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Elevator Modernization Market by Elevator Type, Component, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030

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    Report

  • 235 Pages
  • March 2022
  • Region: Global
  • Allied Market Research
  • ID: 5578273
Description Jump to:
The global elevator modernization market size was valued at $7,781.2 million in 2020, and is projected to reach $19,941.6 million by 2030, registering a CAGR of 9.4% from 2021 to 2030. The process of upgrading important components of an elevator to maintain safety and efficiency is known as elevator modernization. Various components of elevator such as controllers, door equipment, signaling fixtures, and power units undergo various wear and tear, owing to continuous operations over a long period of time, creating a demand for elevator modernization.



Elevators facilitate vertical movement of people and freight. This makes it an essential component of high-rise buildings and other structures. However, deterioration of elevator components can significantly affect its safety and efficiency. Replacement of entire elevator systems involves high investment, whereas elevator modernization, helps in maintaining and enhancing performance & safety of elevators systems economically.

Rise in awareness regarding importance of modernization to maintain safety of elevators has significantly increased the demand for elevator modernization solutions from residential and commercial users. Furthermore, advancement in technology significantly improve the quality as well as aesthetic appearance of cabins. However, requirement of components as per specific designs and lack of skilled workforce are factors that can restrain market growth. Furthermore, implementation of government regulations for elevator safety positively influences the growth of the market.

The global elevator modernization market is segmented on the basis of elevator type, component, end user, and region. Depending on elevator type, the market is divided into traction and hydraulic. According to component, it is categorized into controller, door equipment, cabin enclosure, and others. By end user, it is classified into residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Major players operating in the global elevator modernization market have adopted key strategies such as product launch to strengthen their market outreach and sustain the stiff competition in the market

COMPETITION ANALYSIS

The major market participants profiled in this report include Escon Elevators, Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, OTIS Worldwide Corporation, Schindler, TK Elevator, and Toshiba Corporation.

KEY BENEFITS FOR STAKEHOLDERS

  • The report provides an extensive analysis of the current and emerging elevator modernization market trends and dynamics
  • In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2030
  • Extensive analysis of the elevator modernization market is conducted by following key product positioning and monitoring of the top competitors within the market framework
  • A comprehensive analysis of all regions is provided to determine the prevailing opportunities
  • The global elevator modernization market forecast analysis from 2021 to 2030 is included in the report
  • The key market players within elevator modernization market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the elevator modernization industry

KEY SEGMENTS


By ELEVATOR TYPE

  • Traction
  • Hydraulic

By COMPONENT

  • Controller
  • Door Equipment
  • Cabin Enclosure
  • Others

By End User

  • Residential
  • Commercial
  • Industrial

By Region


By Region

  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

KEY PLAYERS

  • Escon Elevators
  • Fujitec Co Ltd
  • Hitachi Ltd
  • Hyundai Elevator Co, Ltd
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • OTIS Worldwide Corporation
  • Schindler
  • TK Elevator
  • Toshiba Corporation

 

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Table of Contents

Chapter 1 Introduction
1.1. Report Description
1.2. Key Benefits
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Primary Research
1.4.2. Secondary Research
1.4.3. Analyst Tools and Models
Chapter 2 Executive Summary
2.1. Cxo Perspective
Chapter 3 Market Overview
3.1. Market Definition and Scope
3.2. Key Findings
3.2.1. Top Winning Strategies
3.2.2. Top Investment Pockets
3.2.3. Top Impacting Factors
3.3. Porter’S Five Forces Analysis
3.3.1. Moderate Bargaining Power of Buyers
3.3.2. Moderate Bargaining Power of Suppliers
3.3.3. High Degree of Competition
3.3.4. Moderate Threat of New Entrants
3.3.5. Moderate Threat of Substitute
3.4. Market Share Analysis, 2015
3.5. Market Dynamics
3.5.1. Drivers
3.5.1.1. Changing Trends in Elevator Industry
3.5.1.2. Rapid Urbanization
3.5.1.3. Rising Awareness About Safety and Security
3.5.2. Restraints
3.5.2.1. Unsuitable Elevator Designs
3.5.2.2. Environmental Hazards
3.5.3. Opportunities
3.5.3.1.1. Development in Commercial Sector
3.5.3.1.2. Increase in Adoption of Machines Room-Less Elevators
3.5.3.1.3. Technological Advancements in Elevator Modernization
Chapter 4 Competitive Landscape
Chapter 5 Elevator Modernization Market, by Elevator Type
5.1. Overview
5.2. Traction Elevator
5.2.1. Key Market Trends
5.2.2. Key Growth Factors & Opportunities
5.2.3. Market Size and Forecast
5.3. Hydraulic Elevator
5.3.1. Key Market Trends
5.3.2. Key Growth Factors and Opportunities
5.3.3. Market Size and Forecast
Chapter 6 Elevator Modernization, by Component
6.1. Overview
6.2. Controller
6.2.1. Key Market Trends
6.2.2. Key Growth Factors and Opportunities
6.2.3. Market Size and Forecast
6.3. Door Equipment
6.3.1. Key Market Trends
6.3.2. Key Growth Factors and Opportunities
6.3.3. Market Size and Forecast
6.4. Cabin Enclosure
6.4.1. Key Market Trends
6.4.2. Key Growth Factors and Opportunities
6.4.3. Market Size and Forecast
6.5. Others (Overspeed Governor and Guide Rail)
6.5.1. Key Market Trends
6.5.2. Key Growth Factors and Opportunities
6.5.3. Market Size and Forecast
Chapter 7 Elevator Modernization, by End-user
7.1. Overview
7.2. Residential Sector
7.2.1. Key Market Trends
7.2.2. Key Growth Factors and Opportunities
7.2.3. Market Size and Forecast
7.3. Commercial Sector
7.3.1. Key Market Trends
7.3.2. Key Growth Factors and Opportunities
7.3.3. Market Size and Forecast
7.4. Industrial Sector
7.4.1. Key Market Trends
7.4.2. Key Growth Factors and Opportunities
7.4.3. Market Size and Forecast
Chapter 8 Elevator Modernization Market, by Geography
8.1. Overview
8.2. North America
8.2.1. Key Market Trends
8.2.2. Key Growth Factors and Opportunities
8.2.3. Market Size and Forecast
8.2.3.1. U. S.
8.2.3.2. Canada
8.2.3.3. Mexico
8.3. Europe
8.3.1. Key Market Trends
8.3.2. Key Growth Factors and Opportunities
8.3.3. Market Size and Forecast
8.3.3.1. Uk
8.3.3.2. Germany
8.3.3.3. France
8.3.3.4. Italy
8.3.3.5. Russia
8.3.3.6. Rest of Europe
8.4. Asia-Pacific
8.4.1. Key Market Trends
8.4.2. Key Growth Factors and Opportunities
8.4.3. Market Size and Forecast
8.4.3.1. China
8.4.3.2. Japan
8.4.3.3. India
8.4.3.4. Australia
8.4.3.5. Rest of Asia-Pacific
8.5. Lamea
8.5.1. Key Market Trends
8.5.2. Key Growth Factors and Opportunities
8.5.3. Market Size and Forecast
8.5.3.1. Latin America
8.5.3.2. Middle East
8.5.3.3. Africa
Chapter 9 Company Profiles
9.1. Escon Elevators.
9.1.1. Company Overview
9.1.2. Company Snapshot
9.1.3. Business Performance
9.2. Fujitec Co. Ltd.
9.1.1. Company Overview
9.1.2. Company Snapshot
9.1.3. Business Performance
9.3. Hitachi, Ltd.
9.2.1. Company Overview
9.2.2. Company Snapshot
9.2.3. Business Performance
9.2.4. Key Strategic Moves and Developments
9.4. Hyundai Elevator Co. Ltd.
9.3.1. Company Overview
9.3.2. Company Snapshot
9.3.3. Business Performance
9.3.4. Key Strategic Moves and Developments
9.5. Kone Corporation
9.4.1. Company Overview
9.4.2. Company Snapshot
9.4.3. Business Performance
9.4.4. Key Strategic Moves and Developments
9.6. Mitsubishi Electric Corporation
9.5.1. Company Overview
9.5.2. Company Snapshot
9.5.3. Business Performance
9.5.4. Key Strategic Moves and Developments
9.7. Otis Elevator Company
9.6.1. Company Overview
9.6.2. Company Snapshot
9.6.3. Key Strategic Moves and Developments
9.8. Schindler
9.7.1. Company Overview
9.7.2. Company Snapshot
9.7.3. Key Strategic Moves and Developments
9.9. Tk Elevators
9.8.1. Company Overview
9.8.2. Company Snapshot
9.8.3. Business Performance
9.8.4. Key Strategic Moves and Developments
9.10. Toshiba Corporation
9.9.1. Company Overview
9.9.2. Company Snapshot
9.9.3. Business Performance
9.9.4. Key Strategic Moves and Developments
List of Tables
Table 01. Global Elevator Modernization Market Revenue, by System, 2020–2030 ($Million)
Table 02. Global Elevator Modernization Market Revenue for Temperature Control System, by Region, 2020–2030 ($Million)
Table 03. Global Elevator Modernization Market Revenue for Ventilation Control System, by Region, 2020–2030 ($Million)
Table 04. Global Elevator Modernization Market Revenue for Humidity Control System, by Region, 2020–2030 ($Million)
Table 05. Global Elevator Modernization Market Revenue for Integrated Control System, by Region, 2020–2030 ($Million)
Table 06. Global Elevator Modernization Market Revenue, by Implementation Type, 2020–2030 ($Million)
Table 07. Global Elevator Modernization Market Revenue for New Construction, by Region, 2020–2030 ($Million)
Table 08. Global Elevator Modernization Market Revenue for Retrofit, by Region, 2020–2030 ($Million)
Table 09. Global Elevator Modernization Market Revenue, by End-user, 2020–2030 ($Million)
Table 10. Global Residential Elevator Modernization Market Revenue, by Region, 2020–2030 ($Million)
Table 11. Global Commercial Elevator Modernization Market Revenue, by Region, 2020–2030 ($Million)
Table 12. Global Industrial Elevator Modernization Market Revenue, by Region, 2020–2030 ($Million)
Table 13. Elevator Modernization Market, by Region, 2020–2030 ($Million)
Table 14. North America Elevator Modernization Market, by Type, 2020–2030 ($Million)
Table 15. North America Elevator Modernization Market Revenue, by Implementation Type, 2020–2030 ($Million)
Table 16. North America Elevator Modernization Market Revenue, by End-user, 2020–2030 ($Million)
Table 17. North America Elevator Modernization Market, by Country, 2020–2030 ($Million)
Table 18. U.S Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 19. U.S Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 20. U.S Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 21. Canada Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 22. Canada Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 23. Canada Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 24. Mexico Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 25. Mexico Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 26. Mexico Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 27. Europe Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 28. Europe Elevator Modernization Market Revenue, by Implementation Type, 2020–2030 ($Million)
Table 29. Europe Elevator Modernization Market Revenue, by End-user, 2020–2030 ($Million)
Table 30. Europe Elevator Modernization Market, by Country, 2020–2030 ($Million)
Table 31. Germany Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 32. Germany Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 33. Germany Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 34. France Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 35. France Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 36. France Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 37. Uk Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 38. Uk Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 39. Uk Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 40. Italy Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 41. Italy Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 42. Italy Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 43. Rest of Europe Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 44. Rest of Europe Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 45. Rest of Europe Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 46. Asia-Pacific Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 47. Asia-Pacific Elevator Modernization Market Revenue, by Implementation Type, 2020–2030 ($Million)
Table 48. Asia-Pacific Elevator Modernization Market Revenue, by End-user, 2020–2030 ($Million)
Table 49. Asia-Pacific Elevator Modernization Market, by Country, 2020–2030 ($Million)
Table 50. China Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 51. China Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 52. China Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 53. India Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 54. India Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 55. India Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 56. Japan Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 57. Japan Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 58. Japan Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 59. South Korea Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 60. South Korea Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 61. South Korea Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 62. Rest of Asia-Pacific Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 63. Rest of Asia-Pacific Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 64. Rest of Asia-Pacific Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 65. Lamea Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 66. Lamea Elevator Modernization Market Revenue, by Implementation Type, 2020–2030 ($Million)
Table 67. Lamea Elevator Modernization Market Revenue, by End-user, 2020–2030 ($Million)
Table 68. Lamea Elevator Modernization Market, by Country, 2020–2030 ($Million)
Table 69. Latin America Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 70. Latin America Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 71. Latin America Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 72. Middle East Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 73. Middle East Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 74. Middle East Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 75. Africa Elevator Modernization Market, by System, 2020–2030 ($Million)
Table 76. Africa Elevator Modernization Market, by Implementation Type, 2020–2030 ($Million)
Table 77. Africa Elevator Modernization Market, by End-user, 2020–2030 ($Million)
Table 78. Escon Elevators:Key Executive
Table 79. Escon Elevators: Company Snapshot
Table 80. Escon Elevators: Operating Segments
Table 81. Escon Elevators: Product Portfolio
Table 82. Fujitec Co. Ltd. : Key Executive
Table 83. Fujitec Co. Ltd. : Company Snapshot
Table 84. Fujitec Co. Ltd. : Operating Segments
Table 85. Fujitec Co. Ltd. : Product Portfolio
Table 86. Hitachi Ltd. :Key Executive
Table 87. Hitachi Ltd. : Company Snapshot
Table 88. Hitachi Ltd. : Operating Segments
Table 89. Hitachi Ltd. : Product Portfolio
Table 90. Hyundai Elevator Co. Ltd. :Key Executive
Table 91. Hyundai Elevator Co. Ltd. : Company Snapshot
Table 92. Hyundai Elevator Co. Ltd. : Operating Segments
Table 93. Hyundai Elevator Co. Ltd. : Product Portfolio
Table 94. Kone Corporation:Key Executive
Table 95. Kone Corporation: Company Snapshot
Table 96. Kone Corporation: Operating Segments
Table 97. Kone Corporation: Product Portfolio
Table 98. Mitsubishi Electric Corporation:Key Executive
Table 99. Mitsubishi Electric Corporation: Company Snapshot
Table 100. Mitsubishi Electric Corporation: Operating Segments
Table 101. Mitsubishi Electric Corporation: Product Portfolio
Table 102. Otis Worldwide Corporation:Key Executive
Table 103. Otis Worldwide Corporation: Company Snapshot
Table 104. Otis Worldwide Corporation: Operating Segments
Table 105. Otis Worldwide Corporation: Product Portfolio
Table 106. Schindler:Key Executive
Table 107. Schindler: Company Snapshot
Table 108. Schindler: Operating Segments
Table 109. Schindler: Product Portfolio
Table 110. Tk Elevator:Key Executive
Table 111. Tk Elevator: Company Snapshot
Table 112. Tk Elevator: Operating Segments
Table 113. Tk Elevator: Product Portfolio
Table 114. Toshiba Corporation:Key Executive
Table 115. Toshiba Corporation: Company Snapshot
Table 116. Toshiba Corporation: Operating Segments
Table 117. Toshiba Corporation: Product Portfolio
List of Figures
Figure 01. Key Market Segments
Figure 02. Executive Summary
Figure 03. Top Impacting Factors
Figure 04. Top Investment Pockets
Figure 05. Top Winning Strategies, by Year, 2017-2020
Figure 06. Top Winning Strategies, by Strategies, 2017–2020
Figure 07. Top Winning Strategies, by Company, 2017–2020
Figure 08. Market Player Positioning, 2020
Figure 09. Moderate Bargaining Power of Suppliers
Figure 10. Low to Moderate Bargaining Power of Buyers
Figure 11. Moderate to High Threat of Substitutes
Figure 12. Low to Moderate Threat of New Entrants
Figure 13. Moderate Intensity of Rivalry
Figure 14. Value Chain Analysis
Figure 15. Global Elevator Modernization Market, by System, 2020–2030 (%)
Figure 16. Global Elevator Modernization Market Revenue, for Temperature Control System, by Country, 2020–2030 (%)
Figure 17. Global Elevator Modernization Market Revenue, for Ventilation Control System, by Country, 2020–2030 (%)
Figure 18. Global Elevator Modernization Market Revenue, for Humidity Control System, by Country, 2020–2030 (%)
Figure 19. Global Elevator Modernization Market Revenue, for Integrated Control System, by Country, 2020–2030 (%)
Figure 20. Global Elevator Modernization Market, by Implementation Type, 2020–2030 (%)
Figure 21. Global Elevator Modernization Market Revenue for New Construction, by Country, 2020–2030 (%)
Figure 22. Global Elevator Modernization Market Revenue for Retrofit, by Country, 2020–2030 (%)
Figure 23. Global Elevator Modernization Market, by End-user 2020–2030 (%)
Figure 24. Global Residential Elevator Modernization Market Revenue, by Country, 2020–2030 (%)
Figure 25. Commercial Elevator Modernization Market Revenue, by Country, 2020–2030 (%)
Figure 26. Global Industrial Elevator Modernization Market Revenue, by Country, 2020–2030 (%)
Figure 27. Elevator Modernization Market, by Region, 2020–2030 (%)
Figure 28. U. S. Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 29. Canada Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 30. Mexico Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 31. Germany Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 32. France Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 33. Uk Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 34. Italy Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 35. Rest of Europe Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 36. China Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 37. India Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 38. Japan Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 39. South Korea Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 40. Rest of Asia-Pacific Elevator Modernization Market, by System, 2020–2030 ($ Million)
Figure 41. Latin America Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 42. Middle East Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 43. Africa Elevator Modernization Market Revenue, 2020–2030 ($ Million)
Figure 44. Escon Elevators: Research and Development Expenses, 2018–2020($ Million)
Figure 45. Escon Elevators: Revenue, 2018–2020($ Million)
Figure 46. Escon Elevators: Revenue Share by Segment, 2020(%)
Figure 47. Escon Elevators: Revenue Share by Geography, 2020(%)
Figure 48. Fujitec Co. Ltd: Research and Development Expenses, 2018–2020($ Million)
Figure 49. Fujitec Co. Ltd: Revenue, 2018–2020($ Million)
Figure 50. Fujitec Co. Ltd: Revenue Share by Segment, 2020(%)
Figure 51. Fujitec Co. Ltd: Revenue Share by Geography, 2020(%)
Figure 52. Hitachi Ltd: Research and Development Expenses, 2018–2020($ Million)
Figure 53. Hitachi Ltd: Revenue, 2018–2020($ Million)
Figure 54. Hitachi Ltd: Revenue Share by Segment, 2020(%)
Figure 55. Hitachi Ltd: Revenue Share by Geography, 2020(%)
Figure 56. Hyundai Elevator Co. Ltd. : Research and Development Expenses, 2018–2020($ Million)
Figure 57. Hyundai Elevator Co. Ltd. : Revenue, 2018–2020($ Million)
Figure 58. Hyundai Elevator Co. Ltd. : Revenue Share by Segment, 2020(%)
Figure 59. Hyundai Elevator Co. Ltd. : Revenue Share by Geography, 2020(%)
Figure 60. Kone Corporation: Research and Development Expenses, 2018–2020($ Million)
Figure 61. Kone Corporation: Revenue, 2018–2020($ Million)
Figure 62. Kone Corporation: Revenue Share by Segment, 2020(%)
Figure 63. Kone Corporation: Revenue Share by Geography, 2020(%)
Figure 64. Mitsubishi Electric Corporation: Research and Development Expenses, 2018–2020($ Million)
Figure 65. Mitsubishi Electric Corporation: Revenue, 2018–2020($ Million)
Figure 66. Mitsubishi Electric Corporation: Revenue Share by Segment, 2020(%)
Figure 67. Mitsubishi Electric Corporation: Revenue Share by Geography, 2020(%)
Figure 68. Otis Worldwide Corporation: Research and Development Expenses, 2018–2020($ Million)
Figure 69. Otis Worldwide Corporation: Revenue, 2018–2020($ Million)
Figure 70. Otis Worldwide Corporation: Revenue Share by Segment, 2020(%)
Figure 71. Otis Worldwide Corporation: Revenue Share by Geography, 2020(%)
Figure 72. Lg Electronics: Research and Development Expenses, 2018–2020($ Million)
Figure 73. Lg Electronics: Revenue, 2018–2020($ Million)
Figure 74. Lg Electronics: Revenue Share by Segment, 2020(%)
Figure 75. Lg Electronics: Revenue Share by Geography, 2020(%)
Figure 76. Tk Elevator: Research and Development Expenses, 2018–2020($ Million)
Figure 77. Tk Elevator: Revenue, 2018–2020($ Million)
Figure 78. Tk Elevator: Revenue Share by Segment, 2020(%)
Figure 79. Tk Elevator: Revenue Share by Geography, 2020(%)
Figure 80. Toshiba Corporation: Research and Development Expenses, 2018–2020($ Million)
Figure 81. Toshiba Corporation: Revenue, 2018–2020($ Million)
Figure 82. Toshiba Corporation: Revenue Share by Segment, 2020(%)
Figure 83. Toshiba Corporation: Revenue Share by Geography, 2020(%)

Executive Summary

According to a new report titled, “Elevator Modernization Market by Type, Component, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

The global elevator modernization market size was valued at $7.8 billion in 2020, and is projected to reach $20.0 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030.

Depending on elevator type, the market is divided into traction and hydraulic. Among these, the traction segment accounted for the highest market share in 2020 and it is expected to witness significant elevator modernization market growth during the forecast period, owing to increased modernization activities in residential and commercial buildings. By application, it is classified into residential, commercial, and industrial. The market is mainly driven by rise in demand for modernization solutions from commercial and residential buildings and advancements in elevator technology. However, factors such as unsuitable elevator design and lack of skilled labor hinder the market growth.

In 2020, Asia-Pacific dominated the global market, in terms of revenue, accounting for around half the share of the elevator modernization industry, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to increase in awareness regarding elevator safety and large number of old residential & commercial elevated buildings.

Rise in global population and rapid urbanization have significantly increased the demand for commercial and residential buildings in the last few years. This propelled the demand for escalators, as they enable continuous vertical movement of people. However, elevators consist of a wide range of complex components, thereby creating a demand for frequent maintenance and periodic modernization activities to ensure the safety and efficiency. Furthermore, rise in awareness among building managers regarding importance of elevator modernization positively influences the growth of the market.

Furthermore, on the basis of end user, the commercial segment is anticipated to grow rapidly, with a CAGR of 10.0% during the forecast period, owing to increase in demand for elevator modernization from residential buildings and various initiatives for business expansion adopted by major players in the industry.

For instance, in July 2021, TK Elevator that installs, maintains, and modernizes elevators & escalators, acquired City Elevator, which is a leading provider of elevator service & maintenance in the Metro Vancouver area. With this acquisition, TK Elevator aims to expand its business. In May 2021, TK Elevator acquired Albany Elevator, which is an Albany-based leading provider of modernization, maintenance, repair, and installation services. This acquisition will help TK Elevator to strengthen its foothold in New York.

However, during the pandemic, various players in the elevator modernization market had to stop their business in countries such as China, the U.S., and India. This lockdown directly impacted the sales of elevator modernization companies. In addition, the initial lockdowns significantly reduced maintenance and modernization activities in many developing countries, which negatively impacted the growth of the market. However, resumption of maintenance and modernization activities and introduction of vaccines for coronavirus disease are anticipated to lead to recovery of elevator modernization companies.

The key players profiled in the market report include Escon Elevators, Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, OTIS Worldwide Corporation, Schindler, TK Elevator, and Toshiba Corporation.

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging elevator modernization market trends and dynamics.
- Depending on elevator type, the traction segment dominated the elevator modernization market share, in terms of revenue in 2020, however the hydraulic segment is projected to grow at a significant CAGR during the forecast period
- By end user, the residential segment registered highest, revenue in 2020
- Asia-Pacific is projected to register highest growth rate in the coming years
- The key players within the elevator modernization market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the elevator modernization industry
- The report provides an extensive analysis of the current trends and emerging opportunities of the market
In-depth elevator modernization market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.

Companies Mentioned

  • Escon Elevators
  • Fujitec Co. Ltd.
  • Hitachi Ltd.
  • Hyundai Elevator Co., Ltd.
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • OTIS Worldwide Corporation
  • Schindler
  • TK Elevator
  • Toshiba Corporation.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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Table Information

Report AttributeDetails
No. of Pages235
PublishedMarch 2022
Forecast Period2020 - 2030
Estimated Market Value ( USD ) in 2020 $ 7781.2 million
Forecasted Market Value ( USD ) by 2030 $ 19941.6 million
Compound Annual Growth Rate9.9%
Regions CoveredGlobal
No. of Companies Mentioned10

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