The elevator modernization market size is projected to reach US$ 22.04 billion by 2031 from US$ 12.83 billion in 2023. The market is expected to register a CAGR of 6.9% in 2023—2031. Aging urban infrastructure and a growing global population are key elevator modernization market trends.
The elevator modernization market is growing at a rapid pace. The consumer segment's needs for housing and infrastructure have grown as urbanization has developed. Furthermore, it has been seen that the legacy and present vertical transit systems utilized in shops, offices, malls, and other public areas are unable to accommodate the current capacities. People have, therefore, been having to wait longer in lines at the entrances to public and commercial facilities. Nowadays, in a fast-paced world, nobody enjoys waiting around since it costs them money. Elevator adoption has, therefore, been driven by elevator modernization, which has resulted from the need for a more seamless, effective, and rapid vertical transit system.
The process of updating crucial elevator components is known as elevator modernization. Elevator systems are made up of many different parts that eventually wear out and need to be updated in order to continue operating at peak efficiency, safety, and performance. Additionally, upgrading improves the elevator's quality and aesthetic appeal.
According to the projections, the proportion of older people will increase to 22% of the global population by 2050. The necessity of accessibility in buildings has increased due to this shift in demographics. Town planners, architects, and the government have difficulties as a result of these developments with regard to building accessibility and urban infrastructure. Additionally, the times have changed since the elder generation chose to stay in locations with fewer amenities and lead a more remote lifestyle. This is going to fuel the elevator modernization market.
Development in the commercial sector can create opportunities for the modernization market by increasing demand for updated technologies and services. For instance, as businesses expand or adopt new processes, they often require modernized infrastructure, software solutions, or automation tools to stay competitive. This demand can drive innovation and investment in the modernization market, offering opportunities for companies specializing in upgrading and optimizing commercial systems. Elevator Modernization Market Report Segmentation Analysis
Key segments that contributed to the derivation of the elevator modernization market analysis are type, component, and end user.
The geographic scope of the elevator modernization market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the elevator modernization market. High technology adoption trends in various industries in the North American region have fuelled the growth of the elevator modernization market. America is predicted to rise significantly in the next years because of the introduction of new technologies and an increase in safety concerns. Due to the increase in residential, commercial, and industrial applications, the market is anticipated to grow significantly throughout the projected period. Even manufacturers are concentrating more on providing products that are outfitted with the newest technological advancements. All these factors contribute to the region's growth of the elevator modernization market.
The regional trends and factors influencing the Elevator Modernization Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Elevator Modernization Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 12.83 Billion |
| Market Size by 2031 | US$ 22.04 Billion |
| Global CAGR (2023 - 2031) | 6.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Elevator Modernization Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Elevator Modernization Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The elevator modernization market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Otis, Press Release, 2023)
(Source: Taoping Inc., Press Release, 2022)
The "Elevator Modernization Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global elevator modernization market is expected to reach US$ 22.04 billion by 2031.
The key players holding majority shares in the global elevator modernization market are KONE Corporation, United Elevator Corp, Siemens, Schindler, Mitsubishi Electric US, Inc., TK Elevator, FUJITEC CO. LTD., and Hitachi, Ltd., Toshiba, Hyundai elevator Co., Ltd.
Development in the commercial sector is impacting elevator modernization, which is anticipated to play a significant role in the global elevator modernization market in the coming years.
Aging urban infrastructure and a growing global population are the major factors that propel the global elevator modernization market growth.
The global elevator modernization market was estimated to be US$ 12.83 billion in 2023 and is expected to grow at a CAGR of 6.9% during the forecast period 2024 - 2031.