand for modernization in emerging markets, especially Southeast Asia, will present significant opportunities for growth.
The market will see more focus on cost-effective solutions, offering competitive pricing and value-added services for customers.
Key players will continue to invest in research and development to introduce more efficient and durable elevator systems.
Aging infrastructure in densely populated urban areas will create substantial demand for retrofitting elevator systems in older buildings.
The shift toward multi-functional, high-tech elevator systems will increase, making them integral components of smart cities and advanced infrastructure projects.

CHAPTER NO. 1 : INTRODUCTION 19

1.1.1. Report Description 19

Purpose of the Report 19

USP & Key Offerings 19

1.1.2. Key Benefits for Stakeholders 19

1.1.3. Target Audience 20

1.1.4. Report Scope 20

CHAPTER NO. 2 : EXECUTIVE SUMMARY 21

2.1. Elevator Modernization Market Snapshot 21

2.1.1. Asia Pacific Elevator Modernization Market, 2018 – 2032 (USD Million) 22

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 23

3.1. Russia-Ukraine and Israel-Palestine War Impacts 23

CHAPTER NO. 4 : ELEVATOR MODERNIZATION MARKET – INDUSTRY ANALYSIS 24

4.1. Introduction 24

4.2. Market Drivers 25

4.2.1. Increasing urbanization and aging building infrastructure 25

4.2.2. Growing focus on energy efficiency and sustainability in building operations 26

4.3. Market Restraints 27

4.3.1. High initial investment cost for modernization projects 27

4.4. Market Opportunities 28

4.4.1. Integration of IoT and AI in elevator modernization systems 28

4.5. Porter’s Five Forces Analysis 29

4.6. Buying Criteria 30

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 31

5.1. Import Analysis by Asia Pacific 31

5.1.1. Asia Pacific Elevator Modernization Market Import Volume/Revenue, By Asia Pacific, 2018 – 2023 31

5.2. Export Analysis by Asia Pacific 32

5.2.1. Asia Pacific Elevator Modernization Market Export Volume/Revenue, By Asia Pacific, 2018 – 2023 32

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by Asia Pacific 33

6.1.1. Asia Pacific Elevator Modernization Market Demand Volume/Revenue, By Asia Pacific, 2018 – 2023 33

6.2. Supply Analysis by Asia Pacific 34

6.2.1. Asia Pacific Elevator Modernization Market Supply Volume/Revenue, By Asia Pacific, 2018 – 2023 34

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by Asia Pacific 35

7.1.1. Asia Pacific Elevator Modernization Market Production Volume/Revenue, By Asia Pacific, 2018 – 2023 35

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

8.1.1. Asia Pacific Elevator Modernization Market Price, By Type, 2018 – 2023 36

8.1.2. Asia Pacific Type Market Price, By Type, 2018 – 2023 36

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 37

9.1. Key Raw Materials and Suppliers 37

9.2. Key Raw Materials Price Trend 37

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 38

10.1. Manufacturing Cost Analysis 38

10.2. Manufacturing Process 38

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 39

11.1. Company Market Share Analysis – 2023 39

11.2. Value Chain Analysis 39

11.2.1. Asia Pacific Elevator Modernization Market: Company Market Share, by Volume, 2023 40

11.2.2. Asia Pacific Elevator Modernization Market: Company Market Share, by Revenue, 2023 41

11.2.3. Asia Pacific Elevator Modernization Market: Top 6 Company Market Share, by Revenue, 2023 41

11.2.4. Asia Pacific Elevator Modernization Market: Top 3 Company Market Share, by Revenue, 2023 42

11.3. Asia Pacific Elevator Modernization Market Company Volume Market Share, 2023 43

11.4. Asia Pacific Elevator Modernization Market Company Revenue Market Share, 2023 44

11.5. Company Assessment Metrics, 2023 44

11.5.1. Stars 44

11.5.2. Emerging Leaders 44

11.5.3. Pervasive Players 44

11.5.4. Participants 44

11.6. Start-ups /SMEs Assessment Metrics, 2023 44

11.6.1. Progressive Companies 44

11.6.2. Responsive Companies 45

11.6.3. Dynamic Companies 45

11.6.4. Starting Blocks 45

11.7. Strategic Developments 46

11.7.1. Acquisitions & Mergers 46

New Product Launch 46

Asia Pacific Expansion 46

11.8. Key Players Product Matrix 47

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 48

12.1. PESTEL 48

12.1.1. Political Factors 48

12.1.2. Economic Factors 48

12.1.3. Social Factors 48

12.1.4. Technological Factors 48

12.1.5. Environmental Factors 48

12.1.6. Legal Factors 48

12.2. Adjacent Market Analysis 48

CHAPTER NO. 13 : ELEVATOR MODERNIZATION MARKET – BY TYPE SEGMENT ANALYSIS 49

13.1. Elevator Modernization Market Overview, by Type Segment 49

13.1.1. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 50

13.1.2. Elevator Modernization Market Attractiveness Analysis, By Type 51

13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 51

13.1.4. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 52

13.2. Traction System 53

13.3. Hydraulic System 54

13.4. Machine Room-Less (MRL) Elevators 55

CHAPTER NO. 14 : ELEVATOR MODERNIZATION MARKET – BY APPLICATION SEGMENT ANALYSIS 56

14.1. Elevator Modernization Market Overview, by Application Segment 56

14.1.1. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 57

14.1.2. Elevator Modernization Market Attractiveness Analysis, By Application 58

14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 58

14.1.4. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 59

14.2. Residential Buildings 60

14.3. Commercial Buildings 61

14.4. Industrial Buildings 62

14.5. Institutional Buildings 63

CHAPTER NO. 15 : ELEVATOR MODERNIZATION MARKET – BY COMPONENT SEGMENT ANALYSIS 64

15.1. Elevator Modernization Market Overview, by Component Segment 64

15.1.1. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 65

15.1.2. Elevator Modernization Market Attractiveness Analysis, By Component 66

15.1.3. Incremental Revenue Growth Opportunity, by Component, 2024 – 2032 66

15.1.4. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 67

15.2. Control System 68

15.3. Door System 69

15.4. Cab Enclosure 70

15.5. Power Units 71

15.6. Others 72

CHAPTER NO. 16 : ELEVATOR MODERNIZATION MARKET – ASIA PACIFIC ANALYSIS 73

16.1. Type 73

16.1.1. Asia Pacific Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 73

16.2. Asia Pacific Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 73

16.3. Application 74

16.3.1. Asia Pacific Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 74

16.3.2. Asia Pacific Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 74

16.4. Component 75

16.4.1. Asia Pacific Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 75

16.4.2. Asia Pacific Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 75

16.5. China 75

16.6. Japan 75

16.7. South Korea 75

16.8. India 75

16.9. Australia 76

16.10. Thailand 76

16.11. Indonesia 76

16.12. Vietnam 76

16.13. Malaysia 76

16.14. Philippines 76

16.15. Taiwan 76

16.16. Rest of Asia Pacific 76

CHAPTER NO. 17 : COMPANY PROFILES 77

17.1. Mitsubishi Electric Corporation 77

17.1.1. Company Overview 77

17.1.2. Product Portfolio 77

17.1.3. Swot Analysis 77

17.1.4. Business Strategy 78

17.1.5. Financial Overview 78

17.2. Fujitec Co., Ltd. 79

17.3. Hitachi Elevator Engineering Company 79

17.4. Toshiba Elevator and Building Systems Corporation 79

17.5. KONE Corporation 79

17.6. Otis Elevator Company 79

17.7. Schindler Group 79

17.8. Thyssenkrupp AG 79

17.9. SJEC Corporation 79

17.10. Canny Elevator Co., Ltd. 79

List of Figures

FIG NO. 1. Asia Pacific Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 22

FIG NO. 2. Porter’s Five Forces Analysis for Asia Pacific Elevator Modernization Market 29

FIG NO. 3. Asia Pacific Elevator Modernization Market Import Volume/Revenue, By Asia Pacific, 2018 – 2023 31

FIG NO. 4. Asia Pacific Elevator Modernization Market Export Volume/Revenue, By Asia Pacific, 2018 – 2023 32

FIG NO. 5. Asia Pacific Elevator Modernization Market Demand Volume/Revenue, By Asia Pacific, 2018 – 2023 33

FIG NO. 6. Asia Pacific Elevator Modernization Market Supply Volume/Revenue, By Asia Pacific, 2018 – 2023 34

FIG NO. 7. Asia Pacific Elevator Modernization Market Production Volume/Revenue, By Asia Pacific, 2018 – 2023 35

FIG NO. 8. Asia Pacific Elevator Modernization Market Price, By Type, 2018 – 2023 36

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 37

FIG NO. 10. Manufacturing Cost Analysis 38

FIG NO. 11. Manufacturing Process 38

FIG NO. 12. Value Chain Analysis for Asia Pacific Elevator Modernization Market 39

FIG NO. 13. Company Share Analysis, 2023 40

FIG NO. 14. Company Share Analysis, 2023 41

FIG NO. 15. Company Share Analysis, 2023 41

FIG NO. 16. Company Share Analysis, 2023 42

FIG NO. 17. Elevator Modernization Market – Company Volume Market Share, 2023 43

FIG NO. 18. Elevator Modernization Market – Company Revenue Market Share, 2023 44

FIG NO. 19. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 50

FIG NO. 20. Market Attractiveness Analysis, By Type 51

FIG NO. 21. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 51

FIG NO. 22. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 52

FIG NO. 23. Asia Pacific Elevator Modernization Market for Traction System, Revenue (USD Million) 2018 – 2032 53

FIG NO. 24. Asia Pacific Elevator Modernization Market for Hydraulic System, Revenue (USD Million) 2018 – 2032 54

FIG NO. 25. Asia Pacific Elevator Modernization Market for Machine Room-Less (MRL) Elevators, Revenue (USD Million) 2018 – 2032 55

FIG NO. 26. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 57

FIG NO. 27. Market Attractiveness Analysis, By Application 58

FIG NO. 28. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 58

FIG NO. 29. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 59

FIG NO. 30. Asia Pacific Elevator Modernization Market for Residential Buildings, Revenue (USD Million) 2018 – 2032 60

FIG NO. 31. Asia Pacific Elevator Modernization Market for Commercial Buildings, Revenue (USD Million) 2018 – 2032 61

FIG NO. 32. Asia Pacific Elevator Modernization Market for Industrial Buildings, Revenue (USD Million) 2018 – 2032 62

FIG NO. 33. Asia Pacific Elevator Modernization Market for Institutional Buildings, Revenue (USD Million) 2018 – 2032 63

FIG NO. 34. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 65

FIG NO. 35. Market Attractiveness Analysis, By Component 66

FIG NO. 36. Incremental Revenue Growth Opportunity by Component, 2024 – 2032 66

FIG NO. 37. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 67

FIG NO. 38. Asia Pacific Elevator Modernization Market for Control System, Revenue (USD Million) 2018 – 2032 68

FIG NO. 39. Asia Pacific Elevator Modernization Market for Door System, Revenue (USD Million) 2018 – 2032 69

FIG NO. 40. Asia Pacific Elevator Modernization Market for Cab Enclosure, Revenue (USD Million) 2018 – 2032 70

FIG NO. 41. Asia Pacific Elevator Modernization Market for Power Units, Revenue (USD Million) 2018 – 2032 71

FIG NO. 42. Asia Pacific Elevator Modernization Market for Others, Revenue (USD Million) 2018 – 2032 72

List of Tables

TABLE NO. 1. : Asia Pacific Elevator Modernization Market: Snapshot 21

TABLE NO. 2. : Drivers for the Elevator Modernization Market: Impact Analysis 25

TABLE NO. 3. : Restraints for the Elevator Modernization Market: Impact Analysis 27

TABLE NO. 4. : Asia Pacific Elevator Modernization Market Revenue, By Type, 2018 – 2023 36

TABLE NO. 5. : Key Raw Materials & Suppliers 37

TABLE NO. 6. : Asia Pacific Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 73

TABLE NO. 7. : Asia Pacific Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 73

TABLE NO. 8. : Asia Pacific Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 74

TABLE NO. 9. : Asia Pacific Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 74

TABLE NO. 10. : Asia Pacific Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 75

TABLE NO. 11. : Asia Pacific Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 75

Frequently Asked Questions

What is the current size of the Asia Pacific Elevator Modernization Market?

The Asia Pacific elevator modernization market is valued at USD 4,013.34 million in 2023 and is projected to grow to USD 11,307.42 million by 2032, registering a compound annual growth rate (CAGR) of 13.82%.

What factors are driving the growth of the Asia Pacific Elevator Modernization Market?

Key growth drivers include rapid urbanization, increasing construction of high-rise buildings, a focus on energy-efficient and sustainable solutions, strict safety regulations, and the adoption of smart technologies such as IoT-enabled systems and predictive maintenance.

What are the key segments within the Asia Pacific Elevator Modernization Market?

The market is segmented into:
• By Type: Traction System, Hydraulic System, and Machine Room-Less (MRL) Elevators.
• By Application: Residential Buildings, Commercial Buildings, Industrial Buildings, and Institutional Buildings.
• By Component: Control System, Door System, Cab Enclosure, Power Units, and Others.

What are some challenges faced by the Asia Pacific Elevator Modernization Market?

Challenges include high initial investment costs for modernization projects and difficulties in integrating modern elevator technologies with older building structures. Compatibility issues and additional costs associated with retrofitting older infrastructure remain significant barriers to adoption.

Who are the major players in the Asia Pacific Elevator Modernization Market?

Major players include Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, Thyssenkrupp AG, SJEC Corporation, and Canny Elevator Co., Ltd. These companies focus on advanced technologies, energy-efficient solutions, and strategic partnerships to meet growing market demands

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