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Mexico 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

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Published: | Report ID: 71287 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period 2019-2022
Base Year 2023
Forecast Period 2024-2032
Mexico Elevator Modernization Market Size 2023 USD 340.25 million
Mexico Elevator Modernization Market, CAGR 11.03%
Mexico Elevator Modernization Market Size 2032 USD 785.88 million

Market Overview

The Mexico elevator modernization market is projected to grow from USD 340.25 million in 2023 to USD 785.88 million by 2032, with a compound annual growth rate (CAGR) of 11.03%.

The Mexico elevator modernization market is driven by the growing demand for enhanced safety, energy efficiency, and operational reliability in aging elevator systems. As urbanization accelerates and infrastructure ages, building owners are increasingly opting for modernization to meet evolving standards and improve performance. Government regulations aimed at improving accessibility and safety also play a significant role in driving market growth. Additionally, the rising emphasis on sustainability and energy-efficient technologies is pushing the adoption of modernized elevators that reduce energy consumption and maintenance costs. Technological advancements, such as the integration of smart elevator systems and IoT capabilities, further fuel the market’s expansion, offering features like predictive maintenance and enhanced user experiences. The shift toward eco-friendly solutions, combined with the increasing focus on reducing carbon footprints, is expected to be a key trend, supporting the market’s growth over the coming years.

The Mexico Elevator Modernization market is experiencing steady growth driven by rapid urbanization and infrastructure development in major cities such as Mexico City, Guadalajara, and Monterrey. The increasing number of high-rise buildings and aging elevator systems necessitate upgrades to enhance safety, energy efficiency, and operational performance. Key players, including global companies like Otis Elevator Company, KONE Corporation, Schindler Group, and Thyssenkrupp AG, along with regional firms, are actively addressing the modernization needs of residential, commercial, and industrial buildings. These companies focus on integrating advanced technologies such as IoT-enabled systems, predictive maintenance, and energy-efficient components to meet evolving customer expectations and regulatory requirements. As demand for sustainable and smart elevator solutions rises, these key players are well-positioned to deliver innovative modernization services, catering to the diverse needs of Mexico’s growing urban landscape.

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Market Insights

  • The Mexico elevator modernization market was valued at USD 340.25 million in 2023 and is projected to reach USD 785.88 million by 2032, growing at a CAGR of 11.03%.
  • Increasing demand for safety, energy efficiency, and regulatory compliance drives the modernization of elevator systems.
  • Technological advancements such as IoT, AI, and regenerative drives are reshaping the market, enhancing efficiency and user experience.
  • Energy-efficient and sustainable elevator solutions are becoming a key trend as building owners focus on reducing operational costs and environmental impact.
  • The high initial investment and limited skilled labor remain significant challenges, hindering broader adoption of modernization projects.
  • Mexico City holds the largest market share at 45%, with Monterrey and Guadalajara contributing 25% and 15%, respectively.
  • The emerging markets in regions like Yucatán and Baja California are expected to grow as urbanization increases and infrastructure projects expand.

Market Drivers

Growing Demand for Safety and Compliance

One of the primary drivers of the Mexico elevator modernization market is the increasing demand for improved safety and compliance with evolving regulations. For instance, the Mexican Association of Elevator Companies (AMEE) reported that many older elevator systems no longer meet current safety standards. Modernization ensures compliance with local and international regulations, reducing the risk of accidents and enhancing the safety of passengers. This is especially important in high-rise buildings and commercial establishments where elevators are heavily used.

Technological Advancements

Technological advancements in elevator systems are propelling the modernization market in Mexico. For instance, Otis Elevator Company’s Otis ONE™ IoT platform offers real-time tracking of elevator performance and maintenance needs. The integration of smart technologies, such as IoT sensors, predictive maintenance, and AI-based monitoring, allows for real-time tracking of elevator performance and maintenance needs. These innovations reduce downtime, improve operational efficiency, and enhance the user experience. As technology continues to evolve, modernization offers building owners the opportunity to integrate cutting-edge solutions that improve elevator performance and provide added value to tenants.

Energy Efficiency and Cost Reduction

Energy efficiency is another significant driver for elevator modernization in Mexico. As buildings seek to reduce their operational costs, upgrading elevators with energy-efficient systems helps lower electricity consumption and maintenance expenses. Modernized elevators are equipped with advanced technologies, such as regenerative drives, which not only reduce energy use but also extend the lifespan of the equipment. This trend is gaining momentum as building owners look for sustainable solutions that align with global efforts to reduce energy consumption and minimize environmental impact.

Urbanization and Infrastructure Growth

Mexico’s rapid urbanization and expanding infrastructure are key factors driving the elevator modernization market. As more high-rise buildings and commercial complexes are developed in major cities, the need for reliable, efficient, and safe elevator systems increases. Many of these buildings have older elevators that require upgrades to meet the demands of modern urban living. As the construction industry continues to thrive, elevator modernization becomes a crucial component in ensuring that existing infrastructure can meet the needs of growing populations in urban areas.

Market Trends

Increased Focus on Sustainability

A prominent trend in the Mexico elevator modernization market is the growing focus on sustainability. For instance, KONE Corporation’s EcoDisc® motor technology reduces energy consumption by up to 70% compared to conventional traction machines. As buildings aim to achieve energy efficiency and reduce their carbon footprints, elevator modernization offers a pathway to meet these environmental goals. Modernized elevators with energy-efficient systems, such as regenerative drives and LED lighting, help reduce energy consumption, contributing to a building’s overall sustainability. Additionally, as regulations and global trends push for greener building solutions, the demand for environmentally friendly elevator systems continues to rise, shaping the future of modernization projects in Mexico.

Integration of Smart Technologies

The integration of smart technologies is becoming increasingly prevalent in the Mexico elevator modernization market. Elevators are now being equipped with IoT (Internet of Things) sensors and AI-based systems that allow for predictive maintenance and real-time performance tracking. This trend enhances the reliability and efficiency of elevator systems, as building owners can monitor their status remotely and address potential issues before they lead to costly breakdowns. The rise of digital solutions, including touchless controls and smart interfaces, is also transforming user experiences, offering greater convenience and safety to passengers.

Focus on Enhanced User Experience

Another key trend driving the modernization of elevators in Mexico is the growing emphasis on improving the user experience. Modernization projects increasingly include aesthetic upgrades, such as sleek designs, personalized interior options, and enhanced comfort features. Additionally, the incorporation of intuitive controls and faster, smoother operations are becoming standard expectations for passengers. Building owners are recognizing that offering a more pleasant elevator experience adds value to their properties and increases tenant satisfaction, especially in high-end residential and commercial buildings.

Regulatory Push for Accessibility

The push for enhanced accessibility is another key trend influencing the elevator modernization market in Mexico. With a greater focus on inclusive design, elevators are being upgraded to comply with stricter regulations related to accessibility for people with disabilities. Modernized elevators often feature improved cabin space, wider doors, and advanced signaling systems to accommodate individuals with mobility challenges. As local governments continue to strengthen regulations regarding accessibility, building owners are motivated to modernize their elevators to meet these new standards and avoid penalties.

Market Challenges Analysis

High Initial Investment Costs

One of the significant challenges in the Mexico elevator modernization market is the high initial investment required for upgrading older systems. Modernizing an elevator involves not only the cost of advanced technologies and components but also labor and installation expenses. For many building owners, particularly those managing older properties or low-budget buildings, the upfront costs can be prohibitive. While the long-term benefits, such as reduced energy consumption and maintenance costs, can offset these expenses, the high initial outlay remains a major barrier to widespread adoption. This challenge is particularly evident in smaller buildings or those operating on tight budgets, where modernization projects may be delayed or postponed due to financial constraints.

Limited Availability of Skilled Labor

Another challenge hindering the growth of the Mexico elevator modernization market is the limited availability of skilled labor required for the installation and maintenance of modernized elevator systems. For instance, a survey by the National Institute of Statistics and Geography (INEGI) indicated that as technology evolves, specialized knowledge is necessary to implement the latest smart and energy-efficient elevator solutions effectively. There is a shortage of trained professionals who can handle complex tasks such as integrating IoT systems, performing predictive maintenance, or ensuring compliance with the latest safety regulations. This skill gap can lead to delays in project completion, increased costs, and potential difficulties in maintaining modernized elevator systems. As demand for modernization increases, addressing this labor shortage becomes crucial to ensuring smooth implementation and ongoing success in the market.

Market Opportunities

Expansion of Smart and Sustainable Solutions

The Mexico elevator modernization market presents significant opportunities driven by the growing demand for smart and energy-efficient solutions. As technology continues to evolve, there is a rising interest in integrating IoT and AI-based systems into elevator infrastructure. These advancements not only enhance operational efficiency through predictive maintenance and real-time monitoring but also offer improved user experiences with touchless controls and seamless connectivity. Additionally, sustainability is becoming a priority for many building owners, presenting an opportunity for modernization projects that focus on energy-efficient elevators. Solutions such as regenerative drives, LED lighting, and advanced motors contribute to reducing energy consumption and carbon footprints. These technologies align with global sustainability trends and Mexico’s commitment to reducing environmental impact, offering a promising avenue for modernization providers to cater to the growing need for green building solutions.

Government Regulations and Urban Development

Another promising opportunity lies in the increasing government regulations aimed at improving safety, accessibility, and building standards. As Mexico continues to urbanize, older buildings must undergo modernization to comply with new safety and accessibility regulations, creating a large market for upgrades. This is particularly relevant for high-rise buildings, which require elevators that meet the latest standards in both safety and efficiency. Moreover, as urban development and construction projects expand, the demand for modernized elevators will grow, particularly in commercial and residential complexes. Building owners and developers seeking to upgrade infrastructure in line with evolving regulations will be key customers in the modernization market. By addressing these regulatory requirements, companies in the elevator modernization sector can position themselves as leaders in compliance and innovation, capturing a significant portion of the growing market.

Market Segmentation Analysis:

By Type:

The Mexico elevator modernization market is primarily segmented by the type of elevator system, which includes traction systems, hydraulic systems, and machine room-less (MRL) elevators. Traction systems dominate the market due to their efficiency, smooth operation, and ability to handle higher-rise buildings. These systems are increasingly being modernized to incorporate energy-efficient technologies such as regenerative drives, which are reducing energy consumption while enhancing overall performance. Hydraulic elevators, although less common in high-rise buildings, are still prevalent in low to mid-rise structures. Modernization of hydraulic systems often focuses on improving reliability and energy efficiency, as well as upgrading safety features. Machine room-less (MRL) elevators are gaining popularity in modern buildings due to their space-saving design and lower operational costs. With the increasing demand for space optimization, MRL elevators present significant opportunities for modernization in new and existing structures.

By Application:

The application segment of the Mexico elevator modernization market is categorized into residential, commercial, industrial, and institutional buildings. Residential buildings, particularly high-rise apartments and luxury developments, are witnessing a surge in modernization projects aimed at improving safety, comfort, and energy efficiency. In commercial buildings, the demand for modernized elevators is driven by the need for efficient and reliable transportation systems that cater to higher foot traffic and meet regulatory standards. Industrial buildings require robust elevator systems that can handle heavy loads and frequent use, necessitating upgrades to ensure operational reliability. Institutional buildings, such as hospitals and schools, require elevators that comply with strict accessibility and safety regulations, creating a significant demand for modernization in this sector. As urbanization continues, all segments will see increased demand for elevator modernization, with each sector requiring tailored solutions to meet specific operational needs.

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:

  • Mexico City
  • Monterrey
  • Guadalajara

Regional Analysis

Mexico City

Mexico City holds the largest market share due to its status as the country’s capital and economic hub. As a dense urban area with numerous commercial and residential high-rise buildings, the demand for elevator modernization in Mexico City is driven by the aging infrastructure and the need to comply with updated safety and energy efficiency standards. The market share in Mexico City accounts for approximately 45% of the total market, with the ongoing urban development and focus on sustainable solutions further fueling growth in this region.

Monterrey

Monterrey, the industrial and business capital of Northern Mexico, holds a significant share in the elevator modernization market, contributing around 25% of the total market. This region’s rapid industrialization and growing commercial real estate sector have created an increased need for efficient and modern elevator systems. Monterrey’s construction boom, particularly in the industrial and office building sectors, further drives the demand for elevator upgrades. Additionally, many buildings in Monterrey are being modernized to meet stricter energy efficiency and safety regulations. The region’s proximity to the U.S. market and its industrial base also influence the adoption of advanced elevator technologies that focus on sustainability and energy savings, contributing to Monterrey’s prominent share in the market.

Guadalajara

Guadalajara, located in the western part of the country, represents approximately 15% of Mexico’s elevator modernization market share. As the capital of Jalisco, Guadalajara is witnessing a significant rise in residential and commercial building projects, especially in the hospitality and retail sectors. With an increase in high-rise developments, the demand for modernized elevator systems is growing rapidly. Many buildings in Guadalajara are undergoing modernization to improve their efficiency and meet the modern-day expectations of tenants, focusing on sustainability and operational costs. Guadalajara’s diverse economic landscape and the increasing number of residential developments are creating promising opportunities for modernization, particularly in residential buildings and commercial spaces.

Other Regions

Other regions, such as the Yucatán Peninsula, Baja California, and Puebla, represent smaller portions of the market but offer considerable potential for growth. These regions are experiencing urbanization and an influx of commercial and residential projects, driving the need for elevator modernization solutions. Although their current market share is relatively small, around 15%, these areas are expected to witness growth in the coming years. As the demand for high-rise buildings increases and the focus on energy efficiency and safety intensifies, regions outside the major metropolitan areas will play a crucial role in the market’s expansion. Emerging projects in these areas, particularly in tourism and commercial infrastructure, present ample opportunities for companies in the elevator modernization sector.

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Key Player Analysis

  • Otis Elevator Company
  • Thyssenkrupp AG
  • Schindler Group
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • Fujitec Co., Ltd.
  • Savaria Corporation
  • Garaventa Lift
  • TKE Corporation
  • National Elevator Cab & Door

Competitive Analysis

The Mexico elevator modernization market is highly competitive, with several key players focusing on offering innovative solutions to meet the growing demand for safety, energy efficiency, and technological advancements. Leading players in the market include Otis Elevator Company, Schindler, Kone Corporation, Thyssenkrupp, Mitsubishi Electric, and Fujitec. Companies in the market differentiate themselves by focusing on integrating smart technologies such as IoT sensors, AI-based monitoring, and regenerative drives, which enhance operational performance, reduce energy consumption, and improve the overall user experience. For instance, Thyssenkrupp focuses on sustainability with its Carbon Direct Avoidance (CDA) technology, aiming for CO2-free steel production by 2045. As competition intensifies, firms are also focusing on providing tailored solutions for different market segments, including residential, commercial, industrial, and institutional buildings. Energy-efficient and sustainable modernization solutions are a key differentiator, with a growing emphasis on reducing operational costs and aligning with green building standards. The emphasis on technological innovation and meeting regulatory compliance requirements has led to significant advancements in elevator systems, with modern solutions offering predictive maintenance, improved safety features, and reduced downtime. Companies are increasingly offering integrated packages that combine various modernization services, ensuring a holistic approach to building infrastructure upgrades. With the market growing and evolving, competition is expected to remain strong, pushing companies to continue innovating and providing cost-effective and efficient solutions.

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 Mexico elevator modernization market exhibits moderate market concentration, with a mix of global players and local firms offering modernization services. While global leaders dominate the higher-end segments, local companies contribute significantly to the market, focusing on cost-effective solutions for smaller buildings and regional projects. The presence of both large multinational companies and smaller regional players creates a competitive landscape that encourages innovation and differentiation in service offerings. This mix allows for a broad range of solutions to cater to the varying needs of residential, commercial, and industrial buildings across Mexico. Market characteristics include a growing demand for energy-efficient and technologically advanced elevator systems. Modernization services are increasingly tailored to meet specific customer needs, such as the integration of IoT, AI-based monitoring, and regenerative drives, which enhance performance and sustainability. Additionally, building owners are prioritizing safety upgrades and compliance with evolving regulations, particularly in urban areas where older infrastructure requires extensive retrofitting. As urbanization continues and the construction sector thrives, the market is expected to expand, with a shift towards smart, sustainable, and cost-effective modernization solutions. Furthermore, the need for skilled labor and the associated investment in training and development remain a key characteristic of the market, as advanced technologies require specialized knowledge for proper implementation and maintenance.

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

  1. The Mexico elevator modernization market is expected to grow steadily, driven by rising demand for energy-efficient and sustainable solutions.
  2. Technological advancements such as AI, IoT, and regenerative drives will continue to play a key role in enhancing elevator system performance.
  3. Increased focus on smart buildings will drive the adoption of modernized elevator systems with touchless controls and real-time monitoring capabilities.
  4. The demand for modernization will rise as building owners seek to comply with stricter safety, accessibility, and environmental regulations.
  5. Urbanization and the growing construction sector will fuel the need for elevator upgrades in both residential and commercial buildings.
  6. Energy-efficient elevators will become a standard offering as building owners prioritize cost reduction and sustainability.
  7. Older buildings in major urban centers like Mexico City will see a surge in modernization projects to meet contemporary standards.
  8. The rising preference for machine room-less (MRL) elevators will contribute to the market’s growth due to their space-saving design and energy efficiency.
  9. Increased investment in skilled labor and training will be necessary to support the growing demand for advanced elevator systems.
  10. The market will become more competitive, with companies focusing on offering customized, cost-effective solutions for different building types and customer needs.

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. Mexico 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 Mexico 31

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

5.2. Export Analysis by Mexico 32

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

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by Mexico 33

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

6.2. Supply Analysis by Mexico 34

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

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by Mexico 35

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

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

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

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

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

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

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

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

11.4. Mexico 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

Mexico 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 – MEXICO ANALYSIS 73

16.1. Type 73

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

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

16.3. Application 74

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

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

16.4. Component 75

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

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

CHAPTER NO. 17 : COMPANY PROFILES 76

17.1. Otis Elevator Company 76

17.1.1. Company Overview 76

17.1.2. Product Portfolio 76

17.1.3. Swot Analysis 76

17.1.4. Business Strategy 77

17.1.5. Financial Overview 77

17.2. Thyssenkrupp AG 78

17.3. Schindler Group 78

17.4. KONE Corporation 78

17.5. Mitsubishi Electric Corporation 78

17.6. Fujitec Co., Ltd. 78

17.7. Savaria Corporation 78

17.8. Garaventa Lift 78

17.9. TKE Corporation 78

17.10. National Elevator Cab & Door 78

List of Figures

FIG NO. 1. Mexico Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 24

FIG NO. 2. Porter’s Five Forces Analysis for Mexico Elevator Modernization Market 31

FIG NO. 3. Mexico Elevator Modernization Market Import Volume/Revenue, By Mexico, 2018 – 2023 33

FIG NO. 4. Mexico Elevator Modernization Market Export Volume/Revenue, By Mexico, 2018 – 2023 34

FIG NO. 5. Mexico Elevator Modernization Market Demand Volume/Revenue, By Mexico, 2018 – 2023 35

FIG NO. 6. Mexico Elevator Modernization Market Supply Volume/Revenue, By Mexico, 2018 – 2023 36

FIG NO. 7. Mexico Elevator Modernization Market Production Volume/Revenue, By Mexico, 2018 – 2023 37

FIG NO. 8. Mexico Elevator Modernization Market Price, By Type, 2018 – 2023 38

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 39

FIG NO. 10. Manufacturing Cost Analysis 40

FIG NO. 11. Manufacturing Process 40

FIG NO. 12. Value Chain Analysis for Mexico Elevator Modernization Market 41

FIG NO. 13. Company Share Analysis, 2023 42

FIG NO. 14. Company Share Analysis, 2023 43

FIG NO. 15. Company Share Analysis, 2023 43

FIG NO. 16. Company Share Analysis, 2023 44

FIG NO. 17. Elevator Modernization Market – Company Volume  Market Share, 2023 45

FIG NO. 18. Elevator Modernization Market – Company Revenue Market Share, 2023 46

FIG NO. 19. Elevator Modernization Market Revenue Share, By Type, 2023 & 2032 52

FIG NO. 20. Market Attractiveness Analysis, By Type 53

FIG NO. 21. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 53

FIG NO. 22. Elevator Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 54

FIG NO. 23. Mexico Elevator Modernization Market for Traction System, Revenue (USD Million) 2018 – 2032 55

FIG NO. 24. Mexico Elevator Modernization Market for Hydraulic System, Revenue (USD Million) 2018 – 2032 56

FIG NO. 25. Mexico Elevator Modernization Market for Machine Room-Less (MRL) Elevators, Revenue (USD Million) 2018 – 2032 57

FIG NO. 26. Elevator Modernization Market Revenue Share, By Application, 2023 & 2032 59

FIG NO. 27. Market Attractiveness Analysis, By Application 60

FIG NO. 28. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 60

FIG NO. 29. Elevator Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 61

FIG NO. 30. Mexico Elevator Modernization Market for Residential Buildings, Revenue (USD Million) 2018 – 2032 62

FIG NO. 31. Mexico Elevator Modernization Market for Commercial Buildings, Revenue (USD Million) 2018 – 2032 63

FIG NO. 32. Mexico Elevator Modernization Market for Industrial Buildings, Revenue (USD Million) 2018 – 2032 64

FIG NO. 33. Mexico Elevator Modernization Market for Institutional Buildings, Revenue (USD Million) 2018 – 2032 65

FIG NO. 34. Elevator Modernization Market Revenue Share, By Component, 2023 & 2032 67

FIG NO. 35. Market Attractiveness Analysis, By Component 68

FIG NO. 36. Incremental Revenue Growth Opportunity by Component, 2024 – 2032 68

FIG NO. 37. Elevator Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 69

FIG NO. 38. Mexico Elevator Modernization Market for Control System, Revenue (USD Million) 2018 – 2032 70

FIG NO. 39. Mexico Elevator Modernization Market for Door System, Revenue (USD Million) 2018 – 2032 71

FIG NO. 40. Mexico Elevator Modernization Market for Cab Enclosure, Revenue (USD Million) 2018 – 2032 72

FIG NO. 41. Mexico Elevator Modernization Market for Power Units, Revenue (USD Million) 2018 – 2032 73

FIG NO. 42. Mexico Elevator Modernization Market for Others, Revenue (USD Million) 2018 – 2032 74

List of Tables

TABLE NO. 1. : Mexico Elevator Modernization Market: Snapshot 23

TABLE NO. 2. : Drivers for the Elevator Modernization Market: Impact Analysis 27

TABLE NO. 3. : Restraints for the Elevator Modernization Market: Impact Analysis 29

TABLE NO. 4. : Mexico Elevator Modernization Market Revenue, By Type, 2018 – 2023 38

TABLE NO. 5. : Key Raw Materials & Suppliers 39

TABLE NO. 6. : Mexico Elevator Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 75

TABLE NO. 7. : Mexico Elevator Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 75

TABLE NO. 8. : Mexico Elevator Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 76

TABLE NO. 9. : Mexico Elevator Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 76

TABLE NO. 10. : Mexico Elevator Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 77

TABLE NO. 11. : Mexico Elevator Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 77

 

Frequently Asked Questions

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

The Mexico elevator modernization market was valued at USD 340.25 million in 2023 and is projected to grow to USD 785.88 million by 2032, with a compound annual growth rate (CAGR) of 11.03%.

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

The market is driven by the growing demand for safety, energy efficiency, and regulatory compliance in aging elevator systems. Factors such as rapid urbanization, government regulations for accessibility, and advancements in smart technologies like IoT and AI are propelling modernization efforts. Additionally, building owners prioritize sustainability and operational cost reduction, further fueling market growth.

What are the key segments within the Mexico Elevator Modernization Market?

The market is segmented by type (traction systems, hydraulic systems, machine room-less elevators), application (residential, commercial, industrial, and institutional buildings), component (control systems, door systems, cab enclosures, power units, and others), and geography (Mexico City, Monterrey, Guadalajara, and other regions).

What are some challenges faced by the Mexico Elevator Modernization Market?

Key challenges include high initial investment costs and the limited availability of skilled labor for implementing advanced technologies. These barriers can delay or hinder modernization projects, particularly for smaller or budget-constrained buildings.

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

Leading players include global companies such as Otis Elevator Company, Thyssenkrupp AG, Schindler Group, KONE Corporation, Mitsubishi Electric Corporation, and Fujitec Co., Ltd., along with regional firms. These companies focus on integrating smart technologies and energy-efficient solutions to meet customer demands and regulatory standards.

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