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Europe 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
Europe Elevator Modernization Market Size 2023	USD 3,552.58 million
Europe Elevator Modernization Market, CAGR	11.75%
Europe Elevator Modernization Market Size 2032	USD 8,637.15 million

Market Overview

The Europe Elevator Modernization market is projected to grow from USD 3,552.58 million in 2023 to USD 8,637.15 million by 2032, at a compound annual growth rate (CAGR) of 11.75%.

The Europe Elevator Modernization market is driven by the increasing demand for energy-efficient solutions and the growing need to enhance the safety and performance of aging elevator systems. As urbanization accelerates, there is a rising focus on upgrading older buildings to meet modern standards, improving accessibility, and ensuring compliance with stringent regulations. Additionally, the adoption of smart elevator technologies, such as IoT integration and predictive maintenance, is gaining traction, offering enhanced operational efficiency and reducing downtime. Environmental concerns are also pushing the market towards sustainable solutions, with energy-efficient elevator systems contributing to lower carbon footprints. Furthermore, advancements in digitalization, such as remote monitoring and data analytics, are transforming the modernization process, enabling real-time performance tracking and optimization. These trends are expected to drive the market’s growth, as businesses and residential complexes prioritize modernization to meet the evolving demands of the built environment.

The Europe Elevator Modernization market is driven by demand across various regions, with Western Europe, particularly Germany and the UK, leading the charge due to their robust construction and renovation sectors. Germany, with its advanced manufacturing and strict regulations on energy efficiency, plays a pivotal role in shaping the market. The UK, with its focus on sustainability and smart building integration, also significantly contributes to market growth. Southern European nations like Italy and Spain are seeing steady progress in modernization driven by urban regeneration projects and energy-efficient solutions. In Eastern Europe, countries like Russia, Poland, and Sweden are gradually adopting modernization efforts, spurred by increasing urbanization and sustainability initiatives. Key players in the market include KONE Corporation, Schindler Group, Thyssenkrupp AG, Otis Elevator Company, and Orona Group, among others. These companies are at the forefront of providing innovative solutions in energy-efficient and smart elevator systems.

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Market Insights

The Europe Elevator Modernization market was valued at USD 3,552.58 million in 2023 and is expected to reach USD 8,637.15 million by 2032, growing at a CAGR of 11.75%.
Increasing demand for energy-efficient and smart elevators is a key market driver, as building owners focus on sustainability.
Urbanization and the need for infrastructure upgrades across Europe are significantly fueling the modernization market.
Smart elevator integration with IoT and AI is emerging as a key trend, offering better efficiency and user experience.
The market is highly competitive, with key players such as KONE Corporation, Schindler Group, and Otis Elevator Company dominating the landscape.
High initial investment costs and potential disruption to building operations during modernization are major market restraints.
Western Europe, led by Germany and the UK, holds the largest market share, followed by steady growth in Southern and Eastern Europe regions.

Market Drivers

Growing Demand for Energy Efficiency

The increasing emphasis on energy efficiency is one of the key drivers of the Europe Elevator Modernization market. With rising energy costs and environmental concerns, building owners are seeking ways to reduce energy consumption. Modernizing elevators with energy-efficient technologies, such as LED lighting, regenerative drives, and efficient motors, allows buildings to lower their carbon footprints and operating costs. For instance, the European Lift Association (ELA) states that energy-efficient elevators can cut energy use by up to 50%. The European Union’s stringent environmental regulations and incentives further fuel this demand, making elevator modernization a cost-effective and sustainable choice for property owners.

Safety and Compliance with Regulations

Safety is a critical factor driving elevator modernization in Europe. As older elevator systems age, their safety standards may become outdated, potentially posing risks to building occupants. Regulatory changes, such as the European Lift Directive, mandate regular safety inspections and updates to ensure compliance with current standards. For instance, Directive 2014/33/EU establishes essential safety requirements and conformity assessment procedures for lifts and safety components within the European Union. Modernizing elevators not only enhances safety but also ensures compliance with legal requirements, reducing the risk of fines or liability issues. Upgraded systems with advanced safety features, such as emergency communication systems and anti-vandalism technologies, further enhance building security.

Technological Advancements

Technological innovations in elevator systems are revolutionizing the modernization market in Europe. The integration of smart technologies, such as IoT-enabled elevators, predictive maintenance systems, and AI-powered data analytics, enhances operational efficiency and reliability. These advancements allow building managers to monitor elevator performance in real-time, identify potential issues before they occur, and optimize energy consumption. As these technologies become more affordable and accessible, property owners are increasingly investing in elevator upgrades to stay competitive and ensure smoother, faster, and more efficient transportation within buildings.

Urbanization and Building Renovations

The rapid pace of urbanization and the need for building renovations are significant drivers of the elevator modernization market. As cities grow, many older buildings require modernization to meet current standards and accommodate the increasing demand for vertical transportation. Upgrading elevators improves building functionality, enhances accessibility, and adds value to properties. With more buildings undergoing renovations to meet modern requirements, elevator modernization has become a critical component of the redevelopment process, driving sustained market growth across Europe.

Market Trends

Integration of Smart Technologies

A key trend in the Europe Elevator Modernization market is the increasing integration of smart technologies. IoT-enabled elevators, equipped with sensors and connectivity features, allow real-time monitoring and predictive maintenance. These elevators can collect data on usage patterns, performance, and potential issues, enabling proactive repairs and minimizing downtime. For instance, Bosch’s smart elevator management solutions offer real-time monitoring and predictive maintenance, enhancing operational efficiency and reducing downtime. Additionally, AI-driven analytics optimize energy usage and efficiency, making elevator systems more responsive and intelligent. As demand for smart building solutions rises, elevator modernization increasingly includes these advanced technologies to improve both operational efficiency and the user experience.

Personalized User Experiences

Elevator modernization is also driven by the demand for enhanced user experiences. Customized elevator solutions are becoming more common, with features such as personalized user interfaces, voice activation, and touchless controls gaining popularity. These upgrades not only improve convenience but also cater to the needs of a more tech-savvy and health-conscious user base. Touchless technologies, for example, are especially relevant in the post-pandemic era, as building owners prioritize hygiene and safety in their modernization efforts. For instance, touchless elevator controls have become increasingly popular to enhance hygiene and user convenience. Such enhancements contribute to a smoother, more comfortable ride for passengers and meet the evolving expectations of building occupants.

Focus on Sustainability and Green Solutions

Sustainability continues to be a prominent trend in the elevator modernization market, with a growing focus on eco-friendly and energy-efficient solutions. Regenerative drives, energy-saving LED lighting, and low-power standby modes are becoming standard features in modernized elevators. These technologies reduce the overall energy consumption of elevator systems, contributing to lower operational costs and reduced carbon emissions. As regulations on energy efficiency become more stringent, elevator modernization serves as a cost-effective strategy for achieving sustainability goals while ensuring compliance with green building certifications like BREEAM and LEED.

Retrofitting and Flexibility in Design

Another notable trend in Europe’s elevator modernization market is the increased focus on retrofitting and flexible design solutions. Property owners are opting to modernize existing elevator systems rather than replace them entirely, making retrofitting an attractive option. This approach allows for cost savings while still benefiting from the latest technologies and improvements in safety, efficiency, and design. Additionally, flexible designs that accommodate various building types and requirements are gaining traction, as elevator systems must be tailored to fit diverse structural constraints and performance needs. This trend ensures that elevator modernization projects can be adapted to a wide range of buildings, from historical landmarks to new constructions.

Market Challenges Analysis

High Initial Investment and Budget Constraints

One of the key challenges in the Europe Elevator Modernization market is the high initial investment required for upgrades. While modernizing elevators offers long-term benefits such as improved efficiency and reduced operating costs, the upfront costs of advanced technologies, such as smart systems and energy-efficient components, can be substantial. Many property owners, especially in older buildings, may face budget constraints that limit their ability to invest in full-scale modernization projects. For instance, the initial investment for purchasing and installing elevators or escalators can be substantial, especially for high-rise buildings or large-scale infrastructure projects. This challenge is particularly relevant in smaller commercial properties or residential buildings where the return on investment may not be immediately evident. Despite the long-term savings, securing financing for modernization efforts remains a significant hurdle in the market.

Disruption to Building Operations

Another challenge faced during elevator modernization is the potential disruption to building operations. Elevator upgrades often require significant downtime, which can cause inconvenience for building occupants, especially in high-traffic buildings like office complexes and residential towers. The logistics of carrying out the modernization work without disrupting daily activities, such as coordinating downtime, managing access to floors, and ensuring safety, can be complex. Additionally, in densely populated urban areas, obtaining the necessary permits and approvals for modernization can further delay the process. Property owners must carefully balance the need for modernization with minimizing disruption to their tenants and ensuring that building operations continue smoothly.

Market Opportunities

Growth in Smart Building Infrastructure

The growing trend towards smart buildings presents significant opportunities for the Europe Elevator Modernization market. As more buildings adopt smart technologies, the integration of elevators with advanced systems such as IoT, AI, and predictive analytics becomes increasingly important. Modernized elevators equipped with smart features can optimize performance, enhance energy efficiency, and improve the overall user experience. Building owners are increasingly looking for ways to integrate elevators with their broader smart building infrastructure, offering opportunities for elevator manufacturers and service providers to offer tailored modernization solutions. With the growing demand for interconnected and intelligent building systems, this shift opens up new avenues for innovation and market expansion.

Focus on Retrofitting and Sustainability Initiatives

As sustainability becomes a top priority for property owners and developers, retrofitting existing elevator systems presents a lucrative opportunity in the Europe Elevator Modernization market. Retrofitting allows building owners to upgrade their systems to meet current energy efficiency and safety standards without the need for a complete overhaul. As environmental regulations tighten and green building certifications become more prevalent, the demand for energy-efficient elevator systems will continue to rise. Elevator modernization, with a focus on reducing energy consumption and lowering carbon footprints, aligns with these sustainability goals. By offering cost-effective and eco-friendly modernization solutions, businesses in the elevator sector can capitalize on the growing trend towards environmentally conscious building practices and secure a competitive edge in the market.

Market Segmentation Analysis:

By Type:

The Europe Elevator Modernization market is segmented by elevator type, including traction systems, hydraulic systems, and machine room-less (MRL) elevators. Traction systems dominate the market due to their energy efficiency, smooth operation, and suitability for high-rise buildings. As the demand for vertical transportation increases in urban centers, modernization efforts in traction systems focus on improving speed, energy consumption, and safety features. Hydraulic elevators, which are more common in low- to mid-rise buildings, are also undergoing modernization to enhance efficiency and reduce maintenance costs. On the other hand, MRL elevators, which eliminate the need for a machine room, are gaining popularity in new and existing buildings due to their space-saving design and energy efficiency. Modernizing MRL systems enhances their performance, offering an attractive solution for space-conscious buildings. Each system has distinct advantages that cater to different building requirements, driving demand for specific modernization solutions across Europe.

By Application:

The application segment of the Europe Elevator Modernization market includes residential, commercial, industrial, and institutional buildings. Residential buildings, particularly in densely populated urban areas, are driving the demand for modernization to accommodate higher traffic volumes, improve energy efficiency, and enhance the user experience with advanced features like smart controls and safety systems. Commercial buildings, including offices and retail spaces, focus on upgrading elevator systems for better performance, aesthetics, and compliance with accessibility regulations. In industrial buildings, the need for durable and high-capacity elevators that can handle heavy loads is fueling modernization efforts. Lastly, institutional buildings, such as hospitals and educational facilities, require elevators that meet strict safety standards while offering efficient and reliable transportation for a diverse range of users. Each application type presents unique demands for elevator upgrades, further contributing to the overall growth of the modernization market across Europe.

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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:

UK
France
Germany
Italy
Spain
Russia
Belgium
Netherlands
Austria
Sweden
Poland
Denmark
Switzerland
Rest of Europe

Regional Analysis

Western Europe: Germany and the UK

Germany leads the Europe Elevator Modernization market with a market share of around 30%, driven by its robust manufacturing industry, high urban density, and stringent regulations for building safety and energy efficiency. The country has made significant strides in smart building integration, with increasing demand for IoT-enabled elevators and energy-efficient solutions. Modernization projects are particularly prevalent in large commercial complexes and residential buildings, where demand for improved accessibility and enhanced safety features is high. The UK, with its focus on retrofitting buildings to meet sustainability targets, holds approximately 25% of the market share. The demand for energy-efficient, smart elevator systems is further fueled by regulations such as the UK’s energy efficiency standards and the push toward green building certifications.

Southern Europe: Italy and Spain

Southern Europe, with key players in Italy and Spain, holds around 15% of the Europe Elevator Modernization market. In Italy, ongoing urban regeneration projects, particularly in historic buildings, have contributed to a rising demand for elevator upgrades. Modernization efforts in these regions focus on energy efficiency, safety, and space optimization, with a focus on hydraulic and MRL systems. Spain, which has seen a resurgence in construction and renovation activities, contributes approximately 10% of the market share. The Spanish market is driven by government incentives for energy-efficient technologies and the increasing adoption of smart building systems, making it an attractive region for modernization investments.

Eastern and Northern Europe: Russia, Sweden, and Poland

Eastern and Northern Europe represent approximately 20% of the market share, with Russia, Sweden, and Poland contributing to steady growth. Russia, despite economic challenges, still represents a significant portion of the market, with modernization efforts focused on upgrading aging systems in residential and commercial buildings. Sweden and Poland, with a growing emphasis on sustainability and energy-efficient elevator systems, contribute about 10% and 8% of the market share, respectively. Sweden’s commitment to reducing carbon emissions and Poland’s increasing urbanization have accelerated the demand for modernized elevator solutions, particularly in commercial and institutional buildings. The market share in these regions is expected to grow steadily as urbanization and building modernization projects increase, along with the adoption of eco-friendly elevator technologies.

Key Player Analysis

KONE Corporation
Schindler Group
Thyssenkrupp AG
Otis Elevator Company
Orona Group
Stannah Lifts Holdings Ltd
Wittur Group
Sicher Elevator Co., Ltd.
Ascendor GmbH
Kleemann Hellas SA

Competitive Analysis

The Europe Elevator Modernization market is highly competitive, with several leading players contributing to the market’s growth. KONE Corporation, Schindler Group, Thyssenkrupp AG, Otis Elevator Company, Orona Group, Stannah Lifts Holdings Ltd, Wittur Group, Sicher Elevator Co., Ltd., Ascendor GmbH, and Kleemann Hellas SA are some of the key players that dominate the industry. These companies focus on delivering advanced modernization services that include energy-efficient systems, smart elevators, and enhanced safety features. Market leaders are increasingly adopting cutting-edge technologies such as IoT, AI integration, and predictive maintenance to meet the rising demand for intelligent, sustainable elevator solutions.

For instance, Schindler introduced a modular lift generation equipped with touchless technology, improved connectivity, and additional digital services. Innovation plays a crucial role in gaining a competitive edge, with a strong emphasis on integrating smart controls and energy-saving features in modernization projects. Companies are also focusing on sustainability by offering eco-friendly solutions that align with the growing demand for energy-efficient building systems across Europe. Furthermore, many players are expanding their service offerings through partnerships and acquisitions to enhance their regional presence and broaden their product portfolios. As the market grows, differentiation through technology and customized solutions is becoming increasingly important. Companies are also striving to meet evolving safety regulations and the specific needs of various building types, ranging from residential to commercial and industrial properties. The competition remains dynamic, with constant efforts to improve service quality, operational efficiency, and customer satisfaction.

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 Europe Elevator Modernization market exhibits a moderately concentrated structure, with a few large players holding a significant share while numerous smaller companies cater to niche segments. The market is driven by a combination of well-established global firms and regional players offering tailored solutions for specific building types and modernization needs. Key players focus on high-quality, energy-efficient modernization services, incorporating advanced technologies like smart controls, IoT integration, and predictive maintenance systems. This focus on innovation is a key characteristic, as companies aim to differentiate themselves by offering more sustainable, reliable, and cost-effective solutions. The market’s competitive nature is further enhanced by the increasing demand for eco-friendly systems, which encourages both large and smaller players to invest in green technologies. Additionally, the market is characterized by a diverse range of applications, from residential buildings to large-scale commercial and industrial properties, which requires companies to offer customized solutions for each segment. Furthermore, regional regulations and government incentives for energy-efficient solutions are influencing the strategies of key market players, with many expanding their portfolios and services to meet evolving compliance standards. The market is expected to continue evolving as companies invest in digital transformation and smart building technologies to stay competitive and meet the growing demand for modernization.

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 Europe Elevator Modernization market is expected to continue growing due to the increasing demand for energy-efficient and smart building solutions.
Government regulations and incentives promoting sustainability will drive further adoption of eco-friendly elevator modernization technologies.
The rise of smart buildings and IoT integration will lead to a higher demand for advanced elevator systems that enhance user experience and operational efficiency.
As urbanization continues, the need to modernize aging infrastructures in both residential and commercial buildings will increase.
The integration of AI and predictive maintenance in elevators will revolutionize the market, reducing downtime and enhancing service reliability.
Market players will increasingly focus on providing customized solutions to meet the specific needs of different building types and regions.
The emphasis on safety features and regulatory compliance will drive investments in advanced elevator systems with improved safety protocols.
Growing concerns around climate change will push more building owners to invest in energy-efficient elevator modernization solutions to reduce their carbon footprint.
The demand for machine room-less (MRL) elevators will rise due to space-saving advantages and lower energy consumption.
Partnerships, mergers, and acquisitions will become more common as companies look to expand their regional presence and enhance technological offerings.

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. Europe 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 Europe 31

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

5.2. Export Analysis by Europe 32

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

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by Europe 33

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

6.2. Supply Analysis by Europe 34

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

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by Europe 35

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

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

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

8.1.2. Europe 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. Europe Elevator Modernization Market: Company Market Share, by Volume, 2023 40

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

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

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

11.3. Europe Elevator Modernization Market Company Volume Market Share, 2023 43

11.4. Europe 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

Europe 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 – EUROPE ANALYSIS 73

16.1. Type 73

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

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

16.3. Application 74

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

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

16.4. Component 75

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

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

16.5. UK 75

16.6. France 75

16.7. Germany 75

16.8. Italy 75

16.9. Spain 75

16.10. Russia 75

16.11. Belgium 76

16.12. Netherland 76

16.13. Austria 76

16.14. Sweden 76

16.15. Poland 76

16.16. Denmark 76

16.17. Switzerland 76

16.18. Rest of Europe 76

CHAPTER NO. 17 : COMPANY PROFILES 77

17.1. KONE 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. Schindler Group 79

17.3. Thyssenkrupp AG 79

17.4. Otis Elevator Company 79

17.5. Orona Group 79

17.6. Stannah Lifts Holdings Ltd 79

17.7. Wittur Group 79

17.8. Sicher Elevator Co., Ltd. 79

17.9. Ascendor GmbH 79

17.10. Kleemann Hellas SA 79

List of Figures

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

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

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

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

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

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

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

FIG NO. 8. Europe 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 Europe 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. Europe Elevator Modernization Market for Traction System, Revenue (USD Million) 2018 – 2032 53

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

FIG NO. 25. Europe 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. Europe Elevator Modernization Market for Residential Buildings, Revenue (USD Million) 2018 – 2032 60

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

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

FIG NO. 33. Europe 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. Europe Elevator Modernization Market for Control System, Revenue (USD Million) 2018 – 2032 68

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

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

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

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

List of Tables

TABLE NO. 1. : Europe 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. : Europe Elevator Modernization Market Revenue, By Type, 2018 – 2023 36

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

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

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

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

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

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

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

Frequently Asked Questions:

What is the current size of the Europe Elevator Modernization market?

The Europe Elevator Modernization market was valued at USD 3,552.58 million in 2023 and is projected to reach USD 8,637.15 million by 2032, growing at a compound annual growth rate (CAGR) of 11.75%.

What factors are driving the growth of the Europe Elevator Modernization market?

The market growth is driven by increasing demand for energy-efficient and smart elevator solutions, urbanization, and the need to upgrade aging infrastructure. Compliance with stringent regulations, the adoption of IoT-enabled technologies, and a focus on sustainability are also significant factors boosting the market.

What are the key segments within the Europe Elevator Modernization market?

The market is segmented by type, including traction systems, hydraulic systems, and machine room-less (MRL) elevators; by application, covering residential, commercial, industrial, and institutional buildings; and by components such as control systems, door systems, cab enclosures, and power units.

What are some challenges faced by the Europe Elevator Modernization market?

The market faces challenges such as high initial investment costs for modernization projects and potential disruptions to building operations during upgrades. Securing financing and coordinating modernization activities to minimize inconvenience are significant hurdles.

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