The Elevator Modernization Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Elevator Modernization Market?
The size of the elevator modernization market has experienced significant growth in the past few years. The market, which was valued at $13.12 billion in 2024, is projected to increase to $14.13 billion in 2025, recording a compound annual growth rate (CAGR) of 7.7% in the process.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Elevator Modernization Industry?
The elevator modernization market is predicted to reach a value of $18.85 billion in 2029, growing at a CAGR of 7.5%.
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What are the Key Growth Drivers Fueling the Elevator Modernization Market?
The key drivers in the elevator modernization market are:
• Increase in the number of high-rise developments
• Rise in property values
• Growing tenant expectations
• Enhanced needs for elevator modernization
• Surge in green building certifications
Global Market Segmentation: Identifying Major Elevator Modernization Industry Segments
The elevator modernization market covered in this report is segmented –
1) By Type Of Modernization: Equipment Upgrades, Control System Enhancements, Safety Improvements, Aesthetic Renovations, Energy Efficiency Retrofits
2) By Elevator Type: Traction Elevator, Hydraulic Elevator
3) By Technology Integration: IoT-Enabled Elevators, Smart Control Systems, AI And Machine Learning Applications, Telematics And Monitoring Solutions, Energy Management Systems
4) By End-User Industry: Residential Buildings, Commercial Buildings, Industrial Facilities, Healthcare Institutions, Hospitality Sector
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What are the Emerging Trends Shaping the Future of the Elevator Modernization Market?
The key trends in the elevator modernization market are:
• There is a trend towards LED-based cabin lighting systems in the elevator modernization market.
• Predictive maintenance algorithms are becoming an emerging trend.
• Solar-assisted power integration for elevators is becoming increasingly popular.
• The market is beginning to adopt AI-powered traffic management and facial recognition and personalization.
Who Are the Top Competitors & Leading Players in the Elevator Modernization Market?
Major players in the elevator modernization market are:
• Hyundai Group
• Hitachi Ltd.
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Otis Worldwide Corporation
• Schindler Holding Ltd.
• TK Elevator GmbH
• KÖHLER Elevator GmbH
• Fujitec Co. Ltd.
• Wittur Holding GmbH
• Kleemann GmbH
• SJEC Corporation
• KONE Corporation
• Champion Elevator Corp.
• Delaware Elevator Inc.
• Delta Elevator Company Ltd.
• Liberty Elevator Corporation
• Escon Elevators Private Limited
• Mid-American Elevator Company Inc.
• Stanley Elevator Company Inc.
Regional Dominance: Which Area Leads the Global Elevator Modernization Market?
North America was the largest region in the elevator modernization market in 2024
