Japan Lift Modernisation Market was valued at USD 1.0 Billion in 2022 and is projected to reach USD 1.7 Billion by 2030, growing at a CAGR of 8.4% from 2024 to 2030.
Japan's elevator modernization market is experiencing significant growth, propelled by urbanization, an aging population, and extensive infrastructure projects. As of 2021, the market was valued at 24,536 units, with projections indicating an increase to 31,449 units by 2028, reflecting a compound annual growth rate (CAGR) of 3.61%. citeturn0search2
**Key Drivers of Market Growth**
Urbanization and Infrastructure Development: Major redevelopment projects, such as the transformation of Shibuya and the upcoming World Expo 2025 in Osaka, are fueling the demand for advanced vertical transportation systems. citeturn0search2
Aging Population: With approximately 25% of the population over 65, there's a heightened need for elevators and escalators in residential and public infrastructures to accommodate mobility challenges. citeturn0search2
Technological Advancements: The integration of smart technologies, including IoT-based predictive maintenance and touchless control systems, is enhancing user experience and operational efficiency. citeturn0search1
**Leading Players and Innovations**
Mitsubishi Electric Corporation: Known for introducing the 'u series' of escalators, which offer improved passenger safety, comfort, and significant energy savings. citeturn0search2
Fujitec Co., Ltd.: Recently explored a sale to private equity groups, aiming to bolster its position in the global elevator industry. citeturn0news12
Hitachi Elevator Engineering Company: Collaborated on developing touchless operating panels, enhancing hygiene and user convenience in elevator systems. citeturn0search0
**Market Outlook**
The Japanese elevator modernization market is poised for continued expansion, driven by ongoing urban development, technological innovations, and a focus on sustainability. Investments in smart and energy-efficient vertical transportation solutions are expected to rise, aligning with the nation's infrastructure goals and the evolving needs of its aging population. citeturn0search2
Get an In-Depth Research Analysis of the Japan Lift Modernisation Market Size And Forecast [2025-2032]
Hitachi
Hyundai Elevator
Doppler S.A.
Fujitec
TK Elevator
Schindler Group
Johnson Lifts Private Ltd
Magnetek
Inc.
Richmond Elevator
Wittur Group
Mitsubishi Electric
Otis Elevator Company
KONE Corporation
Toshiba Elevator and Building Systems Corporation
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Japan Lift Modernisation Market
Full Modernisation
Partial Modernisation
Unit Replacement
Retrofitting
Electrical Upgrades
Smart Controls and IoT Integration
Energy-efficient Solutions
Software Upgrades for Improved Operations
Residential Buildings
Commercial Properties
Industrial Facilities
Healthcare Institutions
Hospitality Sector
Passenger Lifts
Freight Lifts
Stretcher Lifts
Home Lifts
Service Lifts
Modern (≤10 years old)
Mid-aged (10-20 years old)
Older (≥20 years old)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the Japan Lift Modernisation Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Japan Lift Modernisation Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Japan Lift Modernisation Market, By Type
6. Japan Lift Modernisation Market, By Application
7. Japan Lift Modernisation Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. Japan Lift Modernisation Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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