Elevator Modernization Report: Trends, Forecast and Competitive Analysis to 2030

Elevator Modenization Trends and Forecast

The future of the global elevator modenization market looks promising with opportunities in the residential, commercial, and industrial markets. The global elevator modenization market is expected to reach an estimated $17.4 billion by 2030 with a CAGR of 9.1% from 2024 to 2030. The major drivers for this market are rising demand for an efficient mobility system within buildings, growing consumer expenditure capacities ,and increasing investments in the commercial sector, such as hospitals, shopping malls, and airports.

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Elevator Modenization by Segment

The study includes a forecast for the global elevator modenization by elevator type, modernization type, component, end use industry, and region

Elevator Modenization Market by Elevator Type [Shipment Analysis by Value from 2018 to 2030]:

• Traction Elevators
• Hydraulic Elevators

Elevator Modenization Market by Modernization Type [Shipment Analysis by Value from 2018 to 2030]:

• Partial Modernization
• Full Modernization

Elevator Modenization Market by Component [Shipment Analysis by Value from 2018 to 2030]:

• Controllers
• Door Equipment
• Cabin Enclosures
• Signaling Fixtures
• Power Units
• Others

Elevator Modenization Market by End Use Industry [Shipment Analysis by Value from 2018 to 2030]:

• Residential
• Commercial
• Industrial

Elevator Modenization Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Elevator Modenization Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies elevator modenization companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the elevator modenization companies profiled in this report include-

• Champion Elevator
• Fujitec
• Hitachi
• Hyundai Elevator
• Kone Oyj
• Liberty Elevator
• Mitsubishi Electric
• Olympia Elevators
• Schindler Group
• Stanley Elevator Company

Elevator Modenization Market Insights

Lucintel forecast that hydraulic will remain the larger segment over the forecast period due to its weight, slow speed, and high power consumption.

Within this market, residential will remain the largest segment over the forecast period because this elevator helps companies to save on their existing building or facilities cost, as well as reduces future renovation costs.

North America will remain the largest region over the forecast period due to rising investments to improve safety and efficiency and increasing demand for modern elevators in the region.

Features of the Global Elevator Modenization Market

Market Size Estimates: Elevator modenization market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Elevator modenization market size by various segments, such as by elevator type, modernization type, component, end use industry, and region in terms of value ($B).

Regional Analysis: Elevator modenization market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different elevator types, modernization types, components, end use industries, and regions for the elevator modenization market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the elevator modenization market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q.1 What is the elevator modenization market size?

Answer: The global elevator modenization market is expected to reach an estimated $17.4 billion by 2030.

Q.2 What is the growth forecast for elevator modenization market?

Answer: The global elevator modenization market is expected to grow with a cagr of 9.1% from 2024 to 2030.

Q.3 What are the major drivers influencing the growth of the elevator modenization market?

Answer: The major drivers for this market are rising demand for an efficient mobility system within buildings, growing consumer expenditure capacities, and increasing investments in the commercial sector, such as hospitals, shopping malls, and airports .

Q4. What are the major segments for elevator modenization market?

Answer: The future of the elevator modenization market looks promising with opportunities in the residential, commercial, and industrial markets.

Q5. Who are the key elevator modenization market companies?

Answer: Some of the key elevator modenization companies are as follows:

• Champion Elevator
• Fujitec
• Hitachi
• Hyundai Elevator
• Kone Oyj
• Liberty Elevator
• Mitsubishi Electric
• Olympia Elevators
• Schindler Group
• Stanley Elevator Company

Q6. Which elevator modenization market segment will be the largest in future?

Answer: Lucintel forecast that hydraulic will remain the larger segment over the forecast period due to its weight, slow speed, and high power consumption.

Q7. In elevator modenization market, which region is expected to be the largest in next 5 years?

Answer: North America will remain the largest region over the forecast period due to rising investments to improve safety and efficiency and increasing demand for modern elevators in the region.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the elevator modenization market by elevator type (traction elevators and hydraulic elevators), modernization type (partial modernization and full modernization), component (controllers, door equipment, cabin enclosures, signaling fixtures, power units, and others), end use industry (residential, commercial, and industrial), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?