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North America 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
North America Elevator Modernization Market Size 2023	USD 4,732.49 million
North America Elevator Modernization Market, CAGR	12.45%.
North America Elevator Modernization Market Size 2032	USD 12,102.08 million

Market Overview

The North America Elevator Modernization Market is projected to grow from USD 4,732.49 million in 2023 to USD 12,102.08 million by 2032, reflecting a compound annual growth rate (CAGR) of 12.45%.

The North America elevator modernization market is driven by the increasing demand for improved safety, energy efficiency, and enhanced building aesthetics. As older elevators require frequent repairs and fail to meet modern standards, building owners are increasingly opting for modernization to comply with safety regulations and reduce operational costs. Technological advancements, such as smart elevators and energy-efficient systems, are also fueling market growth, offering better performance and sustainability. Moreover, the growing focus on sustainability and green building certifications encourages the adoption of eco-friendly elevator solutions, driving demand for energy-efficient modernization options. The rising construction activities and urbanization in North America further contribute to the need for modernized elevators in both residential and commercial buildings. These trends, combined with the desire to enhance tenant experience and ensure regulatory compliance, are set to propel the market’s growth in the coming years.

The North America elevator modernization market is driven by key players operating across the U.S., Canada, and Mexico, each focusing on enhancing the efficiency and safety of elevator systems. Prominent companies such as Otis Elevator Company, Thyssenkrupp AG, Schindler Group, and KONE Corporation dominate the market with innovative solutions that integrate advanced technologies like IoT and energy-efficient features. These players offer a wide range of modernization services, including upgrades to traction, hydraulic, and machine-room-less (MRL) elevators. Mitsubishi Electric Corporation, Fujitec Co., Ltd., and Savaria Corporation also contribute significantly to the market with specialized offerings tailored to residential, commercial, and industrial applications. The growing focus on sustainability, safety regulations, and smart building solutions presents substantial opportunities for these companies to expand their services in the region, especially in urban areas where the demand for modernization is highest.

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Market Insights

The North America elevator modernization market was valued at USD 4,732.49 million in 2023 and is projected to reach USD 12,102.08 million by 2032, growing at a CAGR of 12.45%.
Increasing demand for safety compliance and energy-efficient solutions are driving modernization efforts in the region.
Technological advancements like smart elevators and energy-saving systems are transforming the market, improving operational efficiency.
The adoption of regenerative drives and LED lighting is rising, aligning with the trend toward eco-friendly and sustainable building solutions.
Key players, including Otis Elevator Company, Thyssenkrupp AG, and KONE Corporation, dominate the competitive landscape, offering a wide range of modernized elevator solutions.
High initial costs and disruptions during modernization are major challenges faced by building owners in the region.
The U.S. holds the largest market share, while Canada and Mexico are seeing growing demand due to urbanization and regulatory changes.

Market Drivers

Increasing Demand for Safety and Compliance

The primary driver of the North America elevator modernization market is the rising emphasis on safety and regulatory compliance. For instance, the U.S. Occupational Safety and Health Administration (OSHA) has implemented stringent safety standards for elevator systems, requiring regular inspections and upgrades to ensure compliance. As elevators in older buildings age, they become more prone to failures and safety hazards. Modernizing these systems ensures compliance with local safety codes and standards, reducing the risk of accidents. Regulatory bodies continue to enforce stricter safety protocols, prompting building owners to upgrade their elevator systems to avoid penalties and maintain a safe environment for users.

Rising Construction and Urbanization

The ongoing rise in construction activities and urbanization in North America is also driving the demand for elevator modernization. For instance, the U.S. Census Bureau reported a significant increase in the construction of high-rise buildings and multi-story commercial complexes in major cities. As more high-rise buildings and multi-story commercial complexes are developed, the need for efficient and modern elevator systems becomes essential. In older buildings, modernization offers a cost-effective solution to upgrading existing systems to meet the demands of modern infrastructure. The expansion of urban areas and the growing population further fuel the need for upgraded elevator solutions to ensure smooth and efficient transportation within buildings.

Technological Advancements in Elevator Systems

Advancements in elevator technology are a significant factor propelling the market. Innovations such as smart elevators, machine-room-less (MRL) systems, and energy-efficient solutions offer enhanced functionality, increased performance, and reduced operational costs. These modern systems integrate features like predictive maintenance, remote monitoring, and energy-saving modes, making them more attractive to building owners. As technology continues to evolve, more buildings are adopting modernized elevators to stay competitive and operationally efficient.

Focus on Energy Efficiency and Sustainability

Energy efficiency and sustainability have become key priorities for building owners and operators. With growing awareness of environmental impact, there is an increased push toward energy-efficient elevator systems that contribute to reducing carbon footprints. Modernized elevators incorporate eco-friendly features such as regenerative drives, LED lighting, and energy-saving modes. Furthermore, elevator modernization helps buildings qualify for green building certifications such as LEED (Leadership in Energy and Environmental Design), which enhances their marketability and appeal to eco-conscious tenants.

Market Trends

Increasing Adoption of Smart Elevators

A key trend in the North America elevator modernization market is the increasing adoption of smart elevator technology. Smart elevators leverage advanced technologies such as IoT (Internet of Things) and AI (Artificial Intelligence) to provide real-time data, predictive maintenance, and seamless communication between users and building management systems. These elevators are equipped with features like touchless controls, personalized user experiences, and remote monitoring capabilities. As building owners prioritize enhanced user experience and operational efficiency, the shift toward smart elevators is accelerating modernization efforts across the region.

Rise in Regulatory Standards and Green Certifications

As building codes and regulations become more stringent, there is an increasing trend toward modernization to meet these new requirements. For instance, the U.S. Green Building Council (USGBC) has reported a rise in buildings seeking LEED certification, which includes criteria for energy-efficient elevator systems. Many regions in North America are implementing stricter energy efficiency standards and safety regulations, which are pushing building owners to modernize their elevator systems. Moreover, green building certifications like LEED are driving the demand for sustainable elevator solutions. Buildings striving to achieve these certifications are increasingly opting for elevator modernization as part of their broader sustainability strategies, contributing to the market’s growth.

Integration of Energy-Efficient Solutions

Energy efficiency continues to be a prominent trend in the elevator modernization sector. As sustainability becomes more of a priority, elevator manufacturers are focusing on creating eco-friendly systems that reduce energy consumption. Regenerative drives, which capture energy during braking and return it to the building’s power grid, and the use of LED lighting are becoming standard features in modernized elevator systems. These energy-efficient solutions not only lower operational costs but also help buildings reduce their carbon footprint, aligning with the growing demand for greener, more sustainable infrastructures.

Focus on Retrofitting and Cost-Effectiveness

Another notable trend in the elevator modernization market is the growing focus on retrofitting existing elevator systems rather than complete replacements. Retrofitting involves upgrading specific components of an elevator system, such as control panels, motors, and doors, to improve performance and safety without the need for a full overhaul. This cost-effective solution enables building owners to extend the life of their existing elevators while improving their functionality and compliance with modern standards. Retrofitting is especially appealing in older buildings with limited budgets for large-scale renovations.

Market Challenges Analysis

High Initial Costs and Budget Constraints

One of the primary challenges in the North America elevator modernization market is the high upfront cost associated with upgrading elevator systems. For instance, a report by the U.S. Department of Energy highlighted that modernizing older elevators often involves significant investment in new technologies, parts, and labor. This can strain the budgets of building owners, especially those managing older or smaller properties. While modernization offers long-term cost savings through improved energy efficiency and reduced maintenance costs, the initial financial outlay can be a deterrent for some owners. Budget constraints, particularly in commercial and residential properties with limited capital for major renovations, may delay or prevent necessary modernization projects.

Disruption and Downtime During Modernization

Another challenge in the elevator modernization market is the disruption and downtime that occur during the upgrade process. For instance, a survey by the National Institute of Building Sciences found that modernization often requires shutting down elevator services for an extended period, which can disrupt daily operations and create inconvenience for building tenants and visitors. In commercial buildings, this downtime can lead to tenant dissatisfaction and a decrease in productivity, while in residential buildings, it can affect the quality of life for residents. Managing these disruptions requires careful planning, coordination, and communication, which can complicate the modernization process and add additional costs. This challenge may lead some building owners to postpone modernization until absolutely necessary.

Market Opportunities

Expansion of Smart Building Integration

A significant market opportunity for the North America elevator modernization sector lies in the integration of smart building technologies. As demand for smart buildings grows, there is an increasing need for elevator systems that can seamlessly integrate with other building management systems. Modern elevators equipped with IoT sensors and AI-driven analytics can offer features like predictive maintenance, real-time monitoring, and energy optimization. These innovations not only improve the efficiency of elevator operations but also enhance the overall building performance. As more buildings transition to smart environments, modernization offers an opportunity to update elevator systems to meet the growing expectations for automation and connected infrastructure.

Growing Demand for Sustainable Solutions

The increasing focus on sustainability presents another promising opportunity for the elevator modernization market. As building owners and developers seek to reduce their environmental impact, the demand for energy-efficient and eco-friendly elevator solutions is on the rise. Modernizing elevators with regenerative drives, LED lighting, and low-energy systems can significantly reduce a building’s carbon footprint while providing long-term cost savings. Furthermore, with the growing emphasis on green building certifications such as LEED, there is a rising demand for elevators that contribute to the overall sustainability of a building. Elevator modernization, therefore, represents a strategic opportunity for building owners to align with environmental goals, increase property value, and meet regulatory requirements while catering to eco-conscious tenants.

Market Segmentation Analysis:

By Type:

The North America elevator modernization market is segmented by type into traction systems, hydraulic systems, and machine room-less (MRL) elevators. Traction systems dominate the market due to their efficiency and reliability, particularly in high-rise buildings. These systems are commonly modernized with advanced drive technologies to enhance energy efficiency and reduce operational costs. Hydraulic elevators, typically found in low-rise buildings, are also a key segment in modernization projects, with upgrades focusing on improving energy efficiency and meeting updated safety standards. MRL elevators are gaining traction in modernization due to their compact design and energy-saving capabilities, making them ideal for buildings with limited space for traditional machine rooms. The growing preference for energy-efficient, space-saving solutions is driving demand for MRL elevator modernizations, especially in commercial and residential buildings where space optimization is crucial.

By Application:

The market is also segmented based on application, including residential, commercial, industrial, and institutional buildings. In residential buildings, elevator modernization focuses on improving comfort, safety, and accessibility, particularly in high-rise apartments and condos. Commercial buildings, including offices and retail spaces, see modernization as a way to enhance operational efficiency and meet increasing safety standards. Industrial buildings require specialized elevator systems capable of handling heavy loads, often requiring modernization to improve performance and energy efficiency. Institutional buildings, such as hospitals and schools, prioritize modernization to ensure compliance with accessibility standards and to improve the overall user experience. Each of these segments presents unique opportunities for modernization, driven by specific operational needs, safety requirements, and technological advancements.

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:

S.
Canada
Mexico

Regional Analysis

United States

United States holds the largest market share, accounting for approximately 75% of the total market. The country’s extensive urban landscape, especially in major cities like New York, Los Angeles, and Chicago, demands frequent modernization of aging infrastructure. U.S. regulations and standards concerning elevator safety, energy efficiency, and accessibility continue to evolve, further increasing the need for upgrades. Additionally, the rising trend of smart buildings and green certifications, such as LEED, fuels demand for modern, energy-efficient elevator systems. The U.S. market also benefits from high levels of construction activity, leading to more opportunities for modernization as part of building renovations and sustainability efforts.

Canada

Canada holds around 15% of the North American elevator modernization market, with significant opportunities emerging in both urban and suburban areas. Canadian cities like Toronto, Vancouver, and Montreal have older building stocks that require frequent upgrades to meet modern standards. The Canadian government’s focus on sustainability and green building initiatives is also accelerating the need for energy-efficient elevator systems. Moreover, as building owners strive for improved safety features and operational performance, the demand for modernization continues to grow. Canada’s emphasis on energy-efficient solutions and smart building technologies offers substantial growth potential for elevator modernization providers.

Mexico

Mexico, with a market share of approximately 10%, represents an emerging opportunity within the North American elevator modernization landscape. Although the market is still developing, Mexico’s rapid urbanization and increased construction activities are creating a growing need for modernized elevator systems. The modernization efforts in Mexico are driven by an influx of high-rise buildings in cities such as Mexico City and Monterrey. Additionally, the rising awareness of energy efficiency and building safety is encouraging property owners to invest in modernizing their elevator systems. As Mexico continues to strengthen its infrastructure and regulatory standards, the demand for elevator modernization solutions is expected to increase significantly, offering future growth potential.

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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 North America elevator modernization market is highly competitive, with several leading players offering innovative solutions to address the growing demand for energy-efficient and technologically advanced elevator systems. Key players include Otis Elevator Company, Thyssenkrupp AG, Schindler Group, KONE Corporation, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Savaria Corporation, Garaventa Lift, TKE Corporation, and National Elevator Cab & Door. Leading players in the market are focusing on integrating smart technologies, such as IoT and predictive maintenance, into their modernization offerings. This trend has driven the development of more efficient and user-friendly elevator systems, capable of reducing operational costs and improving building performance. For instance, Schindler Group offers the Schindler Ahead digital services, providing real-time data and predictive maintenance to improve system reliability and customer satisfaction. To maintain a competitive edge, companies are focusing on enhancing their product portfolios with regenerative drive systems, energy-efficient solutions like LED lighting, and machine-room-less (MRL) elevators, which are becoming increasingly popular due to their space-saving and sustainable attributes. Additionally, the growing emphasis on sustainability and green building certifications is fueling the demand for eco-friendly elevator systems. In terms of strategy, companies are heavily investing in research and development to stay ahead of technological trends and meet evolving customer needs. Partnerships and collaborations are also being utilized to expand product offerings and improve service capabilities. As the market continues to grow, innovation and customer-centric solutions will be crucial for companies aiming to maintain a leadership position in North America’s elevator modernization landscape.

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 North America elevator modernization market is characterized by moderate concentration, with a few large players holding significant market shares, while smaller regional companies also play a vital role in catering to localized needs. The market is largely driven by the demand for technologically advanced and energy-efficient elevator systems, as well as the growing need to meet updated safety standards and regulations. Key characteristics of the market include a strong focus on sustainability, with increasing adoption of eco-friendly solutions such as regenerative drives, LED lighting, and low-energy motors. Another prominent feature of the market is the growing integration of smart technologies, such as IoT sensors and AI-based predictive maintenance, which is transforming the way elevator systems operate and are monitored. These innovations contribute to enhanced performance, reduced downtime, and better energy management, making them highly attractive to building owners seeking operational efficiency. The competitive landscape is marked by the presence of both global players and regional firms, which cater to the diverse needs of residential, commercial, industrial, and institutional buildings. The market is also influenced by regulatory changes, sustainability goals, and advancements in elevator technology, driving companies to continuously innovate in order to meet customer demands. Overall, the market continues to evolve with a shift towards smarter, greener, and more cost-effective elevator modernization solutions.

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 North America elevator modernization market is expected to witness steady growth, driven by increased urbanization and the need for building upgrades.
Technological advancements, including IoT integration and AI-based predictive maintenance, will continue to shape the future of elevator modernization.
Demand for energy-efficient elevator systems will rise, as building owners seek to meet sustainability goals and reduce operational costs.
Regenerative drives and machine-room-less (MRL) elevators will gain further traction due to their energy-saving and space-efficient features.
Regulatory compliance and safety standards will remain a key factor, prompting further modernization to meet evolving codes and regulations.
Smart building integration will become more prevalent, with elevators becoming part of larger building management systems.
The growing focus on environmental sustainability will drive the development of more eco-friendly elevator solutions.
The residential segment will see a rise in modernization as homeowners and property developers prioritize energy efficiency and enhanced user experience.
The commercial building sector will demand increasingly sophisticated modernization solutions to improve efficiency and reduce downtime.
Regional players will continue to innovate and offer tailored solutions, while global players will expand their presence through partnerships and technological advancements.

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. North America 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 North America 31

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

5.2. Export Analysis by North America 32

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

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by North America 33

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

6.2. Supply Analysis by North America 34

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

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by North America 35

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

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

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

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

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

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

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

11.3. North America Elevator Modernization Market Company Volume Market Share, 2023 43

11.4. North America 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

North America 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 – NORTH AMERICA ANALYSIS 73

16.1. Type 73

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

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

16.3. Application 74

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

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

16.4. Component 75

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

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

16.5. U.S. 75

16.6. Canada 75

16.7. Mexico 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. North America Elevator Modernization Market Revenue, 2018 – 2032 (USD Million) 24

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

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

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

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

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

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

FIG NO. 8. North America 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 North America 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. North America Elevator Modernization Market for Traction System, Revenue (USD Million) 2018 – 2032 55

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

FIG NO. 25. North America 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. North America Elevator Modernization Market for Residential Buildings, Revenue (USD Million) 2018 – 2032 62

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

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

FIG NO. 33. North America 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. North America Elevator Modernization Market for Control System, Revenue (USD Million) 2018 – 2032 70

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

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

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

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

List of Tables

TABLE NO. 1. : North America 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. : North America Elevator Modernization Market Revenue, By Type, 2018 – 2023 38

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

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

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

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

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

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

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

Frequently Asked Questions

What is the current size of the North America Elevator Modernization Market?

The North America elevator modernization market was valued at USD 4,732.49 million in 2023 and is projected to reach USD 12,102.08 million by 2032, growing at a compound annual growth rate (CAGR) of 12.45%.

What factors are driving the growth of the North America Elevator Modernization Market?

The market’s growth is driven by increasing demand for safety and regulatory compliance, the rise of energy-efficient and sustainable solutions, advancements in smart elevator technologies, and growing urbanization and construction activities. Additionally, the focus on reducing operational costs and achieving green building certifications boosts modernization efforts.

What are the key segments within the North America Elevator Modernization Market?

The market is segmented by type (traction systems, hydraulic systems, machine room-less elevators), application (residential, commercial, industrial, institutional buildings), and components (control systems, door systems, cab enclosures, power units, and others). Geographically, it covers the U.S., Canada, and Mexico.

What are some challenges faced by the North America Elevator Modernization Market?

What are some challenges faced by the North America Elevator Modernization Market?High initial costs for modernization projects and disruptions during the upgrade process are significant challenges. Budget constraints, particularly for older or smaller properties, and downtime inconveniences during modernization further hinder adoption.

Who are the major players in the North America Elevator Modernization Market?

Key players include Otis Elevator Company, Thyssenkrupp AG, Schindler Group, KONE Corporation, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Savaria Corporation, Garaventa Lift, TKE Corporation, and National Elevator Cab & Door. These companies focus on innovative solutions like IoT, predictive maintenance, and energy-efficient technologies.

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