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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
Elevator Modernization Market Size 2023	USD 13,492.50 million
Elevator Modernization Market, CAGR	12.53%
Elevator Modernization Market Size 2032	USD 34,701.29 million

Market Overview

The global elevator modernization market is projected to grow from USD 13,492.50 million in 2023 to USD 34,701.29 million by 2032, reflecting a compound annual growth rate (CAGR) of 12.53%.

The global elevator modernization market is primarily driven by the increasing demand for enhanced safety, energy efficiency, and improved user experience in aging elevator systems. Urbanization and the rise of smart buildings are pushing for the integration of advanced technologies, such as IoT and AI, in elevator systems, further propelling modernization initiatives. Additionally, stringent government regulations for safety standards and energy efficiency are motivating building owners to upgrade their elevators. The trend of retrofitting old elevators to meet environmental and accessibility standards is also boosting the market. Moreover, the growing focus on reducing operational costs and increasing building sustainability is encouraging modernization projects. As green building certifications gain prominence, the demand for eco-friendly and energy-efficient elevator solutions continues to rise, contributing to the market’s expansion. These drivers, coupled with technological advancements, are expected to fuel the growth of the global elevator modernization market in the coming years.

The global elevator modernization market exhibits diverse dynamics across regions, with North America, Europe, Asia-Pacific, and Latin America playing crucial roles in shaping its growth. In North America and Europe, aging infrastructure, stringent safety regulations, and the demand for energy-efficient systems drive modernization projects, with key players like Otis Elevator Company, KONE Corporation, and Schindler Group leading the market. In Asia-Pacific, rapid urbanization and the need for retrofitting in aging buildings fuel growth, with companies like Mitsubishi Electric Corporation and Hitachi Elevator Engineering Company making significant strides. Latin America, while smaller in market share, is witnessing increased modernization efforts driven by urbanization and the need for energy-efficient solutions, with players like Fujitec Co., Ltd. and Hyundai Elevator Co., Ltd. expanding their presence. As these regions continue to evolve, the global elevator modernization market is expected to experience strong growth, driven by both regional demand and global technological advancements.

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Market Insights

The global elevator modernization market was valued at USD 13,492.50 million in 2023 and is expected to reach USD 34,701.29 million by 2032, growing at a CAGR of 12.53%.
Increased demand for energy-efficient and sustainable elevator systems is driving market growth.
The trend towards smart building technologies and integration of IoT in elevator systems is gaining momentum.
Competition is intensifying with major players like Otis Elevator Company, KONE Corporation, and Schindler Group leading the market.
The market faces challenges due to high initial investment costs and longer payback periods for elevator modernization projects.
North America and Europe dominate the market, driven by aging infrastructure and regulatory requirements for modernization.
Asia-Pacific is emerging as the fastest-growing region, fueled by urbanization and the need for retrofitting in older buildings.

Market Drivers

Growing Demand for Safety and Compliance

One of the key drivers of the global elevator modernization market is the increasing emphasis on safety and compliance with stringent regulations. As older elevator systems may no longer meet modern safety standards, building owners are investing in upgrades to ensure compliance with evolving safety codes. For instance, the European Union’s Ecodesign requirements mandate that new installations of elevators reduce energy usage by up to 30%. This modernization not only reduces the risk of accidents but also helps avoid costly fines associated with non-compliance. Enhanced safety features, such as advanced emergency communication systems, are becoming a standard part of elevator modernization, driving significant market growth.

Technological Advancements and Smart Solutions

Technological advancements play a pivotal role in driving the elevator modernization market. The integration of Internet of Things (IoT) sensors, Artificial Intelligence (AI), and predictive maintenance systems is transforming traditional elevator systems into smart, efficient, and connected solutions. These technologies enable real-time monitoring, improved operational efficiency, and reduced downtime, making elevator modernization more attractive for building owners seeking to enhance the user experience and optimize operational costs. The rise of smart buildings further fuels the adoption of these cutting-edge elevator systems.

Focus on Energy Efficiency and Sustainability

Energy efficiency and sustainability have become top priorities in the construction and building management sectors. Elevator modernization provides an opportunity to upgrade older systems to meet new energy-efficient standards, helping reduce electricity consumption and lower operating costs. For instance, regenerative braking systems in modern elevators can convert energy produced during braking into electricity, reducing net energy consumption. With growing environmental concerns and a global push for greener buildings, energy-efficient elevator solutions are gaining traction. Modernized elevators incorporate regenerative drives, LED lighting, and energy-saving technologies, contributing to sustainability goals and reducing the carbon footprint of buildings.

Urbanization and Retrofitting of Aging Infrastructure

Rapid urbanization, particularly in emerging markets, has increased the demand for modernized elevators in both commercial and residential buildings. As cities expand and the existing building stock ages, there is a growing need to retrofit older elevator systems to accommodate higher traffic volumes, improve performance, and integrate modern technologies. For instance, the Global Coalition on Aging highlights that by 2030, nearly two-thirds of the world’s population will live in urban areas, necessitating upgrades to aging infrastructure. Retrofitting offers a cost-effective alternative to installing entirely new elevator systems, making it an attractive solution for building owners looking to upgrade their infrastructure without significant capital investment. This trend is expected to further drive the elevator modernization market globally.

Market Trends

Increased Focus on Sustainability and Energy Efficiency

As the global focus on sustainability intensifies, the elevator modernization market is seeing a shift towards energy-efficient solutions. Building owners are increasingly upgrading their old elevators with energy-saving technologies to meet sustainability goals and reduce operating costs. For instance, regenerative braking systems in modern elevators can convert energy produced during braking into electricity, reducing net energy consumption. Features such as regenerative drives, LED lighting, and advanced motor systems are becoming standard in modernized elevators, allowing for reduced energy consumption and lower carbon emissions. This trend aligns with the growing global push for green building certifications and eco-friendly infrastructure.

Integration of IoT and Smart Technologies

A major trend in the global elevator modernization market is the integration of Internet of Things (IoT) and smart technologies. These advancements allow elevators to become more connected and efficient by enabling real-time monitoring, remote diagnostics, and predictive maintenance. IoT-enabled systems help identify potential issues before they become critical, reducing downtime and maintenance costs. Additionally, smart elevators provide a more seamless user experience by offering features like touchless controls, personalized settings, and real-time tracking, making them a desirable option for building owners looking to modernize their systems.

Retrofitting and Upgrading Aging Infrastructure

The trend of retrofitting aging elevator systems is gaining momentum, especially in older buildings that require modernization but cannot afford full system replacements. Retrofitting allows building owners to upgrade their elevators with new components, such as energy-efficient drives, better control systems, and improved safety features, without the expense of installing entirely new units. This trend is particularly relevant in urban areas with older infrastructure, where building owners are looking for cost-effective ways to enhance elevator performance and meet modern safety and sustainability standards.

Demand for Customizable and User-Centric Designs

Another emerging trend is the increasing demand for customizable and user-centric elevator designs. As buildings evolve to cater to diverse needs, elevator modernization projects are focusing on offering more personalized experiences. Customizable features such as digital displays, voice recognition, and touchless controls are becoming common in modernized elevator systems. These features enhance accessibility, convenience, and user comfort, particularly in high-traffic commercial buildings, luxury residences, and healthcare facilities. This trend reflects the growing need for elevators that cater to specific user requirements and improve the overall building experience

Market Challenges Analysis

High Initial Costs and Investment Barriers

One of the primary challenges in the global elevator modernization market is the high initial cost of upgrading existing elevator systems. Although modernization offers long-term benefits such as improved efficiency and reduced maintenance costs, the upfront investment required for retrofitting or replacing components can be substantial. For instance, the cost of a full elevator modernization can range from €50,000 to €150,000. This financial barrier often deters building owners, especially in regions with lower budgets or in older buildings where extensive work may be needed. In addition, the cost of implementing advanced technologies, such as IoT sensors, regenerative drives, and AI-powered systems, can add to the overall expense, further discouraging potential customers from pursuing modernization projects.

Downtime and Disruption During Upgrades

Another significant challenge in elevator modernization is the potential for downtime and disruption during the upgrade process. Many buildings rely on elevators as essential transportation systems, and any downtime can cause considerable inconvenience to tenants and employees. Modernization projects often require temporary shutdowns, which can disrupt daily operations, particularly in high-rise buildings or commercial facilities with heavy foot traffic. Balancing the need for upgrades with the operational requirements of the building can be complex, requiring careful planning and scheduling. Furthermore, extended downtimes may lead to tenant dissatisfaction or financial losses, posing an obstacle for building owners contemplating modernization.

Market Opportunities

Expansion in Emerging Markets

The global elevator modernization market presents significant opportunities in emerging markets, particularly in regions experiencing rapid urbanization and infrastructure development. As cities in Asia-Pacific, Latin America, and the Middle East continue to grow, the demand for modernized elevators in both new and existing buildings is on the rise. With a large number of aging elevator systems in these regions, there is a substantial market for retrofitting and upgrading existing infrastructure. Governments in these regions are increasingly implementing building regulations that prioritize safety and energy efficiency, creating favorable conditions for elevator modernization projects. This trend provides a wealth of opportunities for companies offering cost-effective and efficient modernization solutions tailored to the needs of these markets.

Technological Advancements and Sustainable Solutions

Another key opportunity lies in the integration of cutting-edge technologies and sustainable solutions into elevator systems. As the demand for energy-efficient, environmentally friendly buildings grows, modernization projects that incorporate green technologies are gaining traction. The use of regenerative drives, LED lighting, and AI-powered predictive maintenance systems presents opportunities for companies to offer solutions that reduce energy consumption and improve operational efficiency. Additionally, the growing trend of smart cities and connected buildings opens up avenues for the development of IoT-enabled elevators, offering remote monitoring and enhanced user experiences. These advancements not only cater to the increasing focus on sustainability but also improve the overall performance and reliability of elevator systems, making modernization an attractive investment for building owners and developers alike.

Market Segmentation Analysis:

By Type:

The global elevator modernization market is categorized into three major types: Traction Systems, Hydraulic Systems, and Machine Room-Less (MRL) Elevators. Traction systems dominate the market due to their widespread use in high-rise buildings, providing smooth and efficient vertical transportation. Hydraulic systems, typically found in low-rise buildings, are also being modernized to improve efficiency and comply with current safety standards. Machine Room-Less (MRL) elevators, which eliminate the need for a dedicated machine room, are gaining traction in residential and commercial buildings due to their space-saving design and energy efficiency. Each type is experiencing growth, driven by technological advancements and the demand for energy-efficient, cost-effective solutions in building modernization projects.

By Application:

The application of elevator modernization spans several key sectors, including Residential Buildings, Commercial Buildings, Industrial Buildings, and Institutional Buildings. Residential buildings often focus on modernizing elevators to enhance safety, energy efficiency, and accessibility. In commercial buildings, the demand for high-traffic elevators with advanced technology is driving modernization efforts. Industrial buildings require elevators capable of handling heavy loads and high usage, leading to a focus on robust, efficient systems. Institutional buildings, such as hospitals and schools, prioritize accessibility and safety features in their elevator modernization projects. The diverse needs across these segments contribute significantly to the growth of the elevator modernization market.

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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:

North America
- U.S.
- Canada
- Mexico
Europe
- UK
- France
- Germany
- Italy
- Spain
- Russia
- Belgium
- Netherlands
- Austria
- Sweden
- Poland
- Denmark
- Switzerland
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Thailand
- Indonesia
- Vietnam
- Malaysia
- Philippines
- Taiwan
- Rest of Asia Pacific
Latin America
- Brazil
- Argentina
- Peru
- Chile
- Colombia
- Rest of Latin America
Middle East
- UAE
- KSA
- Israel
- Turkey
- Iran
- Rest of Middle East
Africa
- Egypt
- Nigeria
- Algeria
- Morocco
- Rest of Africa

Regional Analysis

North America

North America holds a significant share of the global elevator modernization market, driven by the growing demand for energy-efficient and technologically advanced systems in both residential and commercial buildings. In 2023, the region accounted for approximately 30% of the global market share. The market in North America is primarily driven by the United States, where the demand for modernized elevators is supported by aging infrastructure and regulatory requirements for safety and energy efficiency. The implementation of green building initiatives and smart city projects further fuels the need for elevator modernization. With a high concentration of commercial real estate and residential buildings requiring modernization, North America is expected to maintain its dominant position, contributing to continued market growth through 2032.

Europe

Europe holds a substantial portion of the global elevator modernization market, with an estimated market share of 25% in 2023. The demand for elevator upgrades is driven by stringent safety regulations and the need for energy-efficient solutions in aging buildings across the region. Key markets such as Germany, France, the UK, and Italy are at the forefront of this trend, where urbanization and the modernization of infrastructure are prioritized. Additionally, Europe is experiencing a growing demand for eco-friendly elevator solutions, driven by sustainability goals and building certifications like BREEAM and LEED. This trend is expected to continue, further strengthening Europe’s position in the market. The focus on both retrofitting old systems and integrating smart technologies into modern buildings will likely drive growth in the European market through the forecast period.

Asia-Pacific

Asia-Pacific is poised to witness the highest growth rate in the elevator modernization market, with a market share of 22% in 2023. The region is experiencing rapid urbanization, which has led to a large number of older buildings requiring modernization. China, India, and Japan are significant contributors to the demand for elevator upgrades, with a growing emphasis on both residential and commercial applications. In particular, the Chinese government’s push for sustainable urban development and the Indian construction industry’s expansion are key factors driving market growth. As these countries continue to develop and improve their infrastructure, the demand for modern, energy-efficient elevators is expected to increase significantly. The rapid adoption of smart and green technologies will also play a key role in boosting the market’s growth in this region.

Latin America

Latin America accounts for around 12% of the global elevator modernization market, with Brazil and Mexico being the major contributors. The region’s market is primarily driven by the need to upgrade older elevator systems in both residential and commercial buildings. As urbanization continues to increase, many buildings in major cities like São Paulo, Mexico City, and Buenos Aires require modernization to meet safety and energy efficiency standards. While the region has been slower in adoption compared to other areas, there is a growing demand for cost-effective solutions that improve elevator performance. Moreover, the rising awareness of environmental sustainability is gradually encouraging more building owners in Latin America to invest in energy-efficient elevator systems, providing opportunities for market growth in the coming years.

Key Player Analysis

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

Competitive Analysis

The global elevator modernization market is highly competitive, with major players continually innovating to gain a larger share. Key players in the market include Otis Elevator Company, KONE Corporation, Schindler Group, Thyssenkrupp AG, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Toshiba Elevator and Building Systems Corporation, Hitachi Elevator Engineering Company, and Orona Group. Companies differentiate themselves by focusing on energy-efficient systems, integration of IoT technologies, and providing customized solutions that meet the evolving demands of various industries, including residential, commercial, and industrial sectors. For instance, KONE’s MonoSpace®500 elevator is up to 90% more energy-efficient than its 1990s models. Modernization solutions that emphasize sustainability, such as eco-friendly elevator components and energy-saving drives, are becoming increasingly popular. Additionally, players are focusing on providing smart, connected elevators that enhance user experience and improve operational efficiency. Companies are also strengthening their service capabilities, including offering predictive maintenance and remote monitoring services to increase system reliability. With the growing trend of urbanization and the demand for retrofitting older infrastructure, competition remains intense as businesses vie for leadership in both developed and emerging markets. The ability to offer cost-effective, tailored solutions while maintaining high standards of safety and efficiency remains a critical factor in staying ahead in this competitive market.

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 global elevator modernization market exhibits moderate to high market concentration, with several dominant players controlling a significant share of the market. The market characteristics are defined by the presence of both large multinational corporations and regional players, contributing to a competitive landscape. The market is characterized by a strong focus on innovation, with key companies emphasizing energy-efficient systems, smart technologies, and sustainable solutions. Many companies are leveraging technological advancements, such as IoT integration and predictive maintenance, to enhance their offerings and improve the overall customer experience. The demand for modernization is driven by the need to upgrade aging infrastructure, meet regulatory requirements, and reduce energy consumption in older elevator systems. As a result, the market is also witnessing increased adoption of green building solutions, contributing to the push for sustainability. Furthermore, competition within the market is intensified by the growing trend of urbanization and the need for retrofitting in both developed and emerging economies. As the market continues to expand, collaboration and partnerships are becoming common, with companies forming alliances to expand their geographic reach and enhance their technological capabilities. Despite the competitive environment, the market remains fragmented, allowing opportunities for both established players and new entrants to capture market share.

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 global elevator modernization market is expected to grow significantly, driven by the increasing demand for energy-efficient and sustainable systems.
Technological advancements such as IoT integration, smart systems, and predictive maintenance will play a crucial role in shaping the future of the market.
The aging infrastructure in developed regions will continue to drive the need for elevator retrofitting and modernization projects.
Energy efficiency regulations and building sustainability goals will push more buildings to adopt modernized elevator systems.
There will be increased adoption of machine learning and AI technologies to enhance the performance and safety of elevator systems.
Smart and connected elevators will become more prevalent, offering features like remote monitoring and control to enhance user experience.
The Asia-Pacific region is expected to lead in market growth due to rapid urbanization and a surge in construction projects.
Partnerships and collaborations between companies will intensify as they focus on expanding their geographic reach and technological capabilities.
Retrofit solutions for existing elevators will continue to gain popularity, reducing costs compared to new installations.

The focus on eco-friendly solutions and green building certifications will drive the demand for modernization services in the coming years.

CHAPTER NO. 1 : INTRODUCTION 27
1.1.1. Report Description 27
Purpose of the Report 27
USP & Key Offerings 27
1.1.2. Key Benefits for Stakeholders 27
1.1.3. Target Audience 28
1.1.4. Report Scope 28
1.1.5. Regional Scope 29
CHAPTER NO. 2 : EXECUTIVE SUMMARY 30
2.1. Elevator Modernization Market Snapshot 30
2.1.1. Global Elevator Modernization Market, 2018 – 2032 (USD Million) 31
CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 32
3.1. Russia-Ukraine and Israel-Palestine War Impacts 32
CHAPTER NO. 4 : ELEVATOR MODERNIZATION MARKET – INDUSTRY ANALYSIS 33
4.1. Introduction 33
4.2. Market Drivers 34
4.2.1. Increasing urbanization and aging building infrastructure 34
4.2.2. Growing focus on energy efficiency and sustainability in building operations 35
4.3. Market Restraints 36
4.3.1. High initial investment cost for modernization projects 36
4.4. Market Opportunities 37
4.4.1. Integration of IoT and AI in elevator modernization systems 37
4.5. Porter’s Five Forces Analysis 38
4.6. Value Chain Analysis 39
4.7. Buying Criteria 40
CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 41
5.1. Import Analysis by Region 41
5.1.1. Global Elevator Modernization Market Import Volume/Revenue, By Region, 2018 – 2023 41
5.2. Export Analysis by Region 42
5.2.1. Global Elevator Modernization Market Export Volume/Revenue, By Region, 2018 – 2023 42
CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 43
6.1. Demand Analysis by Region 43
6.1.1. Global Elevator Modernization Market Demand Volume/Revenue, By Region, 2018 – 2023 43
6.2. Supply Analysis by Region 44
6.2.1. Global Elevator Modernization Market Supply Volume/Revenue, By Region, 2018 – 2023 44
CHAPTER NO. 7 : PRODUCTION ANALYSIS 45
7.1. Production Analysis by Region 45
7.1.1. Global Elevator Modernization Market Production Volume/Revenue, By Region, 2018 – 2023 45
CHAPTER NO. 8 : PRICE ANALYSIS 46
8.1. Price Analysis by Region 46
8.1.1. Global Elevator Modernization Market Price, By Region, 2018 – 2023 46
8.1.2. Global Type Market Price, By Region, 2018 – 2023 46
8.2. Price Analysis by Type 47
8.2.1. Global Elevator Modernization Market Price, By Type, 2018 – 2023 47
8.2.2. Global Type Market Price, By Type, 2018 – 2023 47
CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 48
9.1. Key Raw Materials and Suppliers 48
9.2. Key Raw Materials Price Trend 48
CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 49
10.1. Manufacturing Cost Analysis 49
10.2. Manufacturing Process 49
CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 50
11.1. Company Market Share Analysis – 2023 50
11.1.1. Global Elevator Modernization Market: Company Market Share, by Volume, 2023 50
11.1.2. Global Elevator Modernization Market: Company Market Share, by Revenue, 2023 51
11.1.3. Global Elevator Modernization Market: Top 6 Company Market Share, by Revenue, 2023 51
11.1.4. Global Elevator Modernization Market: Top 3 Company Market Share, by Revenue, 2023 52
11.2. Global Elevator Modernization Market Company Volume Market Share, 2023 53
11.3. Global Elevator Modernization Market Company Revenue Market Share, 2023 54
11.4. Company Assessment Metrics, 2023 54
11.4.1. Stars 54
11.4.2. Emerging Leaders 54
11.4.3. Pervasive Players 54
11.4.4. Participants 54
11.5. Start-ups /SMEs Assessment Metrics, 2023 54
11.5.1. Progressive Companies 54
11.5.2. Responsive Companies 55
11.5.3. Dynamic Companies 55
11.5.4. Starting Blocks 55
11.6. Strategic Developments 56
11.6.1. Acquisitions & Mergers 56
New Product Launch 56
Regional Expansion 56
11.7. Key Players Product Matrix 57
CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 58
12.1. PESTEL 58
12.1.1. Political Factors 58
12.1.2. Economic Factors 58
12.1.3. Social Factors 58
12.1.4. Technological Factors 58
12.1.5. Environmental Factors 58
12.1.6. Legal Factors 58
12.2. Adjacent Market Analysis 58
CHAPTER NO. 13 : ELEVATOR MODERNIZATION MARKET – BY TYPE SEGMENT ANALYSIS 59
13.1. Elevator Modernization Market Overview, by Type Segment 59
13.1.1. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 60
13.1.2. Elevator Modernization Market Attractiveness Analysis, By Type 61
13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 61
13.1.4. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 62
13.2. Traction System 63
13.2.1. Global Traction System Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 64
13.2.2. Global Traction System Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 64
13.3. Hydraulic System 65
13.3.1. Global Hydraulic System Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 66
13.3.2. Global Hydraulic System Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 66
13.4. Machine Room-Less (MRL) Elevators 67
13.4.1. Global Machine Room-Less (MRL) Elevators Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 68
13.4.2. Global Machine Room-Less (MRL) Elevators Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 68
CHAPTER NO. 14 : ELEVATOR MODERNIZATION MARKET – BY APPLICATION SEGMENT ANALYSIS 69
14.1. Elevator Modernization Market Overview, by Application Segment 69
14.1.1. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 70
14.1.2. Elevator Modernization Market Attractiveness Analysis, By Application 71
14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 71
14.1.4. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 72
14.2. Residential Buildings 73
14.2.1. Global Residential Buildings Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 74
14.2.2. Global Residential Buildings Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 74
14.3. Commercial Buildings 75
14.3.1. Global Commercial Buildings Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 76
14.3.2. Global Commercial Buildings Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 76
14.4. Industrial Buildings 77
14.4.1. Global Industrial Buildings Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 78
14.4.2. Global Industrial Buildings Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 78
14.5. Institutional Buildings 79
14.5.1. Global Institutional Buildings Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 80
14.5.2. Global Institutional Buildings Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 80
CHAPTER NO. 15 : ELEVATOR MODERNIZATION MARKET – BY COMPONENT SEGMENT ANALYSIS 81
15.1. Elevator Modernization Market Overview, by Component Segment 81
15.1.1. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 82
15.1.2. Elevator Modernization Market Attractiveness Analysis, By Component 83
15.1.3. Incremental Revenue Growth Opportunity, by Component, 2024 – 2032 83
15.1.4. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 84
15.2. Control System 85
15.2.1. Global Control System Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 86
15.2.2. Global Control System Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 86
15.3. Door System 87
15.3.1. Global Door System Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 88
15.3.2. Global Door System Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 88
15.4. Cab Enclosure 89
15.4.1. Global Cab Enclosure Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 90
15.4.2. Global Cab Enclosure Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 90
15.5. Power Units 91
15.5.1. Global Power Units Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 92
15.5.2. Global Power Units Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 92
15.6. Others 93
15.6.1. Global Others Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 94
15.6.2. Global Others Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 94
CHAPTER NO. 16 : ELEVATOR MODERNIZATION MARKET – REGIONAL ANALYSIS 95
16.1. Elevator Modernization Market Overview, by Regional Segments 95
16.2. Region 96
16.2.1. Global Elevator Modernization Market Revenue Share, By Region, 2023 & 2032 96
16.2.2. Elevator Modernization Market Attractiveness Analysis, By Region 97
16.2.3. Incremental Revenue Growth Opportunity, by Region, 2024 – 2032 97
16.2.4. Elevator Modernization Market Revenue, By Region, 2018, 2023, 2027 & 2032 98
16.2.5. Global Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 99
16.2.6. Global Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 99
16.3. Type 100
16.3.1. Global Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 100
16.4. Global Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 100
16.5. Application 101
16.5.1. Global Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 101
16.5.2. Global Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 101
16.6. Component 102
16.6.1. Global Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 102
16.6.2. Global Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 102
CHAPTER NO. 17 : ELEVATOR MODERNIZATION MARKET – NORTH AMERICA 103
17.1. North America 103
17.1.1. Key Highlights 103
17.1.2. North America Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 104
17.1.3. North America Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 105
17.1.4. North America Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 106
17.1.5. North America Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 107
17.2. U.S. 108
17.3. Canada 108
17.4. Mexico 108
CHAPTER NO. 18 : ELEVATOR MODERNIZATION MARKET – EUROPE 109
18.1. Europe 109
18.1.1. Key Highlights 109
18.1.2. Europe Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 110
18.1.3. Europe Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 111
18.1.4. Europe Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 112
18.1.5. Europe Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 113
18.2. UK 114
18.3. France 114
18.4. Germany 114
18.5. Italy 114
18.6. Spain 114
18.7. Russia 114
18.8. Belgium 114
18.9. Netherland 114
18.10. Austria 114
18.11. Sweden 114
18.12. Poland 114
18.13. Denmark 114
18.14. Switzerland 114
18.15. Rest of Europe 114
CHAPTER NO. 19 : ELEVATOR MODERNIZATION MARKET – ASIA PACIFIC 115
19.1. Asia Pacific 115
19.1.1. Key Highlights 115
19.1.2. Asia Pacific Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 116
19.1.3. Asia Pacific Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 117
19.1.4. Asia Pacific Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 118
19.1.5. Asia Pacific Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 119
19.2. China 120
19.3. Japan 120
19.4. South Korea 120
19.5. India 120
19.6. Australia 120
19.7. Thailand 120
19.8. Indonesia 120
19.9. Vietnam 120
19.10. Malaysia 120
19.11. Philippines 120
19.12. Taiwan 120
19.13. Rest of Asia Pacific 120
CHAPTER NO. 20 : ELEVATOR MODERNIZATION MARKET – LATIN AMERICA 121
20.1. Latin America 121
20.1.1. Key Highlights 121
20.1.2. Latin America Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 122
20.1.3. Latin America Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 123
20.1.4. Latin America Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 124
20.1.5. Latin America Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 125
20.2. Brazil 126
20.3. Argentina 126
20.4. Peru 126
20.5. Chile 126
20.6. Colombia 126
20.7. Rest of Latin America 126
CHAPTER NO. 21 : ELEVATOR MODERNIZATION MARKET – MIDDLE EAST 127
21.1. Middle East 127
21.1.1. Key Highlights 127
21.1.2. Middle East Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 128
21.1.3. Middle East Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 129
21.1.4. Middle East Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 130
21.1.5. Middle East Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 131
21.2. UAE 132
21.3. KSA 132
21.4. Israel 132
21.5. Turkey 132
21.6. Iran 132
21.7. Rest of Middle East 132
CHAPTER NO. 22 : ELEVATOR MODERNIZATION MARKET – AFRICA 133
22.1. Africa 133
22.1.1. Key Highlights 133
22.1.2. Africa Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 134
22.1.3. Africa Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 135
22.1.4. Africa Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 136
22.1.5. Africa Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 137
22.2. Egypt 138
22.3. Nigeria 138
22.4. Algeria 138
22.5. Morocco 138
22.6. Rest of Africa 138
CHAPTER NO. 23 : COMPANY PROFILES 139
23.1. Otis Elevator Company 139
23.1.1. Company Overview 139
23.1.2. Product Portfolio 139
23.1.3. Swot Analysis 139
23.1.4. Business Strategy 140
23.1.5. Financial Overview 140
23.2. KONE Corporation 141
23.3. Schindler Group 141
23.4. Thyssenkrupp AG 141
23.5. Mitsubishi Electric Corporation 141
23.6. Fujitec Co., Ltd. 141
23.7. Hyundai Elevator Co., Ltd. 141
23.8. Toshiba Elevator and Building Systems Corporation 141
23.9. Hitachi Elevator Engineering Company 141
23.10. Orona Group 141

List of Figures
FIG NO. 1. Global Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 36
FIG NO. 2. Porter’s Five Forces Analysis for Global Elevator Modernization Market 43
FIG NO. 3. Value Chain Analysis for Global Elevator Modernization Market 44
FIG NO. 4. Global Elevator Modernization Market Import Volume/Revenue, By Region, 2018 – 2023 46
FIG NO. 5. Global Elevator Modernization Market Export Volume/Revenue, By Region, 2018 – 2023 47
FIG NO. 6. Global Elevator Modernization Market Demand Volume/Revenue, By Region, 2018 – 2023 48
FIG NO. 7. Global Elevator Modernization Market Supply Volume/Revenue, By Region, 2018 – 2023 49
FIG NO. 8. Global Elevator Modernization Market Production Volume/Revenue, By Region, 2018 – 2023 50
FIG NO. 9. Global Elevator Modernization Market Price, By Region, 2018 – 2023 51
FIG NO. 10. Global Elevator Modernization Market Price, By Type, 2018 – 2023 52
FIG NO. 11. Raw Materials Price Trend Analysis, 2018 – 2023 53
FIG NO. 12. Manufacturing Cost Analysis 54
FIG NO. 13. Manufacturing Process 54
FIG NO. 14. Company Share Analysis, 2023 55
FIG NO. 15. Company Share Analysis, 2023 56
FIG NO. 16. Company Share Analysis, 2023 56
FIG NO. 17. Company Share Analysis, 2023 57
FIG NO. 18. Elevator Modernization Market – Company Volume Market Share, 2023 58
FIG NO. 19. Elevator Modernization Market – Company Revenue Market Share, 2023 59
FIG NO. 20. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 65
FIG NO. 21. Market Attractiveness Analysis, By Type 66
FIG NO. 22. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 66
FIG NO. 23. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 67
FIG NO. 24. Global Elevator Modernization Market for Traction System, Revenue (USD Million) 2018 – 2032 68
FIG NO. 25. Global Elevator Modernization Market for Hydraulic System, Revenue (USD Million) 2018 – 2032 70
FIG NO. 26. Global Elevator Modernization Market for Machine Room-Less (MRL) Elevators, Revenue (USD Million) 2018 – 2032 72
FIG NO. 27. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 75
FIG NO. 28. Market Attractiveness Analysis, By Application 76
FIG NO. 29. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 76
FIG NO. 30. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 77
FIG NO. 31. Global Elevator Modernization Market for Residential Buildings, Revenue (USD Million) 2018 – 2032 78
FIG NO. 32. Global Elevator Modernization Market for Commercial Buildings, Revenue (USD Million) 2018 – 2032 80
FIG NO. 33. Global Elevator Modernization Market for Industrial Buildings, Revenue (USD Million) 2018 – 2032 82
FIG NO. 34. Global Elevator Modernization Market for Institutional Buildings, Revenue (USD Million) 2018 – 2032 84
FIG NO. 35. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 87
FIG NO. 36. Market Attractiveness Analysis, By Component 88
FIG NO. 37. Incremental Revenue Growth Opportunity by Component, 2024 – 2032 88
FIG NO. 38. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 89
FIG NO. 39. Global Elevator Modernization Market for Control System, Revenue (USD Million) 2018 – 2032 90
FIG NO. 40. Global Elevator Modernization Market for Door System, Revenue (USD Million) 2018 – 2032 92
FIG NO. 41. Global Elevator Modernization Market for Cab Enclosure, Revenue (USD Million) 2018 – 2032 94
FIG NO. 42. Global Elevator Modernization Market for Power Units, Revenue (USD Million) 2018 – 2032 96
FIG NO. 43. Global Elevator Modernization Market for Others, Revenue (USD Million) 2018 – 2032 98
FIG NO. 44. Global Elevator Modernization Market Revenue Share, By Region, 2023 & 2032 101
FIG NO. 45. Market Attractiveness Analysis, By Region 102
FIG NO. 46. Incremental Revenue Growth Opportunity by Region, 2024 – 2032 102
FIG NO. 47. Elevator Modernization Market Revenue, By Region, 2018, 2023, 2027 & 2032 103
FIG NO. 48. North America Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 108
FIG NO. 49. Europe Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 114
FIG NO. 50. Asia Pacific Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 120
FIG NO. 51. Latin America Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 126
FIG NO. 52. Middle East Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 132
FIG NO. 53. Africa Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 138

List of Tables
TABLE NO. 1. : Global Elevator Modernization Market: Snapshot 33
TABLE NO. 2. : Drivers for the Elevator Modernization Market: Impact Analysis 37
TABLE NO. 3. : Restraints for the Elevator Modernization Market: Impact Analysis 39
TABLE NO. 4. : Global Elevator Modernization Market Revenue, By Region, 2018 – 2023 49
TABLE NO. 5. : Global Elevator Modernization Market Revenue, By Type, 2018 – 2023 50
TABLE NO. 6. : Key Raw Materials & Suppliers 51
TABLE NO. 7. : Global Traction System Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 67
TABLE NO. 8. : Global Traction System Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 67
TABLE NO. 9. : Global Hydraulic System Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 69
TABLE NO. 10. : Global Hydraulic System Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 69
TABLE NO. 11. : Global Machine Room-Less (MRL) Elevators Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 71
TABLE NO. 12. : Global Machine Room-Less (MRL) Elevators Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 71
TABLE NO. 13. : Global Residential Buildings Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 77
TABLE NO. 14. : Global Residential Buildings Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 77
TABLE NO. 15. : Global Commercial Buildings Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 79
TABLE NO. 16. : Global Commercial Buildings Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 79
TABLE NO. 17. : Global Industrial Buildings Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 81
TABLE NO. 18. : Global Industrial Buildings Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 81
TABLE NO. 19. : Global Institutional Buildings Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 83
TABLE NO. 20. : Global Institutional Buildings Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 83
TABLE NO. 21. : Global Control System Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 89
TABLE NO. 22. : Global Control System Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 89
TABLE NO. 23. : Global Door System Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 91
TABLE NO. 24. : Global Door System Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 91
TABLE NO. 25. : Global Cab Enclosure Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 93
TABLE NO. 26. : Global Cab Enclosure Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 93
TABLE NO. 27. : Global Power Units Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 95
TABLE NO. 28. : Global Power Units Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 95
TABLE NO. 29. : Global Others Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 97
TABLE NO. 30. : Global Others Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 97
TABLE NO. 31. : Global Elevator Modernization Market Revenue, By Region, 2018 – 2023 (USD Million) 102
TABLE NO. 32. : Global Elevator Modernization Market Revenue, By Region, 2024 – 2032 (USD Million) 102
TABLE NO. 33. : Global Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 103
TABLE NO. 34. : Global Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 103
TABLE NO. 35. : Global Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 104
TABLE NO. 36. : Global Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 104
TABLE NO. 37. : Global Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 105
TABLE NO. 38. : Global Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 105
TABLE NO. 39. : North America Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 107
TABLE NO. 40. : North America Elevator Modernization Market Revenue, By Country, 2024 – 2032 (USD Million) 107
TABLE NO. 41. : North America Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 108
TABLE NO. 42. : North America Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 108
TABLE NO. 43. : North America Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 109
TABLE NO. 44. : North America Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 109
TABLE NO. 45. : North America Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 110
TABLE NO. 46. : North America Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 110
TABLE NO. 47. : Europe Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 113
TABLE NO. 48. : Europe Elevator Modernization Market Revenue, By Country, 2024 – 2032 (USD Million) 113
TABLE NO. 49. : Europe Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 114
TABLE NO. 50. : Europe Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 114
TABLE NO. 51. : Europe Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 115
TABLE NO. 52. : Europe Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 115
TABLE NO. 53. : Europe Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 116
TABLE NO. 54. : Europe Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 116
TABLE NO. 55. : Asia Pacific Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 119
TABLE NO. 56. : Asia Pacific Elevator Modernization Market Revenue, By Country, 2024 – 2032 (USD Million) 119
TABLE NO. 57. : Asia Pacific Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 120
TABLE NO. 58. : Asia Pacific Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 120
TABLE NO. 59. : Asia Pacific Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 121
TABLE NO. 60. : Asia Pacific Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 121
TABLE NO. 61. : Asia Pacific Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 122
TABLE NO. 62. : Asia Pacific Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 122
TABLE NO. 63. : Latin America Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 125
TABLE NO. 64. : Latin America Elevator Modernization Market Revenue, By Country, 2024 – 2032 (USD Million) 125
TABLE NO. 65. : Latin America Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 126
TABLE NO. 66. : Latin America Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 126
TABLE NO. 67. : Latin America Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 127
TABLE NO. 68. : Latin America Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 127
TABLE NO. 69. : Latin America Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 128
TABLE NO. 70. : Latin America Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 128
TABLE NO. 71. : Middle East Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 131
TABLE NO. 72. : Middle East Elevator Modernization Market Revenue, By Country, 2024 – 2032 (USD Million) 131
TABLE NO. 73. : Middle East Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 132
TABLE NO. 74. : Middle East Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 132
TABLE NO. 75. : Middle East Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 133
TABLE NO. 76. : Middle East Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 133
TABLE NO. 77. : Middle East Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 134
TABLE NO. 78. : Middle East Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 134
TABLE NO. 79. : Africa Elevator Modernization Market Revenue, By Country, 2018 – 2023 (USD Million) 137
TABLE NO. 80. : Africa Elevator Modernization Market Revenue, By Country, 2024 – 2032 (USD Million) 137
TABLE NO. 81. : Africa Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 138
TABLE NO. 82. : Africa Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 138
TABLE NO. 83. : Africa Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 139
TABLE NO. 84. : Africa Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 139
TABLE NO. 85. : Africa Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 140
TABLE NO. 86. : Africa Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 140

Frequently Asked Questions:

What is the current size of the Global Elevator Modernization Market?

The global elevator modernization market was valued at USD 13,492.50 million in 2023 and is projected to reach USD 34,701.29 million by 2032, growing at a compound annual growth rate (CAGR) of 12.53%.

What factors are driving the growth of the Global Elevator Modernization Market?

The market growth is driven by the increasing demand for energy-efficient and sustainable elevator systems, advancements in IoT and AI technologies, urbanization, and the retrofitting of aging infrastructure. Additionally, stringent safety regulations and a focus on reducing operational costs contribute to the rising adoption of elevator modernization.

What are the key segments within the Global 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.
• By Geography: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Q: What are some challenges

Who are the major players in the Global Elevator Modernization Market?

Key players include Otis Elevator Company, KONE Corporation, Schindler Group, Thyssenkrupp AG, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Toshiba Elevator and Building Systems Corporation, Hitachi Elevator Engineering Company, and Orona Group. These companies focus on energy-efficient solutions, IoT integration, and customized offerings to maintain their competitive edge.

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