Global elevator modernization market will reach $17.69 billion by 2032, growing by 6.1% annually over 2022-2032, driven by the growing number of aged buildings, the rising demand for elevator renovation, and continued expansion of construction industry.
Highlighted with 86 tables and 81 figures, this 170-page report "Global Elevator Modernization Market 2022-2032 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Region: Trend Forecast and Growth Opportunity" is based on comprehensive research of the entire global elevator modernization market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter's Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global elevator modernization market in every aspect of the classification from perspectives of Modernization Type, Elevator Type, Component, Application, and Region.
Based on Modernization Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Full Modernization
• Partial Modernization
Based on Elevator Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Hydraulic Elevators
o Conventional Hydraulic Elevators
o Hole-less Hydraulic Elevators
o Roped Hydraulic Elevators
• Traction Elevators
o Geared Traction Elevators
o Gear-less Traction Elevators
o Machine Room-Less Elevators
• Climbing Elevators
• Pneumatic/Vacuum Elevators
By Component, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Power Units
• Cabin Enclosures
• Controllers
o Relay-based
o Solid-state
o PLC
• Signaling Fixtures
• Door Equipment
• Other Components
By Application, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Industrial Application
• Residential Application
• Commercial Application
Geographically, the following regions together with the listed national/local markets are fully investigated:
• North America (U.S., Canada, and Mexico)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (UAE, Saudi Arabia, Egypt, and Rest of MEA)
For each region and country, detailed analysis and data of annual revenue ($ mn) are available for 2022-2032. The breakdown of all regional markets by country and the breakdown of each national market by Elevator Type, Component, and Application over the forecast years are also included.
The report also covers the current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
Doppler S.A.
Fujitec Co., Ltd.
Hitachi, Ltd.
Hyundai Elevator Co., Ltd.
Johnson Lifts Private Ltd.
KONE Corporation
Magnetek, Inc.
Mitsubishi Electric Corporation
Otis Elevator Company
Richmond Elevator (REM)
Schindler Holding Ltd.
Sematic S.p.A
Siemens AG
ThyssenKrupp Elevator AG
Toshiba Elevator and Building Systems Corporation (TOSHIBA)
United Technologies Corporation
Wittur Group
(Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)
1 Introduction 9
1.1 Industry Definition and Research Scope 9
1.1.1 Industry Definition 9
1.1.2 Research Scope 10
1.2 Research Methodology 13
1.2.1 Overview of Market Research Methodology 13
1.2.2 Market Assumption 14
1.2.3 Secondary Data 14
1.2.4 Primary Data 14
1.2.5 Data Filtration and Model Design 15
1.2.6 Market Size/Share Estimation 16
1.2.7 Research Limitations 17
1.3 Executive Summary 18
2 Market Overview and Dynamics 21
2.1 Market Size and Forecast 21
2.1.1 Impact of COVID-19 on World Economy 22
2.1.2 Impact of COVID-19 on the Market 25
2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery 27
2.2 Major Growth Drivers 31
2.3 Market Restraints and Challenges 35
2.4 Emerging Opportunities and Market Trends 38
2.5 Porter's Fiver Forces Analysis 42
3 Segmentation of Global Market by Modernization Type 46
3.1 Market Overview by Modernization Type 46
3.2 Full Modernization 48
3.3 Partial Modernization 49
4 Segmentation of Global Market by Elevator Type 50
4.1 Market Overview by Elevator Type 50
4.2 Hydraulic Elevators 52
4.2.1 Conventional Hydraulic Elevators 53
4.2.2 Hole-less Hydraulic Elevators 54
4.2.3 Roped Hydraulic Elevators 55
4.3 Traction Elevators 56
4.3.1 Geared Traction Elevators 57
4.3.2 Gear-less Traction Elevators 58
4.3.3 Machine Room-Less Elevators 59
4.4 Climbing Elevators 60
4.5 Pneumatic/Vacuum Elevators 61
5 Segmentation of Global Market by Component 62
5.1 Market Overview by Component 62
5.2 Power Units 64
5.3 Cabin Enclosures 65
5.4 Controllers 66
5.5 Signaling Fixtures 67
5.6 Door Equipment 68
5.7 Other Components 69
6 Segmentation of Global Market by Application 70
6.1 Market Overview by Application 70
6.2 Industrial Application 72
6.3 Residential Application 73
6.4 Commercial Application 74
7 Segmentation of Global Market by Region 75
7.1 Geographic Market Overview 2022-2032 75
7.2 North America Market 2022-2032 by Country 79
7.2.1 Overview of North America Market 79
7.2.2 U.S. 82
7.2.3 Canada 85
7.2.4 Mexico 87
7.3 European Market 2022-2032 by Country 89
7.3.1 Overview of European Market 89
7.3.2 Germany 92
7.3.3 UK 94
7.3.4 France 96
7.3.5 Spain 98
7.3.6 Italy 100
7.3.7 Russia 102
7.3.8 Rest of European Market 104
7.4 Asia-Pacific Market 2022-2032 by Country 106
7.4.1 Overview of Asia-Pacific Market 106
7.4.2 Japan 109
7.4.3 China 112
7.4.4 Australia 114
7.4.5 India 116
7.4.6 South Korea 118
7.4.7 Rest of APAC Region 120
7.5 South America Market 2022-2032 by Country 122
7.5.1 Argentina 125
7.5.2 Brazil 127
7.5.3 Chile 129
7.5.4 Rest of South America Market 131
7.6 MEA Market 2022-2032 by Country 132
7.6.1 UAE 135
7.6.2 Saudi Arabia 137
7.6.3 Egypt 139
7.6.4 Other National Markets 141
8 Competitive Landscape 142
8.1 Overview of Key Vendors 142
8.2 New Product Launch, Partnership, Investment, and M&A 145
8.3 Company Profiles 146
Doppler S.A. 146
Fujitec Co., Ltd. 148
Hitachi, Ltd. 149
Hyundai Elevator Co., Ltd. 150
Johnson Lifts Private Ltd. 151
KONE Corporation 152
Magnetek, Inc. 153
Mitsubishi Electric Corporation 154
Otis Elevator Company 155
Richmond Elevator (REM) 156
Schindler Holding Ltd. 157
Sematic S.p.A 158
Siemens AG 159
ThyssenKrupp Elevator AG 160
Toshiba Elevator and Building Systems Corporation (TOSHIBA) 161
United Technologies Corporation 162
Wittur Group 163
9 Investing in Global Market: Risk Assessment and Management 164
9.1 Risk Evaluation of Global Market 164
9.2 Critical Success Factors (CSFs) 167
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