HomeMachinery & Equipment Elevator Modernization Market

Elevator Modernization Market Size, Share & Growth Report By Type (Control System Modernization, Door Operator Modernization, Cabin Interior Modernization, Drive Modernization), By Material (Steel, Aluminum, Composite, Others), By Application (Commercial, Residential, Industrial, Institutional), By End-Use (Office Buildings, Hospitals, Hotels, Shopping Malls, Airports, Others), By Distribution Channel (Direct Sales, Online Procurement, Distributors, Dealers) By Region & Segment Forecasts, 2025–2

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Report Benefits

  • Develop business strategies by understanding the trends shaping and driving the Market.

  • Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Market in the future.

  • Formulate effective sales and marketing strategies by understanding the competitive landscape and by analysing the company share of market leaders.

  • Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.

  • Track sales in the global and country-specific Market.

  • Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

Table of Contents

  1. Executive Summary
    1. Introduction
  2. Market Introduction
    1. Market Definition
    2. Scope of the Study
    3. Market Structure
  3. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  4. Market Factor Analysis
    1. Value Chain Analysis: Elevator Modernization Market
    2. Porters Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Dynamics
    1. Drivers
    2. Restraints
    3. Opportunities
  6. Recent Trends Analysis
  7. Impact of COVID-19 on Elevator Modernization Market
    1. Pre and Post Covid -19 Market Scenario Analysis
    2. Market Recovery Timeline and Challenge
    3. Measures Taken by Top Players
  8. Regulatory Landscape
  9. Elevator Modernization Market, By Type:
    1. Introduction
      1. Market Size and Forecast, By Type:
    2. Control System Modernization
      1. Market Size and Forecast, By Region
    3. Door Operator Modernization
      1. Market Size and Forecast, By Region
    4. Cabin Interior Modernization
      1. Market Size and Forecast, By Region
    5. Drive Modernization
      1. Market Size and Forecast, By Region
  10. Elevator Modernization Market, By Material:
    1. Introduction
      1. Market Size and Forecast, By Material:
    2. Steel
      1. Market Size and Forecast, By Region
    3. Aluminum
      1. Market Size and Forecast, By Region
    4. Composite
      1. Market Size and Forecast, By Region
    5. Others
      1. Market Size and Forecast, By Region
  11. Elevator Modernization Market, By Application:
    1. Introduction
      1. Market Size and Forecast, By Application:
    2. Commercial
      1. Market Size and Forecast, By Region
    3. Residential
      1. Market Size and Forecast, By Region
    4. Industrial
      1. Market Size and Forecast, By Region
    5. Institutional
      1. Market Size and Forecast, By Region
  12. Elevator Modernization Market, By End-Use:
    1. Introduction
      1. Market Size and Forecast, By End-Use:
    2. Office Buildings
      1. Market Size and Forecast, By Region
    3. Hospitals
      1. Market Size and Forecast, By Region
    4. Hotels
      1. Market Size and Forecast, By Region
    5. Shopping Malls
      1. Market Size and Forecast, By Region
    6. Airports
      1. Market Size and Forecast, By Region
    7. Others
      1. Market Size and Forecast, By Region
  13. Elevator Modernization Market, By Distribution Channel:
    1. Introduction
      1. Market Size and Forecast, By Distribution Channel:
    2. Direct Sales
      1. Market Size and Forecast, By Region
    3. Online Procurement
      1. Market Size and Forecast, By Region
    4. Distributors
      1. Market Size and Forecast, By Region
    5. Dealers
      1. Market Size and Forecast, By Region
  14. Regional Overview
    1. Introduction
      1. Market Size and Forecast
    2. North America
      1. Market Size and Forecast
        1. By Type:
          1. Control System Modernization
            1. Door Operator Modernization
              1. Cabin Interior Modernization
                1. Drive Modernization
                2. By Material:
                  1. Steel
                    1. Aluminum
                      1. Composite
                        1. Others
                        2. By Application:
                          1. Commercial
                            1. Residential
                              1. Industrial
                                1. Institutional
                                2. By End-Use:
                                  1. Office Buildings
                                    1. Hospitals
                                      1. Hotels
                                        1. Shopping Malls
                                          1. Airports
                                            1. Others
                                            2. By Distribution Channel:
                                              1. Direct Sales
                                                1. Online Procurement
                                                  1. Distributors
                                                    1. Dealers
                                                  2. U.S.
                                                    1. By Type:
                                                      1. Control System Modernization
                                                        1. Door Operator Modernization
                                                          1. Cabin Interior Modernization
                                                            1. Drive Modernization
                                                            2. By Material:
                                                              1. Steel
                                                                1. Aluminum
                                                                  1. Composite
                                                                    1. Others
                                                                    2. By Application:
                                                                      1. Commercial
                                                                        1. Residential
                                                                          1. Industrial
                                                                            1. Institutional
                                                                            2. By End-Use:
                                                                              1. Office Buildings
                                                                                1. Hospitals
                                                                                  1. Hotels
                                                                                    1. Shopping Malls
                                                                                      1. Airports
                                                                                        1. Others
                                                                                        2. By Distribution Channel:
                                                                                          1. Direct Sales
                                                                                            1. Online Procurement
                                                                                              1. Distributors
                                                                                                1. Dealers
                                                                                              2. Canada
                                                                                            2. Europe
                                                                                              1. Market Size and Forecast
                                                                                                1. By Type:
                                                                                                  1. Control System Modernization
                                                                                                    1. Door Operator Modernization
                                                                                                      1. Cabin Interior Modernization
                                                                                                        1. Drive Modernization
                                                                                                        2. By Material:
                                                                                                          1. Steel
                                                                                                            1. Aluminum
                                                                                                              1. Composite
                                                                                                                1. Others
                                                                                                                2. By Application:
                                                                                                                  1. Commercial
                                                                                                                    1. Residential
                                                                                                                      1. Industrial
                                                                                                                        1. Institutional
                                                                                                                        2. By End-Use:
                                                                                                                          1. Office Buildings
                                                                                                                            1. Hospitals
                                                                                                                              1. Hotels
                                                                                                                                1. Shopping Malls
                                                                                                                                  1. Airports
                                                                                                                                    1. Others
                                                                                                                                    2. By Distribution Channel:
                                                                                                                                      1. Direct Sales
                                                                                                                                        1. Online Procurement
                                                                                                                                          1. Distributors
                                                                                                                                            1. Dealers
                                                                                                                                          2. U.K.
                                                                                                                                            1. By Type:
                                                                                                                                              1. Control System Modernization
                                                                                                                                                1. Door Operator Modernization
                                                                                                                                                  1. Cabin Interior Modernization
                                                                                                                                                    1. Drive Modernization
                                                                                                                                                    2. By Material:
                                                                                                                                                      1. Steel
                                                                                                                                                        1. Aluminum
                                                                                                                                                          1. Composite
                                                                                                                                                            1. Others
                                                                                                                                                            2. By Application:
                                                                                                                                                              1. Commercial
                                                                                                                                                                1. Residential
                                                                                                                                                                  1. Industrial
                                                                                                                                                                    1. Institutional
                                                                                                                                                                    2. By End-Use:
                                                                                                                                                                      1. Office Buildings
                                                                                                                                                                        1. Hospitals
                                                                                                                                                                          1. Hotels
                                                                                                                                                                            1. Shopping Malls
                                                                                                                                                                              1. Airports
                                                                                                                                                                                1. Others
                                                                                                                                                                                2. By Distribution Channel:
                                                                                                                                                                                  1. Direct Sales
                                                                                                                                                                                    1. Online Procurement
                                                                                                                                                                                      1. Distributors
                                                                                                                                                                                        1. Dealers
                                                                                                                                                                                      2. Germany
                                                                                                                                                                                      3. France
                                                                                                                                                                                      4. Spain
                                                                                                                                                                                      5. Italy
                                                                                                                                                                                      6. Russia
                                                                                                                                                                                      7. Nordic
                                                                                                                                                                                      8. Benelux
                                                                                                                                                                                      9. Rest of Europe
                                                                                                                                                                                    2. APAC
                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                        1. By Type:
                                                                                                                                                                                          1. Control System Modernization
                                                                                                                                                                                            1. Door Operator Modernization
                                                                                                                                                                                              1. Cabin Interior Modernization
                                                                                                                                                                                                1. Drive Modernization
                                                                                                                                                                                                2. By Material:
                                                                                                                                                                                                  1. Steel
                                                                                                                                                                                                    1. Aluminum
                                                                                                                                                                                                      1. Composite
                                                                                                                                                                                                        1. Others
                                                                                                                                                                                                        2. By Application:
                                                                                                                                                                                                          1. Commercial
                                                                                                                                                                                                            1. Residential
                                                                                                                                                                                                              1. Industrial
                                                                                                                                                                                                                1. Institutional
                                                                                                                                                                                                                2. By End-Use:
                                                                                                                                                                                                                  1. Office Buildings
                                                                                                                                                                                                                    1. Hospitals
                                                                                                                                                                                                                      1. Hotels
                                                                                                                                                                                                                        1. Shopping Malls
                                                                                                                                                                                                                          1. Airports
                                                                                                                                                                                                                            1. Others
                                                                                                                                                                                                                            2. By Distribution Channel:
                                                                                                                                                                                                                              1. Direct Sales
                                                                                                                                                                                                                                1. Online Procurement
                                                                                                                                                                                                                                  1. Distributors
                                                                                                                                                                                                                                    1. Dealers
                                                                                                                                                                                                                                  2. China
                                                                                                                                                                                                                                    1. By Type:
                                                                                                                                                                                                                                      1. Control System Modernization
                                                                                                                                                                                                                                        1. Door Operator Modernization
                                                                                                                                                                                                                                          1. Cabin Interior Modernization
                                                                                                                                                                                                                                            1. Drive Modernization
                                                                                                                                                                                                                                            2. By Material:
                                                                                                                                                                                                                                              1. Steel
                                                                                                                                                                                                                                                1. Aluminum
                                                                                                                                                                                                                                                  1. Composite
                                                                                                                                                                                                                                                    1. Others
                                                                                                                                                                                                                                                    2. By Application:
                                                                                                                                                                                                                                                      1. Commercial
                                                                                                                                                                                                                                                        1. Residential
                                                                                                                                                                                                                                                          1. Industrial
                                                                                                                                                                                                                                                            1. Institutional
                                                                                                                                                                                                                                                            2. By End-Use:
                                                                                                                                                                                                                                                              1. Office Buildings
                                                                                                                                                                                                                                                                1. Hospitals
                                                                                                                                                                                                                                                                  1. Hotels
                                                                                                                                                                                                                                                                    1. Shopping Malls
                                                                                                                                                                                                                                                                      1. Airports
                                                                                                                                                                                                                                                                        1. Others
                                                                                                                                                                                                                                                                        2. By Distribution Channel:
                                                                                                                                                                                                                                                                          1. Direct Sales
                                                                                                                                                                                                                                                                            1. Online Procurement
                                                                                                                                                                                                                                                                              1. Distributors
                                                                                                                                                                                                                                                                                1. Dealers
                                                                                                                                                                                                                                                                              2. South Korea
                                                                                                                                                                                                                                                                              3. Japan
                                                                                                                                                                                                                                                                              4. India
                                                                                                                                                                                                                                                                              5. Australia
                                                                                                                                                                                                                                                                              6. Singapore
                                                                                                                                                                                                                                                                              7. Taiwan
                                                                                                                                                                                                                                                                              8. South East Asia
                                                                                                                                                                                                                                                                              9. Rest of Asia-Pacific
                                                                                                                                                                                                                                                                            2. Middle East and Africa
                                                                                                                                                                                                                                                                              1. Market Size and Forecast
                                                                                                                                                                                                                                                                                1. By Type:
                                                                                                                                                                                                                                                                                  1. Control System Modernization
                                                                                                                                                                                                                                                                                    1. Door Operator Modernization
                                                                                                                                                                                                                                                                                      1. Cabin Interior Modernization
                                                                                                                                                                                                                                                                                        1. Drive Modernization
                                                                                                                                                                                                                                                                                        2. By Material:
                                                                                                                                                                                                                                                                                          1. Steel
                                                                                                                                                                                                                                                                                            1. Aluminum
                                                                                                                                                                                                                                                                                              1. Composite
                                                                                                                                                                                                                                                                                                1. Others
                                                                                                                                                                                                                                                                                                2. By Application:
                                                                                                                                                                                                                                                                                                  1. Commercial
                                                                                                                                                                                                                                                                                                    1. Residential
                                                                                                                                                                                                                                                                                                      1. Industrial
                                                                                                                                                                                                                                                                                                        1. Institutional
                                                                                                                                                                                                                                                                                                        2. By End-Use:
                                                                                                                                                                                                                                                                                                          1. Office Buildings
                                                                                                                                                                                                                                                                                                            1. Hospitals
                                                                                                                                                                                                                                                                                                              1. Hotels
                                                                                                                                                                                                                                                                                                                1. Shopping Malls
                                                                                                                                                                                                                                                                                                                  1. Airports
                                                                                                                                                                                                                                                                                                                    1. Others
                                                                                                                                                                                                                                                                                                                    2. By Distribution Channel:
                                                                                                                                                                                                                                                                                                                      1. Direct Sales
                                                                                                                                                                                                                                                                                                                        1. Online Procurement
                                                                                                                                                                                                                                                                                                                          1. Distributors
                                                                                                                                                                                                                                                                                                                            1. Dealers
                                                                                                                                                                                                                                                                                                                          2. UAE
                                                                                                                                                                                                                                                                                                                            1. By Type:
                                                                                                                                                                                                                                                                                                                              1. Control System Modernization
                                                                                                                                                                                                                                                                                                                                1. Door Operator Modernization
                                                                                                                                                                                                                                                                                                                                  1. Cabin Interior Modernization
                                                                                                                                                                                                                                                                                                                                    1. Drive Modernization
                                                                                                                                                                                                                                                                                                                                    2. By Material:
                                                                                                                                                                                                                                                                                                                                      1. Steel
                                                                                                                                                                                                                                                                                                                                        1. Aluminum
                                                                                                                                                                                                                                                                                                                                          1. Composite
                                                                                                                                                                                                                                                                                                                                            1. Others
                                                                                                                                                                                                                                                                                                                                            2. By Application:
                                                                                                                                                                                                                                                                                                                                              1. Commercial
                                                                                                                                                                                                                                                                                                                                                1. Residential
                                                                                                                                                                                                                                                                                                                                                  1. Industrial
                                                                                                                                                                                                                                                                                                                                                    1. Institutional
                                                                                                                                                                                                                                                                                                                                                    2. By End-Use:
                                                                                                                                                                                                                                                                                                                                                      1. Office Buildings
                                                                                                                                                                                                                                                                                                                                                        1. Hospitals
                                                                                                                                                                                                                                                                                                                                                          1. Hotels
                                                                                                                                                                                                                                                                                                                                                            1. Shopping Malls
                                                                                                                                                                                                                                                                                                                                                              1. Airports
                                                                                                                                                                                                                                                                                                                                                                1. Others
                                                                                                                                                                                                                                                                                                                                                                2. By Distribution Channel:
                                                                                                                                                                                                                                                                                                                                                                  1. Direct Sales
                                                                                                                                                                                                                                                                                                                                                                    1. Online Procurement
                                                                                                                                                                                                                                                                                                                                                                      1. Distributors
                                                                                                                                                                                                                                                                                                                                                                        1. Dealers
                                                                                                                                                                                                                                                                                                                                                                      2. Turky
                                                                                                                                                                                                                                                                                                                                                                      3. Saudi Arabia
                                                                                                                                                                                                                                                                                                                                                                      4. South Africa
                                                                                                                                                                                                                                                                                                                                                                      5. Egypt
                                                                                                                                                                                                                                                                                                                                                                      6. Nigeria
                                                                                                                                                                                                                                                                                                                                                                      7. Rest of MEA
                                                                                                                                                                                                                                                                                                                                                                    2. LATAM
                                                                                                                                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                        1. By Type:
                                                                                                                                                                                                                                                                                                                                                                          1. Control System Modernization
                                                                                                                                                                                                                                                                                                                                                                            1. Door Operator Modernization
                                                                                                                                                                                                                                                                                                                                                                              1. Cabin Interior Modernization
                                                                                                                                                                                                                                                                                                                                                                                1. Drive Modernization
                                                                                                                                                                                                                                                                                                                                                                                2. By Material:
                                                                                                                                                                                                                                                                                                                                                                                  1. Steel
                                                                                                                                                                                                                                                                                                                                                                                    1. Aluminum
                                                                                                                                                                                                                                                                                                                                                                                      1. Composite
                                                                                                                                                                                                                                                                                                                                                                                        1. Others
                                                                                                                                                                                                                                                                                                                                                                                        2. By Application:
                                                                                                                                                                                                                                                                                                                                                                                          1. Commercial
                                                                                                                                                                                                                                                                                                                                                                                            1. Residential
                                                                                                                                                                                                                                                                                                                                                                                              1. Industrial
                                                                                                                                                                                                                                                                                                                                                                                                1. Institutional
                                                                                                                                                                                                                                                                                                                                                                                                2. By End-Use:
                                                                                                                                                                                                                                                                                                                                                                                                  1. Office Buildings
                                                                                                                                                                                                                                                                                                                                                                                                    1. Hospitals
                                                                                                                                                                                                                                                                                                                                                                                                      1. Hotels
                                                                                                                                                                                                                                                                                                                                                                                                        1. Shopping Malls
                                                                                                                                                                                                                                                                                                                                                                                                          1. Airports
                                                                                                                                                                                                                                                                                                                                                                                                            1. Others
                                                                                                                                                                                                                                                                                                                                                                                                            2. By Distribution Channel:
                                                                                                                                                                                                                                                                                                                                                                                                              1. Direct Sales
                                                                                                                                                                                                                                                                                                                                                                                                                1. Online Procurement
                                                                                                                                                                                                                                                                                                                                                                                                                  1. Distributors
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Dealers
                                                                                                                                                                                                                                                                                                                                                                                                                  2. Brazil
                                                                                                                                                                                                                                                                                                                                                                                                                    1. By Type:
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Control System Modernization
                                                                                                                                                                                                                                                                                                                                                                                                                        1. Door Operator Modernization
                                                                                                                                                                                                                                                                                                                                                                                                                          1. Cabin Interior Modernization
                                                                                                                                                                                                                                                                                                                                                                                                                            1. Drive Modernization
                                                                                                                                                                                                                                                                                                                                                                                                                            2. By Material:
                                                                                                                                                                                                                                                                                                                                                                                                                              1. Steel
                                                                                                                                                                                                                                                                                                                                                                                                                                1. Aluminum
                                                                                                                                                                                                                                                                                                                                                                                                                                  1. Composite
                                                                                                                                                                                                                                                                                                                                                                                                                                    1. Others
                                                                                                                                                                                                                                                                                                                                                                                                                                    2. By Application:
                                                                                                                                                                                                                                                                                                                                                                                                                                      1. Commercial
                                                                                                                                                                                                                                                                                                                                                                                                                                        1. Residential
                                                                                                                                                                                                                                                                                                                                                                                                                                          1. Industrial
                                                                                                                                                                                                                                                                                                                                                                                                                                            1. Institutional
                                                                                                                                                                                                                                                                                                                                                                                                                                            2. By End-Use:
                                                                                                                                                                                                                                                                                                                                                                                                                                              1. Office Buildings
                                                                                                                                                                                                                                                                                                                                                                                                                                                1. Hospitals
                                                                                                                                                                                                                                                                                                                                                                                                                                                  1. Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                    1. Shopping Malls
                                                                                                                                                                                                                                                                                                                                                                                                                                                      1. Airports
                                                                                                                                                                                                                                                                                                                                                                                                                                                        1. Others
                                                                                                                                                                                                                                                                                                                                                                                                                                                        2. By Distribution Channel:
                                                                                                                                                                                                                                                                                                                                                                                                                                                          1. Direct Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                            1. Online Procurement
                                                                                                                                                                                                                                                                                                                                                                                                                                                              1. Distributors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                1. Dealers
                                                                                                                                                                                                                                                                                                                                                                                                                                                              2. Mexico
                                                                                                                                                                                                                                                                                                                                                                                                                                                              3. Argentina
                                                                                                                                                                                                                                                                                                                                                                                                                                                              4. Chile
                                                                                                                                                                                                                                                                                                                                                                                                                                                              5. Colombia
                                                                                                                                                                                                                                                                                                                                                                                                                                                              6. Rest of LATAM
                                                                                                                                                                                                                                                                                                                                                                                                                                                          2. Competitive Landscape, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                            1. Introduction
                                                                                                                                                                                                                                                                                                                                                                                                                                                            2. Elevator Modernization Market Share Analysis, 2024 (%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                              1. Market Share Analysis, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                              2. Competition Ranking, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                              3. Key Developments & Growth Strategies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                1. Merger & Acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                2. Product Launch
                                                                                                                                                                                                                                                                                                                                                                                                                                                                3. Expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                              4. Consolidated SWOT Analysis of Key Players
                                                                                                                                                                                                                                                                                                                                                                                                                                                          3. Company Profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                            1. Otis Elevator Company
                                                                                                                                                                                                                                                                                                                                                                                                                                                              1. Business Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                              2. Financial Data
                                                                                                                                                                                                                                                                                                                                                                                                                                                              3. Key Product Categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                              4. Recent Developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                            2. KONE Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                            3. Schindler Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                            4. Thyssenkrupp Elevator AG
                                                                                                                                                                                                                                                                                                                                                                                                                                                            5. Mitsubishi Electric Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                            6. Hitachi Elevator Engineering Co., Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                                                            7. Fujitec Co., Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                                                            8. Toshiba Elevator & Building Systems Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                            9. Hyundai Elevator Co., Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                                                            10. Johnson Lifts Pvt. Ltd.