United States Elevator Modernization Market Size & Outlook, 2025-2033
United States Elevator Modernization Market Insights
- According to Reed Intelligence analysis, the United States Elevator Modernization Market size was USD 5168.74 Million in 2024 and is projected to reach USD 8371.27 Million by 2033.
- The United States market is projected to grow at a CAGR of 5.52% between 2025 and 2033.
- By segment, Residential emerged as the largest Building Type in terms of market size in 2024.
- Institutional is anticipated to remain the most attractive Building Type segment, recording the fastest growth during the forecast period.
Source: RI Analysis Company Publications, Primary Interviews.
Other Key Findings
- As of 2024, United States held 23.4% of the global Elevator Modernization Market size.
- By 2033, United States is anticipated to capture the largest share of the global Elevator Modernization Market.
- In North America, United States is expected to lead the regional Elevator Modernization Market size by 2033.
- Canada will remain the fastest-growing market in North America, reaching USD 3607.33 Million by 2033.
Report Summary
| Report Scope | Details |
|---|---|
| Base Year for Study | 2024 |
| Study Period | 2021-2033 |
| Historical Period | 2021-2023 |
| Forecast Period | 2025-2033 |
| Market Size In 2024 | USD 5168.74 Million |
| Market Size In 2033 | USD 8371.27 Million |
| Largest segment | Residential |
| Units | Revenue in USD Million |
| CAGR | 5.52% (2025-2033) |
| Segmnetation Covered | |
| Building Type |
|
| Elevator Type |
|
| Modernization Scope |
|
| Service Type |
|
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
United States Elevator Modernization Market Building Type 2025-2033 (USD Million)
| Building Type | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Residential | XX.x | XX.x | XX.x | 2075.77 | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Commercial | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Industrial | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Institutional | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Total | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
Source: RI Analysis Company Publications, Primary Interviews.
United States Elevator Modernization Market Elevator Type 2025-2033 (USD Million)
| Elevator Type | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hydraulic Elevators | XX.x | XX.x | XX.x | 2330.07 | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Traction Elevators | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Machine-Room-Less (MRL) Elevators | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Total | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
Source: RI Analysis Company Publications, Primary Interviews.
United States Elevator Modernization Market Modernization Scope 2025-2033 (USD Million)
| Modernization Scope | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Full Modernization | XX.x | XX.x | XX.x | 2462.9 | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Partial Modernization | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Minor Modernization | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Total | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
Source: RI Analysis Company Publications, Primary Interviews.
United States Elevator Modernization Market Service Type 2025-2033 (USD Million)
| Service Type | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Preventive Maintenance | XX.x | XX.x | XX.x | 2483.58 | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Reactive Maintenance | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Predictive Maintenance | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
| Total | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x | XX.x |
Source: RI Analysis Company Publications, Primary Interviews.
