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South Korea 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
South Korea Elevator Modernization Market Size 2023	USD 574.62 million
South Korea Elevator Modernization Market, CAGR	13.13%
South Korea Elevator Modernization Market Size 2032	USD 1,542.09 million

Market Overview

The South Korea Elevator Modernization Market is expected to grow from USD 574.62 million in 2023 to USD 1,542.09 million by 2032, reflecting a compound annual growth rate (CAGR) of 13.13%.

The South Korea elevator modernization market is driven by the rapid urbanization, growing demand for energy-efficient solutions, and stringent safety regulations. As older elevator systems in aging buildings require upgrades to meet modern safety and environmental standards, there is a rising demand for advanced technologies that improve energy efficiency and reduce operational costs. The government’s initiatives to promote energy-saving measures and reduce carbon emissions further fuel the growth of the market. Additionally, the increasing focus on enhancing passenger experience and comfort drives the adoption of smart elevator systems with integrated technologies such as IoT and AI. The trend toward eco-friendly and sustainable buildings also contributes to the market’s expansion, as elevator modernization plays a crucial role in improving overall building performance. The growing construction and real estate sectors, combined with the need for regulatory compliance, are key factors propelling market growth.

The South Korea elevator modernization market is geographically driven by major regions, including Seoul Metropolitan, Gyeonggi Province, Busan and Ulsan, and Daegu, where urbanization, safety regulations, and sustainability initiatives propel demand for modernization projects. Rapid infrastructure growth and the need to upgrade aging systems in residential, commercial, and industrial buildings drive market expansion. Increasing adoption of energy-efficient technologies and smart solutions enhances modernization efforts across these regions. Key players shaping the competitive landscape include Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, and Thyssenkrupp AG. These companies focus on integrating advanced technologies such as IoT-based monitoring, predictive maintenance, and touchless control systems to enhance efficiency, safety, and user experience. Collaborations with construction firms and adherence to government regulations position these players to leverage growth opportunities and meet the evolving needs of South Korea’s modern building infrastructure.

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Market Insights

The South Korea elevator modernization market is projected to grow from USD 574.62 million in 2023 to USD 1,542.09 million by 2032, at a CAGR of 13.13%.
Increasing urbanization and the need for energy-efficient solutions drive the demand for modernizing outdated elevator systems in residential and commercial buildings.
Growing adoption of smart technologies, including IoT and AI-enabled predictive maintenance, enhances operational efficiency and safety in modernized elevators.
Major players, such as Mitsubishi Electric Corporation, Fujitec Co., Ltd., and KONE Corporation, are focusing on integrating advanced safety features and eco-friendly components.
High initial investment costs for modernization projects pose a challenge for building owners, despite long-term cost-saving benefits.
The Seoul Metropolitan Region leads in modernization demand due to its dense urban infrastructure, followed by Gyeonggi Province and industrial hubs like Busan and Ulsan.
Strict safety regulations and sustainability initiatives are accelerating modernization efforts across South Korea’s aging building infrastructure.

Market Drivers

Urbanization and Infrastructure Development

South Korea’s rapid urbanization and ongoing infrastructure development are key drivers of the elevator modernization market. As the country experiences significant population growth in metropolitan areas, older buildings with outdated elevator systems are becoming more common. These systems require upgrades to meet modern safety standards and improve operational efficiency. For instance, the government’s urban renewal programs have led to the modernization of numerous buildings in cities like Seoul and Busan. The government’s urban renewal programs and the increasing number of high-rise buildings fuel demand for modernization, making it essential for existing structures to keep pace with evolving needs.

Stringent Safety Regulations

Stricter safety regulations are a crucial factor driving the market. South Korea has implemented rigorous codes and standards for elevator safety, with regular inspections and certifications required for old systems. For instance, the Elevator Safety Management Act mandates regular safety evaluations and certifications. These regulations compel building owners to modernize their elevator infrastructure to comply with safety norms. Ensuring passenger safety, preventing accidents, and reducing the risk of system failures are critical motivators for modernization. Additionally, compliance with these regulations helps building owners avoid penalties and liabilities.

Energy Efficiency and Sustainability

Energy efficiency is a growing concern for building owners, pushing them to invest in elevator modernization. Newer elevator technologies focus on reducing energy consumption and improving overall performance, addressing both environmental and cost-saving goals. As the South Korean government emphasizes sustainability and carbon footprint reduction, building owners are increasingly adopting energy-efficient elevator systems. Modernization also aligns with the country’s commitment to green building certifications, which encourages the use of eco-friendly materials and technologies to meet environmental standards.

Technological Advancements and Smart Solutions

Technological advancements in elevator systems, including the integration of smart solutions, are transforming the market. The rise of Internet of Things (IoT) and Artificial Intelligence (AI) in elevator modernization enhances operational efficiency, improves passenger experience, and provides predictive maintenance capabilities. The growing demand for seamless and automated building experiences in high-rise buildings drives the adoption of these cutting-edge technologies. Smart elevators, which allow for real-time monitoring and optimization, are becoming increasingly popular, further boosting the market’s growth.

Market Trends

Shift Toward Energy-Efficient Solutions

A prominent trend in the South Korea elevator modernization market is the growing focus on energy efficiency. As building owners and operators seek to reduce operational costs and minimize their environmental impact, energy-efficient elevator systems are becoming increasingly popular. For instance, modernization projects are integrating regenerative drives, LED lighting, and machine room-less technology to enhance energy conservation. These upgrades not only lower electricity consumption but also help buildings achieve sustainability goals, aligning with South Korea’s commitment to reducing carbon emissions and promoting eco-friendly buildings.

Integration of Smart Technologies

The adoption of smart technologies is revolutionizing the elevator modernization landscape. With advancements in IoT, AI, and cloud computing, elevator systems are becoming smarter and more efficient. These innovations enable real-time monitoring, predictive maintenance, and seamless integration with building management systems. Modern elevators now feature touchless controls, remote diagnostics, and automated scheduling, improving passenger experience and reducing downtime. Smart technologies are also enhancing safety features by providing detailed insights into system health, thus ensuring the smooth operation of elevator services.

Focus on Safety and Compliance

As safety remains a top priority, elevator modernization projects in South Korea are increasingly focused on meeting stringent regulatory standards. The implementation of new safety features such as emergency communication systems, seismic protection, and fire-resilient materials is becoming a common trend. Building owners are upgrading old elevator systems to comply with the latest safety codes and regulations, ensuring passenger safety while avoiding fines and liabilities. This trend is particularly evident in older buildings where systems may not meet current safety requirements, prompting necessary modernization efforts.

Growing Demand for Aesthetic and Passenger Comfort Upgrades

In addition to functional improvements, there is a growing trend in South Korea toward enhancing the aesthetic appeal and comfort of elevator systems. Modernization projects are focusing on improving the overall passenger experience by upgrading interiors with stylish finishes, ambient lighting, and smooth, quiet operation. Building owners are recognizing the importance of offering a premium experience, particularly in commercial and residential properties where comfort and visual appeal play a critical role in attracting tenants and visitors. This trend is contributing to the growing demand for high-quality modernization solutions.

Market Challenges Analysis

High Initial Investment Costs

One of the primary challenges in the South Korea elevator modernization market is the significant upfront investment required. Modernizing elevator systems, especially in older buildings, often involves considerable costs due to the integration of advanced technologies, energy-efficient components, and compliance with updated safety regulations. For instance, the integration of smart and connected technologies, such as IoT-enabled sensors and predictive maintenance systems, can significantly increase initial costs. For many building owners, especially in the commercial and residential sectors, these high initial costs can be a deterrent, particularly when short-term financial constraints are a factor. Despite long-term savings on energy and maintenance, the initial financial burden can delay modernization projects or deter potential investments. Securing funding for these upgrades remains a challenge for many stakeholders.

Disruption During Installation and Downtime

Another challenge in elevator modernization is the potential disruption caused during the installation process. Upgrading an elevator system in a functioning building can lead to temporary shutdowns, affecting the daily routines of residents or employees and potentially creating safety risks during the transition period. This downtime can impact building operations, particularly in high-traffic commercial and residential spaces, causing inconvenience for users. Coordinating the timing of upgrades and ensuring minimal disruption is a logistical challenge for project managers, as extended periods of service interruption can lead to tenant dissatisfaction and financial losses. Balancing operational continuity with the need for modernization remains a significant hurdle in the market.

Market Opportunities

Expanding Demand for Sustainable and Smart Building Solutions

The growing emphasis on sustainability and energy efficiency presents a significant opportunity in the South Korea elevator modernization market. As the government intensifies efforts to reduce carbon emissions and promote green infrastructure, demand for energy-efficient elevators equipped with regenerative drives, smart controls, and machine room-less technology is increasing. Modernizing elevators with eco-friendly components not only helps building owners meet sustainability goals but also reduces operational costs in the long run. Additionally, incentives and subsidies supporting energy-saving initiatives create favorable conditions for modernization projects. Companies offering innovative, sustainable solutions that align with green building certifications are well-positioned to capitalize on this trend, gaining a competitive edge in a market where environmental responsibility is becoming a priority.

Rising Adoption of Advanced Technologies

Technological advancements in elevator systems, driven by the integration of IoT, AI, and cloud-based platforms, open new opportunities for modernization. Building owners are increasingly seeking smart elevators that offer features such as predictive maintenance, real-time monitoring, and automated dispatching to improve operational efficiency and enhance user experience. The demand for touchless controls, voice-activated commands, and enhanced safety systems is particularly rising in commercial and high-end residential buildings. Companies that develop and implement smart elevator modernization solutions stand to benefit significantly from this trend. Furthermore, the growing focus on improving building accessibility and safety standards, especially in aging infrastructure, presents additional avenues for growth in the South Korean market.

Market Segmentation Analysis:

By Type:

The South Korea elevator modernization market is segmented into traction systems, hydraulic systems, and machine room-less (MRL) elevators. Among these, traction systems hold a significant market share due to their widespread application in high-rise buildings, offering superior speed, efficiency, and load capacity. The demand for modernization of traction systems is driven by the need for energy efficiency and advanced safety features. Meanwhile, hydraulic systems are primarily used in low- to mid-rise buildings, where modernization efforts focus on enhancing reliability and reducing power consumption. Machine room-less (MRL) elevators are gaining popularity as they eliminate the need for a machine room, making them ideal for space-constrained buildings. Their energy-saving capabilities and streamlined installation process are key factors contributing to their growing adoption in modernization projects across both residential and commercial sectors.

By Application:

By application, the market is categorized into residential, commercial, and industrial buildings. Residential buildings dominate the market, driven by the need to upgrade outdated elevators for improved safety, comfort, and energy efficiency. South Korea’s growing urbanization and government initiatives for smart city development further fuel modernization in this segment. Commercial buildings, including office spaces, hotels, and retail complexes, represent a significant share as businesses prioritize enhancing passenger experience and operational efficiency through smart elevators. In industrial buildings, modernization focuses on enhancing durability and reliability to support heavy-duty operations. The rising construction of multi-story structures and the increasing focus on sustainable infrastructure drive demand across all application segments.

Segments:

Based on Type:

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

Based on Application:

Residential Buildings
Commercial Buildings
Industrial Buildings
Institutional Buildings

Based on Component:

Control System
Door System
Cab Enclosure
Power Units
Others

Based on the Geography:

Seoul Metropolitan Region
Gyeonggi Province
Busan and Ulsan Regions
Daegu Region

Regional Analysis

Seoul Metropolitan Region

The Seoul Metropolitan Region dominates the South Korea elevator modernization market, accounting for over 35% of the total market share. As the most densely populated area with a high concentration of residential, commercial, and industrial buildings, the region faces a pressing need to upgrade aging elevator systems. Rapid urbanization, along with government-led smart city initiatives, drives demand for modernization projects focusing on safety, energy efficiency, and advanced technology integration. Building owners are increasingly adopting smart elevator systems equipped with IoT and AI technologies to enhance passenger experience and improve operational efficiency. Additionally, the region’s stringent safety regulations necessitate frequent upgrades, further boosting modernization efforts.

Gyeonggi Province

Gyeonggi Province holds approximately 25% of the South Korea elevator modernization market share. The province’s proximity to Seoul and its role as a significant residential and industrial hub contribute to its growing demand for elevator modernization. Large-scale housing developments and ongoing infrastructure projects create opportunities for modernizing older elevators with energy-efficient and safety-enhancing technologies. Industrial buildings in the province are increasingly investing in durable and reliable elevator systems to support heavy-duty operations. The province’s focus on sustainable urban development also accelerates the adoption of eco-friendly elevator solutions, making it a key market for modernization service providers.

Busan and Ulsan Regions

The combined market share of the Busan and Ulsan regions accounts for around 20% of the overall elevator modernization market in South Korea. These regions, known for their industrial base and bustling ports, are witnessing significant modernization activities aimed at improving elevator systems in both industrial facilities and high-rise residential complexes. In Busan, the rise of smart building projects and luxury real estate developments drives the adoption of advanced elevator technologies. Ulsan, as a major industrial center, focuses on upgrading elevators to enhance safety, efficiency, and reliability in factories and warehouses. The regions’ strategic importance in logistics and manufacturing further supports demand for robust modernization solutions.

Daegu Region

The Daegu Region captures nearly 15% of the market share, with modernization efforts gaining traction in residential and commercial buildings. As the city continues to expand its urban infrastructure, older elevators require upgrades to meet evolving safety standards and improve energy efficiency. The local government’s initiatives to promote green buildings and sustainable urban development further stimulate the adoption of advanced elevator systems. Commercial properties in Daegu, including office spaces and shopping centers, are increasingly modernizing elevators to enhance user experience and operational performance. The growing construction of new high-rise buildings also contributes to the rising demand for modernization services.

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Key Player Analysis

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

Competitive Analysis

The competitive landscape of the South Korea elevator modernization market is characterized by the presence of leading global and regional players focused on technological innovation, energy efficiency, and safety enhancements. Key market participants include Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, and Thyssenkrupp AG. These companies invest heavily in research and development to introduce advanced solutions such as smart elevators equipped with IoT-based predictive maintenance, touchless control systems, and regenerative drives for improved energy conservation. Strategic partnerships, mergers, and collaborations with construction and infrastructure firms are common strategies adopted by these players to strengthen market presence and expand their customer base. For instance, collaborations between elevator manufacturers and construction companies have led to the development of customized solutions tailored to specific building requirements. Additionally, they focus on customization to meet the unique requirements of residential, commercial, and industrial applications. Enhanced safety features that comply with stringent government regulations, such as seismic protection and fire-resistant technologies, further differentiate offerings. Competitive pricing, after-sales service, and rapid modernization processes are key areas where companies aim to enhance customer satisfaction and gain a competitive edge. The evolving demand for sustainable and smart building solutions provides significant growth opportunities, driving innovation and intensifying competition in the South Korea elevator modernization market.

Recent Developments

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

Market Concentration & Characteristics

The South Korea elevator modernization market exhibits a moderately concentrated structure, dominated by a mix of well-established global companies and prominent regional players. Leading manufacturers such as Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, and KONE Corporation hold significant market shares, leveraging their technological expertise, expansive product portfolios, and extensive service networks. These players benefit from strong brand recognition and long-standing relationships with construction firms, property developers, and building management companies, giving them a competitive advantage in securing large-scale modernization projects. The market is characterized by rapid technological advancements, where innovation in smart control systems, IoT-based monitoring, and energy-efficient solutions shapes competitive dynamics. Companies focus on offering customized modernization services that enhance safety, efficiency, and user experience to cater to the unique demands of residential, commercial, and industrial buildings. Despite the dominance of a few key players, smaller firms specializing in niche technologies or cost-effective solutions contribute to increased market fragmentation. High entry barriers, including regulatory compliance and the need for substantial capital investment, limit new entrants. Overall, the market’s concentration and competitive characteristics are driven by technological differentiation, strategic partnerships, and the ability to deliver comprehensive modernization solutions that comply with evolving safety and sustainability standards.

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 South Korea elevator modernization market is expected to witness robust growth driven by urbanization and aging infrastructure.
Rising demand for smart elevator systems with IoT-based predictive maintenance will shape future modernization efforts.
Government regulations on safety and energy efficiency will increase the adoption of advanced safety systems and eco-friendly components.
The trend toward sustainable buildings will boost demand for energy-efficient modernization solutions, including regenerative drives and machine room-less elevators.
Technological advancements such as touchless controls and AI-powered dispatching systems will become key differentiators in modernization projects.
Increasing investments in residential and commercial real estate developments will create opportunities for elevator upgrades.
Strategic partnerships between elevator manufacturers and construction companies will enhance market reach and service offerings.
Competitive pricing and superior after-sales service will remain critical for companies aiming to capture market share.
High initial costs will continue to be a challenge, but long-term cost savings and regulatory incentives will drive adoption.
The market will remain dominated by established players focusing on innovation, safety compliance, and sustainable modernization solutions.

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. South Korea 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 South Korea 31

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

5.2. Export Analysis by South Korea 32

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

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by South Korea 33

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

6.2. Supply Analysis by South Korea 34

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

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by South Korea 35

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

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

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

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

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

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

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

11.3. South Korea Elevator Modernization Market Company Volume Market Share, 2023 43

11.4. South Korea 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

South Korea 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 – SOUTH KOREA ANALYSIS 73

16.1. Type 73

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

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

16.3. Application 74

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

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

16.4. Component 75

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

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

CHAPTER NO. 17 : COMPANY PROFILES 76

17.1. Mitsubishi Electric Corporation 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. Fujitec Co., Ltd. 78

17.3. Hitachi Elevator Engineering Company 78

17.4. Toshiba Elevator and Building Systems Corporation 78

17.5. KONE Corporation 78

17.6. Otis Elevator Company 78

17.7. Schindler Group 78

17.8. Thyssenkrupp AG 78

17.9. SJEC Corporation 78

17.10. Canny Elevator Co., Ltd. 78

List of Figures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

List of Tables

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

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

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

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

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

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

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

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

Frequently Asked Questions

What is the current size of the South Korea Elevator Modernization Market?

The South Korea elevator modernization market is valued at USD 574.62 million in 2023 and is projected to grow to USD 1,542.09 million by 2032, with a compound annual growth rate (CAGR) of 13.13%.

What factors are driving the growth of the South Korea Elevator Modernization Market?

The market growth is driven by rapid urbanization, the need for energy-efficient solutions, and stringent safety regulations. Other key factors include the adoption of smart technologies such as IoT and AI, government initiatives promoting sustainability, and the demand for enhanced passenger experience and safety in aging building infrastructure.

What are the key segments within the South Korea Elevator Modernization Market?

The market is segmented by type (traction systems, hydraulic systems, and machine room-less elevators), application (residential, commercial, industrial, and institutional buildings), and components (control systems, door systems, cab enclosures, power units, and others). The Seoul Metropolitan Region, Gyeonggi Province, Busan and Ulsan Regions, and Daegu Region are the key geographic segments.

What are some challenges faced by the South Korea Elevator Modernization Market?

The market faces challenges such as high initial investment costs for modernization projects and disruptions during installation, which can lead to downtime and inconvenience for building occupants. Retrofitting older systems with modern technologies and navigating regulatory requirements also pose technical and operational hurdles.

Who are the major players in the South Korea Elevator Modernization Market?

Who are the major players in the South Korea Elevator Modernization Market?Key players include Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Elevator Engineering Company, Toshiba Elevator and Building Systems Corporation, KONE Corporation, Otis Elevator Company, Schindler Group, and Thyssenkrupp AG. These companies focus on integrating advanced safety features, smart technologies, and energy-efficient solutions to cater to the evolving market demands.

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