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Global Elevator Modernization Market Report 2025

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Report Price : $4490.00

Pages : 250

Format : PDF

Published : December 2025

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Elevator Modernization Global Market Report 2025

Name: Elevator Modernization Global Market Report 2025
Brand: The Business Research Company
Price: 4490.00 USD
Availability: InStock

By Type Of Modernization (Equipment Upgrades, Control System Enhancements, Safety Improvements, Aesthetic Renovations, Energy Efficiency Retrofits), By Elevator Type (Traction Elevator, Hydraulic Elevator), By Technology Integration (IoT-Enabled Elevators, Smart Control Systems, AI And Machine Learning Applications, Telematics And Monitoring Solutions, Energy Management Systems), By End-User Industry (Residential Buildings, Commercial Buildings, Industrial Facilities, Healthcare Institutions, Hospitality Sector) - Market Size, Trends, And Global Forecast 2025-2034

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Elevator Modernization Market Overview

• Elevator Modernization market size has reached to $13.12 billion in 2024

• Expected to grow to $18.85 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%

• Growth Driver: Rise In High-Rise Developments Fueling The Growth Of The Market Due To Increasing Urbanization And Space Constraints

• Market Trend: Technological Advancements Driving Smart Elevator Solutions In Modernization Projects

• North America was the largest region in 2024 and Asia-Pacific is the fastest growing region.

What Is Covered Under Elevator Modernization Market?

Elevator modernization refers to the comprehensive process of upgrading existing elevator systems by replacing outdated mechanical and electrical components with advanced technologies to enhance overall functionality and performance. It involves significant improvements aimed at increasing operational efficiency, ensuring regulatory compliance, and extending the service life of the elevator without the need for complete replacement.

The main types of modernizations in elevator modernization are equipment upgrades, control system enhancements, safety improvements, aesthetic renovations, and energy efficiency retrofits. Equipment upgrades involve replacing or improving core elevator components such as motors, doors, cables, or braking systems to enhance reliability and performance. These upgrades apply to various elevator types, including traction elevators and hydraulic elevators, and technologies include IoT-enabled elevators, smart control systems, AI and machine learning applications, telematics and monitoring solutions, and energy management systems. Key end users include residential buildings, commercial buildings, industrial facilities, healthcare institutions, and the hospitality sector.

Elevator Modernization Market Size and growth rate 2025 to 2029: Graph

What Is The Elevator Modernization Market Size 2025 And Growth Rate?

The elevator modernization market size has grown strongly in recent years. It will grow from $13.12 billion in 2024 to $14.13 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to an increase in the number of elevated buildings, an increase in the urban population, a rise in government regulations and standards, an increase in demand from the residential and commercial sectors, and an increase in construction activities.

What Is The Elevator Modernization Market Growth Forecast?

The elevator modernization market size is expected to see strong growth in the next few years. It will grow to $18.85 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to the increasing number of high-rise developments, increasing property values, growing tenant expectations, increasing need for elevator modernization, and rise in green building certifications. Major trends in the forecast period include LED-based cabin lighting systems, predictive maintenance algorithms, solar-assisted power integration for elevators, AI-powered traffic management, and facial recognition & personalization.

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What’s The Trade War Impact On Aerospace And Defense Industry?

The sharp hike in U.S. tariffs and the associated trade disputes in spring 2025 are notably impacting the aerospace and defense sector by raising costs for titanium, carbon fiber composites, and avionics materials largely sourced from global suppliers. Defense contractors, locked into fixed-price government contracts, absorb these added costs, while commercial aerospace firms face airline pushback on higher aircraft prices. Delays in component shipments due to customs bottlenecks further disrupt tight production schedules for jets and satellites. The industry is responding by stockpiling critical materials, seeking waivers for defense-related imports, and collaborating with allied nations to diversify supply chain.

How is the Elevator Modernization Market 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

Subsegments:

1) By Equipment Upgrades: Motors, Gearboxes, Door Operators, Brake Systems

2) By Control System Enhancements: Microprocessor Controllers, Variable Voltage Variable Frequency (VVVF) Drives, Call Dispatch Systems, Remote Monitoring Units

3) By Safety Improvements: Emergency Alarm Systems, Overspeed Governors, Buffer Springs, Interlocks

4) By Aesthetic Renovations: Cabin Interiors, Fixtures And Panels, Lighting Systems, Flooring And Wall Panels

5) By Energy Efficiency Retrofits: Regenerative Drives, LED Lighting, Sleep Mode Controllers, Energy-Efficient Motors

What Is Driving The Elevator Modernization Market? Rise In High-Rise Developments Fueling The Growth Of The Market Due To Increasing Urbanization And Space Constraints

The increasing number of high-rise developments is expected to propel the growth of the elevator modernization market going forward. High-rise developments refer to multi-story buildings, typically exceeding 12 to 15 floors, designed for residential, commercial, or mixed-use purposes, characterized by vertical construction to maximize space in urban areas. The number of high-rise developments is increasing as rapid urbanization drives the demand for space-efficient residential and commercial buildings in densely populated urban centers. Elevator modernization is useful for high-rise developments as it upgrades existing elevator systems to improve speed, reliability, energy efficiency, and passenger safety, ensuring efficient vertical transportation in densely populated buildings. For instance, in January 2024, according to the Council on Tall Buildings and Urban Habitat, a US-based non-profit organization, the year 2023 set a new record for tall building completions, with 185 buildings reaching 200 meters or more, marking a 12.8% increase from the 164 completions in 2022. Therefore, the increasing number of high-rise developments is driving the growth of the elevator modernization industry.

Who Are The Major Players In The Global Elevator Modernization Market?

Major Companies operating 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.

What Are The Key Trends Of The Global Elevator Modernization Market? Technological Advancements Driving Smart Elevator Solutions In Modernization Projects

Major companies operating in the elevator modernization market are focusing on developing technologically advanced solutions, such as smart elevators, to improve operational efficiency and provide real-time monitoring and predictive maintenance capabilities. Smart elevators refer to technologically advanced elevator systems that use artificial intelligence (AI) and digital control technologies to enhance efficiency, safety, energy management, and user experience through features such as destination control, real-time monitoring, and predictive maintenance. For instance, in November 2024, Otis Electric, a US-based manufacturing company, launched the Otis Electric 7000, a smart elevator designed for both new construction and modernization projects. This innovative elevator incorporates advanced safety features, such as AI-powered cameras for detecting entrapped passengers, real-time 24/7 operating data delivery, automatic rescue operations, and compliance with the highest industry safety standards. The Otis Electric 7000 aims to enhance reliability, passenger experience, and operational efficiency for building owners and facility managers, reflecting Otis’s ongoing commitment to smart, connected elevator solutions.

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What Are Latest Mergers And Acquisitions In The Elevator Modernization Market? H.I.G. Capital Acquires Action Elevator To Expand Presence In The Elevator Modernization Industry

In September 2024, H.I.G. Capital LLC, a US-based investment company, acquired Action Elevator for $65 billion. With this acquisition, H.I.G. Capital aims to strengthen its investment portfolio, expand its presence in the targeted industry, and drive long-term value creation through operational improvements and strategic growth initiatives. Action Elevator is a US-based elevator company that specializes in elevator modernization, which involves upgrading existing elevator systems to improve performance, safety, and efficiency.

What Is The Regional Outlook For The Global Elevator Modernization Market?

North America was the largest region in the elevator modernization market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Defines the Elevator Modernization Market?

The elevator modernization market includes revenues earned by entities by providing services such as door system upgrades, interior cabin renovation, energy efficiency improvements, cabin interior refurbishment, and safety system enhancements. The market value includes the value of related goods sold by the service provider or included within the service offering. The elevator modernization market also consists of sales of products including traction machines and motors, safety components, door safety sensors, cab interiors, and signal fixtures. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What is the Market Assessment and Strategic Outlook for the Elevator Modernization Industry?

The elevator modernization market research report is one of a series of new reports from The Business Research Company that provides market statistics, including elevator modernization industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the elevator modernization industry. This elevator modernization market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Elevator Modernization Market Report Forecast Analysis

Report Attribute	Details
Market Size Value In 2025	$14.13 billion
Revenue Forecast In 2034	$18.85 billion
Growth Rate	CAGR of 7.5% from 2025 to 2034
Base Year For Estimation	2024
Actual Estimates/Historical Data	2019-2024
Forecast Period	2025 - 2029 - 2034
Market Representation	Revenue in USD Billion and CAGR from 2025 to 2034
Segments Covered	Product Type, Technology, Application, Distribution Channel, End-User, Wearable Glasses, Smart Glasses, Augmented Reality Glasses, Night Vision Glasses
Regional Scope	Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Country Scope	The countries covered in the report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. Additional countries that can be covered in the report are Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, Mexico, Chile, Argentina, Colombia, Peru, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
Key Companies Profiled	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.
Customization Scope	Request for Sample
Pricing And Purchase Options	Explore Purchase Options

1. Executive Summary

2. Elevator Modernization Market Characteristics

3. Elevator Modernization Market Trends And Strategies

4. Elevator Modernization Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Trade Wars and Tariffs, And Covid And Recovery On The Market

4.1. Supply Chain Impact from Tariff War & Trade Protectionism

5. Global Elevator Modernization Growth Analysis And Strategic Analysis Framework

5.1. Global Elevator Modernization PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)

5.2. Analysis Of End Use Industries

5.3. Global Elevator Modernization Market Growth Rate Analysis

5.4. Global Elevator Modernization Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)

5.5. Global Elevator Modernization Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)

5.6. Global Elevator Modernization Total Addressable Market (TAM)

6. Elevator Modernization Market Segmentation

6.1. Global Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Equipment Upgrades

Control System Enhancements

Safety Improvements

Aesthetic Renovations

Energy Efficiency Retrofits

6.2. Global Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Traction Elevator

Hydraulic Elevator

6.3. Global Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

IoT-Enabled Elevators

Smart Control Systems

AI And Machine Learning Applications

Telematics And Monitoring Solutions

Energy Management Systems

6.4. Global Elevator Modernization Market, Segmentation By End-User Industry, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Residential Buildings

Commercial Buildings

Industrial Facilities

Healthcare Institutions

Hospitality Sector

6.5. Global Elevator Modernization Market, Sub-Segmentation Of Equipment Upgrades, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Motors

Gearboxes

Door Operators

Brake Systems

6.6. Global Elevator Modernization Market, Sub-Segmentation Of Control System Enhancements, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Microprocessor Controllers

Variable Voltage Variable Frequency (VVVF) Drives

Call Dispatch Systems

Remote Monitoring Units

6.7. Global Elevator Modernization Market, Sub-Segmentation Of Safety Improvements, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Emergency Alarm Systems

Overspeed Governors

Buffer Springs

Interlocks

6.8. Global Elevator Modernization Market, Sub-Segmentation Of Aesthetic Renovations, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Cabin Interiors

Fixtures And Panels

Lighting Systems

Flooring And Wall Panels

6.9. Global Elevator Modernization Market, Sub-Segmentation Of Energy Efficiency Retrofits, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Regenerative Drives

Led Lighting

Sleep Mode Controllers

Energy-Efficient Motors

7. Elevator Modernization Market Regional And Country Analysis

7.1. Global Elevator Modernization Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

7.2. Global Elevator Modernization Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

8. Asia-Pacific Elevator Modernization Market

8.1. Asia-Pacific Elevator Modernization Market Overview

Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

8.2. Asia-Pacific Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

8.3. Asia-Pacific Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

8.4. Asia-Pacific Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

9. China Elevator Modernization Market

9.1. China Elevator Modernization Market Overview

9.2. China Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion

9.3. China Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion

9.4. China Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion

10. India Elevator Modernization Market

10.1. India Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

10.2. India Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

10.3. India Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

11. Japan Elevator Modernization Market

11.1. Japan Elevator Modernization Market Overview

11.2. Japan Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

11.3. Japan Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

11.4. Japan Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

12. Australia Elevator Modernization Market

12.1. Australia Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

12.2. Australia Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

12.3. Australia Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

13. Indonesia Elevator Modernization Market

13.1. Indonesia Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

13.2. Indonesia Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

13.3. Indonesia Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

14. South Korea Elevator Modernization Market

14.1. South Korea Elevator Modernization Market Overview

14.2. South Korea Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

14.3. South Korea Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

14.4. South Korea Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

15. Western Europe Elevator Modernization Market

15.1. Western Europe Elevator Modernization Market Overview

15.2. Western Europe Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

15.3. Western Europe Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

15.4. Western Europe Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

16. UK Elevator Modernization Market

16.1. UK Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

16.2. UK Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

16.3. UK Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

17. Germany Elevator Modernization Market

17.1. Germany Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

17.2. Germany Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

17.3. Germany Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

18. France Elevator Modernization Market

18.1. France Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

18.2. France Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

18.3. France Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

19. Italy Elevator Modernization Market

19.1. Italy Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

19.2. Italy Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

19.3. Italy Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

20. Spain Elevator Modernization Market

20.1. Spain Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

20.2. Spain Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

20.3. Spain Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

21. Eastern Europe Elevator Modernization Market

21.1. Eastern Europe Elevator Modernization Market Overview

21.2. Eastern Europe Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

21.3. Eastern Europe Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

21.4. Eastern Europe Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

22. Russia Elevator Modernization Market

22.1. Russia Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

22.2. Russia Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

22.3. Russia Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

23. North America Elevator Modernization Market

23.1. North America Elevator Modernization Market Overview

23.2. North America Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

23.3. North America Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

23.4. North America Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

24. USA Elevator Modernization Market

24.1. USA Elevator Modernization Market Overview

24.2. USA Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

24.3. USA Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

24.4. USA Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

25. Canada Elevator Modernization Market

25.1. Canada Elevator Modernization Market Overview

25.2. Canada Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

25.3. Canada Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

25.4. Canada Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

26. South America Elevator Modernization Market

26.1. South America Elevator Modernization Market Overview

26.2. South America Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

26.3. South America Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

26.4. South America Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

27. Brazil Elevator Modernization Market

27.1. Brazil Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

27.2. Brazil Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

27.3. Brazil Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

28. Middle East Elevator Modernization Market

28.1. Middle East Elevator Modernization Market Overview

28.2. Middle East Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

28.3. Middle East Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

28.4. Middle East Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

29. Africa Elevator Modernization Market

29.1. Africa Elevator Modernization Market Overview

29.2. Africa Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

29.3. Africa Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

29.4. Africa Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

30. Elevator Modernization Market Competitive Landscape And Company Profiles

30.1. Elevator Modernization Market Competitive Landscape

30.2. Elevator Modernization Market Company Profiles

30.2.1. Hyundai Group Overview, Products and Services, Strategy and Financial Analysis

30.2.2. Hitachi Ltd. Overview, Products and Services, Strategy and Financial Analysis

30.2.3. Mitsubishi Electric Corporation Overview, Products and Services, Strategy and Financial Analysis

30.2.4. Toshiba Corporation Overview, Products and Services, Strategy and Financial Analysis

30.2.5. Otis Worldwide Corporation Overview, Products and Services, Strategy and Financial Analysis

31. Elevator Modernization Market Other Major And Innovative Companies

31.1. Schindler Holding Ltd.

31.2. TK Elevator GmbH

31.3. KÖHLER Elevator GmbH

31.4. Fujitec Co. Ltd.

31.5. Wittur Holding GmbH

31.6. Kleemann GmbH

31.7. SJEC Corporation

31.8. KONE Corporation

31.9. Champion Elevator Corp.

31.10. Delaware Elevator Inc.

31.11. Delta Elevator Company Ltd.

31.12. Liberty Elevator Corporation

31.13. Escon Elevators Private Limited

31.14. Mid-American Elevator Company Inc.

31.15. Stanley Elevator Company Inc.

32. Global Elevator Modernization Market Competitive Benchmarking And Dashboard

33. Key Mergers And Acquisitions In The Elevator Modernization Market

34. Recent Developments In The Elevator Modernization Market

35. Elevator Modernization Market High Potential Countries, Segments and Strategies

35.1 Elevator Modernization Market In 2029 - Countries Offering Most New Opportunities

35.2 Elevator Modernization Market In 2029 - Segments Offering Most New Opportunities

35.3 Elevator Modernization Market In 2029 - Growth Strategies

35.3.1 Market Trend Based Strategies

35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations

36.2. Currencies

36.3. Historic And Forecast Inflation Rates

36.4. Research Inquiries

36.5. The Business Research Company

36.6. Copyright And Disclaimer

List Of Tables

Table 1: Global Historic Market Growth, 2019-2024, $ Billion

Table 2: Global Forecast Market Growth, 2024-2029F, 2034F, $ Billion

Table 3: Global Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 4: Global Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 5: Global Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 6: Global Elevator Modernization Market, Segmentation By End-User Industry, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 7: Global Elevator Modernization Market, Sub-Segmentation Of Equipment Upgrades, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 8: Global Elevator Modernization Market, Sub-Segmentation Of Control System Enhancements, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 9: Global Elevator Modernization Market, Sub-Segmentation Of Safety Improvements, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 10: Global Elevator Modernization Market, Sub-Segmentation Of Aesthetic Renovations, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 11: Global Elevator Modernization Market, Sub-Segmentation Of Energy Efficiency Retrofits, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 12: Global Elevator Modernization Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 13: Global Elevator Modernization Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 14: Asia-Pacific, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 15: Asia-Pacific, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 16: Asia-Pacific, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 17: China, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 18: China, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 19: China, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 20: India, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 21: India, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 22: India, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 23: Japan, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 24: Japan, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 25: Japan, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 26: Australia, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 27: Australia, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 28: Australia, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 29: Indonesia, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 30: Indonesia, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 31: Indonesia, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 32: South Korea, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 33: South Korea, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 34: South Korea, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 35: Western Europe, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 36: Western Europe, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 37: Western Europe, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 38: UK, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 39: UK, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 40: UK, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 41: Germany, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 42: Germany, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 43: Germany, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 44: France, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 45: France, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 46: France, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 47: Italy, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 48: Italy, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 49: Italy, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 50: Spain, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 51: Spain, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 52: Spain, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 53: Eastern Europe, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 54: Eastern Europe, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 55: Eastern Europe, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 56: Russia, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 57: Russia, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 58: Russia, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 59: North America, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 60: North America, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 61: North America, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 62: USA, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 63: USA, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 64: USA, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 65: Canada, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 66: Canada, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 67: Canada, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 68: South America, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 69: South America, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 70: South America, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 71: Brazil, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 72: Brazil, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 73: Brazil, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 74: Middle East, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 75: Middle East, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 76: Middle East, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 77: Africa, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 78: Africa, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 79: Africa, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Table 80: Hyundai Group Financial Performance

Table 81: Hitachi Ltd. Financial Performance

Table 82: Mitsubishi Electric Corporation Financial Performance

Table 83: Toshiba Corporation Financial Performance

Table 84: Otis Worldwide Corporation Financial Performance

List Of Figures

Figure 1: Global Historic Market Growth, 2019-2024, $ Billion

Figure 2: Global Forecast Market Growth, 2024-2029F, 2034F, $ Billion

Figure 3: Global Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 4: Global Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 5: Global Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 6: Global Elevator Modernization Market, Segmentation By End-User Industry, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 7: Global Elevator Modernization Market, Sub-Segmentation Of Equipment Upgrades, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 8: Global Elevator Modernization Market, Sub-Segmentation Of Control System Enhancements, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 9: Global Elevator Modernization Market, Sub-Segmentation Of Safety Improvements, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 10: Global Elevator Modernization Market, Sub-Segmentation Of Aesthetic Renovations, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 11: Global Elevator Modernization Market, Sub-Segmentation Of Energy Efficiency Retrofits, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 12: Global Elevator Modernization Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 13: Global Elevator Modernization Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 14: Asia-Pacific, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 15: Asia-Pacific, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 16: Asia-Pacific, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 17: China, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 18: China, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 19: China, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 20: India, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 21: India, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 22: India, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 23: Japan, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 24: Japan, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 25: Japan, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 26: Australia, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 27: Australia, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 28: Australia, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 29: Indonesia, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 30: Indonesia, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 31: Indonesia, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 32: South Korea, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 33: South Korea, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 34: South Korea, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 35: Western Europe, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 36: Western Europe, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 37: Western Europe, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 38: UK, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 39: UK, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 40: UK, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 41: Germany, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 42: Germany, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 43: Germany, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 44: France, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 45: France, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 46: France, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 47: Italy, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 48: Italy, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 49: Italy, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 50: Spain, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 51: Spain, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 52: Spain, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 53: Eastern Europe, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 54: Eastern Europe, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 55: Eastern Europe, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 56: Russia, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 57: Russia, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 58: Russia, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 59: North America, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 60: North America, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 61: North America, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 62: USA, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 63: USA, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 64: USA, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 65: Canada, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 66: Canada, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 67: Canada, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 68: South America, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 69: South America, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 70: South America, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 71: Brazil, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 72: Brazil, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 73: Brazil, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 74: Middle East, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 75: Middle East, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 76: Middle East, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 77: Africa, Elevator Modernization Market, Segmentation By Type Of Modernization, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 78: Africa, Elevator Modernization Market, Segmentation By Elevator Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 79: Africa, Elevator Modernization Market, Segmentation By Technology Integration, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

Figure 80: Hyundai Group Financial Performance

Figure 81: Hitachi Ltd. Financial Performance

Figure 82: Mitsubishi Electric Corporation Financial Performance

Figure 83: Toshiba Corporation Financial Performance

Figure 84: Otis Worldwide Corporation Financial Performance

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Frequently Asked Questions

What is the definition of the Elevator Modernization market?

How will the Elevator Modernization market drivers and restraints affect the market dynamics? What forces will shape the Elevator Modernization industry going forward?

The Elevator Modernization market major growth driver - Rise In High-Rise Developments Fueling The Growth Of The Market Due To Increasing Urbanization And Space Constraints. For further insights on the Elevator Modernization market, request a sample here

What is the forecast market size or the forecast market value of the Elevator Modernization market?

The Elevator Modernization market size has grown strongly in recent years. The elevator modernization market size has grown strongly in recent years. It will grow from $13.12 billion in 2024 to $14.13 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to an increase in the number of elevated buildings, an increase in the urban population, a rise in government regulations and standards, an increase in demand from the residential and commercial sectors, and an increase in construction activities. The elevator modernization market size is expected to see strong growth in the next few years. It will grow to $18.85 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to the increasing number of high-rise developments, increasing property values, growing tenant expectations, increasing need for elevator modernization, and rise in green building certifications. Major trends in the forecast period include LED-based cabin lighting systems, predictive maintenance algorithms, solar-assisted power integration for elevators, AI-powered traffic management, and facial recognition & personalization. For further insights on the Elevator Modernization market, request a sample here

How is the Elevator Modernization market segmented?

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 Subsegments:
1) By Equipment Upgrades: Motors, Gearboxes, Door Operators, Brake Systems
2) By Control System Enhancements: Microprocessor Controllers, Variable Voltage Variable Frequency (VVVF) Drives, Call Dispatch Systems, Remote Monitoring Units
3) By Safety Improvements: Emergency Alarm Systems, Overspeed Governors, Buffer Springs, Interlocks
4) By Aesthetic Renovations: Cabin Interiors, Fixtures And Panels, Lighting Systems, Flooring And Wall Panels
5) By Energy Efficiency Retrofits: Regenerative Drives, LED Lighting, Sleep Mode Controllers, Energy-Efficient Motors For further insights on the Elevator Modernization market, request a sample here

Which region has the largest share of the Elevator Modernization market? What are the other regions covered in the report?

North America was the largest region in the elevator modernization market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator modernization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. For further insights on the Elevator Modernization market, request a sample here.

Who are the major players in the Elevator Modernization market?

What are the key trends in the Elevator Modernization market?

Major trends in the Elevator Modernization market include Technological Advancements Driving Smart Elevator Solutions In Modernization Projects. For further insights on the Elevator Modernization market, request a sample here.