Elevators Modernization Market size was valued at USD 12.5 Billion in 2024 and is projected to reach USD 20.3 Billion by 2033, exhibiting a CAGR of 6.3% from 2026 to 2033.
In 2022, the global elevator modernization market was valued at approximately $8.6 billion, with a projected compound annual growth rate (CAGR) of 5.2% from 2023 to 2028. Regionally, North America accounted for 12.7% of the global elevator market share in 2024, driven by urbanization and technological advancements. The Asia Pacific region held a 41.5% share in 2024, with Chinas urbanization rate at 64.7% in 2022, fueling demand for elevator modernization. Europe captured 31.9% of the market in 2024, supported by government investments in housing infrastructure. Opportunities in the elevator modernization market are influenced by factors such as rapid urbanization, increasing construction of high rise buildings, and a focus on energy efficient solutions. For instance, Indias elevator market is expected to grow at a CAGR of 9.9% from 2025 to 2030, driven by urban development and infrastructure projects. Additionally, the integration of smart technologies like IoT enabled systems and predictive maintenance presents significant growth prospects across various regions.
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Hitachi Ltd
Hyundai Elevator Co.
Ltd.
Doppler S.A.
Fujitec Co.
Ltd
Sematic S.p.A
ThyssenKrupp Elevator AG
Schindler Group
Johnson Lifts Private Ltd
Magnetek
Inc.
Richmond Elevator (REM)
Wittur Group
Mitsubishi Electric
Otis Elevator Company
KONE Corporation
Toshiba Elevator and Building Systems Corporation (TOSHIBA)
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. 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 Global Elevators Modernization Market
Complete Overhaul
Partial Upgrade
Green Modernization
Traction Elevators
Hydraulic Elevators
Pneumatic Elevators
Machine-room-less (MRL) Elevators
Residential Buildings
Commercial Buildings
Institutional Buildings
Industrial Facilities
Energy Efficiency
Smart Elevators (IoT-enabled)
Accessibility Features
Safety Enhancements
Hospitality
Healthcare
Retail
Education
Manufacturing
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Elevators Modernization 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. Global Elevators Modernization Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Elevators Modernization Market, By Type
6. Global Elevators Modernization Market, By Application
7. Global Elevators Modernization Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Elevators Modernization Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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