Global Elevator Modernization Market 2022-2032 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application

Global elevator modernization market will reach $17.69 billion by 2032, growing by 6.1% annually over 2022-2032, driven by the growing number of aged buildings, the rising demand for elevator renovation, and continued expansion of construction industry.
Highlighted with 86 tables and 81 figures, this 170-page report “Global Elevator Modernization Market 2022-2032 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Region: Trend Forecast and Growth Opportunity” is based on comprehensive research of the entire global elevator modernization market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)

In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global elevator modernization market in every aspect of the classification from perspectives of Modernization Type, Elevator Type, Component, Application, and Region.

Based on Modernization Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Full Modernization
• Partial Modernization

Based on Elevator Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Hydraulic Elevators
o Conventional Hydraulic Elevators
o Hole-less Hydraulic Elevators
o Roped Hydraulic Elevators
• Traction Elevators
o Geared Traction Elevators
o Gear-less Traction Elevators
o Machine Room-Less Elevators
• Climbing Elevators
• Pneumatic/Vacuum Elevators

By Component, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Power Units
• Cabin Enclosures
• Controllers
o Relay-based
o Solid-state
o PLC
• Signaling Fixtures
• Door Equipment
• Other Components

By Application, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Industrial Application
• Residential Application
• Commercial Application

Geographically, the following regions together with the listed national/local markets are fully investigated:
• North America (U.S., Canada, and Mexico)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (UAE, Saudi Arabia, Egypt, and Rest of MEA)
For each region and country, detailed analysis and data of annual revenue ($ mn) are available for 2022-2032. The breakdown of all regional markets by country and the breakdown of each national market by Elevator Type, Component, and Application over the forecast years are also included.

The report also covers the current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
Doppler S.A.
Fujitec Co., Ltd.
Hitachi, Ltd.
Hyundai Elevator Co., Ltd.
Johnson Lifts Private Ltd.
KONE Corporation
Magnetek, Inc.
Mitsubishi Electric Corporation
Otis Elevator Company
Richmond Elevator (REM)
Schindler Holding Ltd.
Sematic S.p.A
Siemens AG
ThyssenKrupp Elevator AG
Toshiba Elevator and Building Systems Corporation (TOSHIBA)
United Technologies Corporation
Wittur Group
(Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)

1 Introduction 9
1.1 Industry Definition and Research Scope 9
1.1.1 Industry Definition 9
1.1.2 Research Scope 10
1.2 Research Methodology 13
1.2.1 Overview of Market Research Methodology 13
1.2.2 Market Assumption 14
1.2.3 Secondary Data 14
1.2.4 Primary Data 14
1.2.5 Data Filtration and Model Design 15
1.2.6 Market Size/Share Estimation 16
1.2.7 Research Limitations 17
1.3 Executive Summary 18
2 Market Overview and Dynamics 21
2.1 Market Size and Forecast 21
2.1.1 Impact of COVID-19 on World Economy 22
2.1.2 Impact of COVID-19 on the Market 25
2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery 27
2.2 Major Growth Drivers 31
2.3 Market Restraints and Challenges 35
2.4 Emerging Opportunities and Market Trends 38
2.5 Porter’s Fiver Forces Analysis 42
3 Segmentation of Global Market by Modernization Type 46
3.1 Market Overview by Modernization Type 46
3.2 Full Modernization 48
3.3 Partial Modernization 49
4 Segmentation of Global Market by Elevator Type 50
4.1 Market Overview by Elevator Type 50
4.2 Hydraulic Elevators 52
4.2.1 Conventional Hydraulic Elevators 53
4.2.2 Hole-less Hydraulic Elevators 54
4.2.3 Roped Hydraulic Elevators 55
4.3 Traction Elevators 56
4.3.1 Geared Traction Elevators 57
4.3.2 Gear-less Traction Elevators 58
4.3.3 Machine Room-Less Elevators 59
4.4 Climbing Elevators 60
4.5 Pneumatic/Vacuum Elevators 61
5 Segmentation of Global Market by Component 62
5.1 Market Overview by Component 62
5.2 Power Units 64
5.3 Cabin Enclosures 65
5.4 Controllers 66
5.5 Signaling Fixtures 67
5.6 Door Equipment 68
5.7 Other Components 69
6 Segmentation of Global Market by Application 70
6.1 Market Overview by Application 70
6.2 Industrial Application 72
6.3 Residential Application 73
6.4 Commercial Application 74
7 Segmentation of Global Market by Region 75
7.1 Geographic Market Overview 2022-2032 75
7.2 North America Market 2022-2032 by Country 79
7.2.1 Overview of North America Market 79
7.2.2 U.S. 82
7.2.3 Canada 85
7.2.4 Mexico 87
7.3 European Market 2022-2032 by Country 89
7.3.1 Overview of European Market 89
7.3.2 Germany 92
7.3.3 UK 94
7.3.4 France 96
7.3.5 Spain 98
7.3.6 Italy 100
7.3.7 Russia 102
7.3.8 Rest of European Market 104
7.4 Asia-Pacific Market 2022-2032 by Country 106
7.4.1 Overview of Asia-Pacific Market 106
7.4.2 Japan 109
7.4.3 China 112
7.4.4 Australia 114
7.4.5 India 116
7.4.6 South Korea 118
7.4.7 Rest of APAC Region 120
7.5 South America Market 2022-2032 by Country 122
7.5.1 Argentina 125
7.5.2 Brazil 127
7.5.3 Chile 129
7.5.4 Rest of South America Market 131
7.6 MEA Market 2022-2032 by Country 132
7.6.1 UAE 135
7.6.2 Saudi Arabia 137
7.6.3 Egypt 139
7.6.4 Other National Markets 141
8 Competitive Landscape 142
8.1 Overview of Key Vendors 142
8.2 New Product Launch, Partnership, Investment, and M&A 145
8.3 Company Profiles 146
Doppler S.A. 146
Fujitec Co., Ltd. 148
Hitachi, Ltd. 149
Hyundai Elevator Co., Ltd. 150
Johnson Lifts Private Ltd. 151
KONE Corporation 152
Magnetek, Inc. 153
Mitsubishi Electric Corporation 154
Otis Elevator Company 155
Richmond Elevator (REM) 156
Schindler Holding Ltd. 157
Sematic S.p.A 158
Siemens AG 159
ThyssenKrupp Elevator AG 160
Toshiba Elevator and Building Systems Corporation (TOSHIBA) 161
United Technologies Corporation 162
Wittur Group 163
9 Investing in Global Market: Risk Assessment and Management 164
9.1 Risk Evaluation of Global Market 164
9.2 Critical Success Factors (CSFs) 167
Related Reports and Products 170
 
List of Tables:

Table 1. Snapshot of Global Elevator Modernization Market in Balanced Perspective, 2022-2032 19
Table 2. World Economic Outlook, 2021-2031 23
Table 3. World Economic Outlook, 2021-2023 24
Table 4. Scenarios for Economic Impact of Ukraine Crisis 28
Table 5. Main Product Trends and Market Opportunities in Global Elevator Modernization Market 38
Table 6. Global Elevator Modernization Market by Modernization Type, 2022-2032, $ mn 46
Table 7. Global Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 50
Table 8. Global Elevator Modernization Market: Hydraulic Elevators by Elevator Type, 2022-2032, $ mn 52
Table 9. Global Elevator Modernization Market: Traction Elevators by Elevator Type, 2022-2032, $ mn 56
Table 10. Global Elevator Modernization Market by Component, 2022-2032, $ mn 62
Table 11. Global Elevator Modernization Market: Controllers by Type, 2022-2032, $ mn 66
Table 12. Global Elevator Modernization Market by Application, 2022-2032, $ mn 70
Table 13. Global Elevator Modernization Market by Region, 2022-2032, $ mn 76
Table 14. Leading National Elevator Modernization Market, 2022 and 2032, $ mn 78
Table 15. North America Elevator Modernization Market by Country, 2022-2032, $ mn 81
Table 16. U.S. Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 84
Table 17. U.S. Elevator Modernization Market by Component, 2022-2032, $ mn 84
Table 18. U.S. Elevator Modernization Market by Application, 2022-2032, $ mn 84
Table 19. Canada Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 86
Table 20. Canada Elevator Modernization Market by Component, 2022-2032, $ mn 86
Table 21. Canada Elevator Modernization Market by Application, 2022-2032, $ mn 86
Table 22. Mexico Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 88
Table 23. Mexico Elevator Modernization Market by Component, 2022-2032, $ mn 88
Table 24. Mexico Elevator Modernization Market by Application, 2022-2032, $ mn 88
Table 25. Europe Elevator Modernization Market by Country, 2022-2032, $ mn 91
Table 26. Germany Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 93
Table 27. Germany Elevator Modernization Market by Component, 2022-2032, $ mn 93
Table 28. Germany Elevator Modernization Market by Application, 2022-2032, $ mn 93
Table 29. UK Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 95
Table 30. UK Elevator Modernization Market by Component, 2022-2032, $ mn 95
Table 31. UK Elevator Modernization Market by Application, 2022-2032, $ mn 95
Table 32. France Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 97
Table 33. France Elevator Modernization Market by Component, 2022-2032, $ mn 97
Table 34. France Elevator Modernization Market by Application, 2022-2032, $ mn 97
Table 35. Spain Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 99
Table 36. Spain Elevator Modernization Market by Component, 2022-2032, $ mn 99
Table 37. Spain Elevator Modernization Market by Application, 2022-2032, $ mn 99
Table 38. Italy Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 101
Table 39. Italy Elevator Modernization Market by Component, 2022-2032, $ mn 101
Table 40. Italy Elevator Modernization Market by Application, 2022-2032, $ mn 101
Table 41. Russia Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 103
Table 42. Russia Elevator Modernization Market by Component, 2022-2032, $ mn 103
Table 43. Russia Elevator Modernization Market by Application, 2022-2032, $ mn 103
Table 44. Elevator Modernization Market in Rest of Europe by Country, 2022-2032, $ mn 105
Table 45. APAC Elevator Modernization Market by Country, 2022-2032, $ mn 108
Table 46. Japan Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 111
Table 47. Japan Elevator Modernization Market by Component, 2022-2032, $ mn 111
Table 48. Japan Elevator Modernization Market by Application, 2022-2032, $ mn 111
Table 49. China Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 113
Table 50. China Elevator Modernization Market by Component, 2022-2032, $ mn 113
Table 51. China Elevator Modernization Market by Application, 2022-2032, $ mn 113
Table 52. Australia Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 115
Table 53. Australia Elevator Modernization Market by Component, 2022-2032, $ mn 115
Table 54. Australia Elevator Modernization Market by Application, 2022-2032, $ mn 115
Table 55. India Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 117
Table 56. India Elevator Modernization Market by Component, 2022-2032, $ mn 117
Table 57. India Elevator Modernization Market by Application, 2022-2032, $ mn 117
Table 58. South Korea Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 119
Table 59. South Korea Elevator Modernization Market by Component, 2022-2032, $ mn 119
Table 60. South Korea Elevator Modernization Market by Application, 2022-2032, $ mn 119
Table 61. Elevator Modernization Market in Rest of APAC by Country/Region, 2022-2032, $ mn 121
Table 62. South America Elevator Modernization Market by Country, 2022-2032, $ mn 124
Table 63. Argentina Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 126
Table 64. Argentina Elevator Modernization Market by Component, 2022-2032, $ mn 126
Table 65. Argentina Elevator Modernization Market by Application, 2022-2032, $ mn 126
Table 66. Brazil Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 128
Table 67. Brazil Elevator Modernization Market by Component, 2022-2032, $ mn 128
Table 68. Brazil Elevator Modernization Market by Application, 2022-2032, $ mn 128
Table 69. Chile Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 130
Table 70. Chile Elevator Modernization Market by Component, 2022-2032, $ mn 130
Table 71. Chile Elevator Modernization Market by Application, 2022-2032, $ mn 130
Table 72. MEA Elevator Modernization Market by Country, 2022-2032, $ mn 134
Table 73. UAE Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 136
Table 74. UAE Elevator Modernization Market by Component, 2022-2032, $ mn 136
Table 75. UAE Elevator Modernization Market by Application, 2022-2032, $ mn 136
Table 76. Saudi Arabia Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 138
Table 77. Saudi Arabia Elevator Modernization Market by Component, 2022-2032, $ mn 138
Table 78. Saudi Arabia Elevator Modernization Market by Application, 2022-2032, $ mn 138
Table 79. Egypt Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 140
Table 80. Egypt Elevator Modernization Market by Component, 2022-2032, $ mn 140
Table 81. Egypt Elevator Modernization Market by Application, 2022-2032, $ mn 140
Table 82. Doppler S.A.: Company Snapshot 146
Table 83. Doppler S.A.: Business Segmentation 146
Table 84. Doppler S.A.: Product Portfolio 147
Table 85. Risk Evaluation for Investing in Global Market, 2022-2032 165
Table 86. Critical Success Factors and Key Takeaways 168

List of Figures:

Figure 1. Research Method Flow Chart 13
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 16
Figure 3. Global Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032 18
Figure 4. Global Elevator Modernization Market, 2022-2032, $ mn 21
Figure 5. Impact of COVID-19 on Business 25
Figure 6. Primary Drivers and Impact Factors of Global Elevator Modernization Market 31
Figure 7. World Construction Industry, 2019-2030, $ trillion 34
Figure 8. Primary Restraints and Impact Factors of Global Elevator Modernization Market 35
Figure 9. Investment Opportunity Analysis 39
Figure 10. Porter’s Fiver Forces Analysis of Global Elevator Modernization Market 42
Figure 11. Breakdown of Global Elevator Modernization Market by Modernization Type, 2022-2032, % of Revenue 46
Figure 12. Contribution to Global 2023-2032 Cumulative Revenue by Modernization Type, Value ($ mn) and Share (%) 47
Figure 13. Global Elevator Modernization Market by Modernization Type: Full Modernization, 2022-2032, $ mn 48
Figure 14. Global Elevator Modernization Market by Modernization Type: Partial Modernization, 2022-2032, $ mn 49
Figure 15. Breakdown of Global Elevator Modernization Market by Elevator Type, 2022-2032, % of Revenue 50
Figure 16. Contribution to Global 2023-2032 Cumulative Revenue by Elevator Type, Value ($ mn) and Share (%) 51
Figure 17. Global Elevator Modernization Market by Elevator Type: Hydraulic Elevators, 2022-2032, $ mn 52
Figure 18. Global Elevator Modernization Market by Hydraulic Elevators: Conventional Hydraulic Elevators, 2022-2032, $ mn 53
Figure 19. Global Elevator Modernization Market by Hydraulic Elevators: Hole-less Hydraulic Elevators, 2022-2032, $ mn 54
Figure 20. Global Elevator Modernization Market by Hydraulic Elevators: Roped Hydraulic Elevators, 2022-2032, $ mn 55
Figure 21. Global Elevator Modernization Market by Elevator Type: Traction Elevators, 2022-2032, $ mn 56
Figure 22. Global Elevator Modernization Market by Traction Elevators: Geared Traction Elevators, 2022-2032, $ mn 57
Figure 23. Global Elevator Modernization Market by Traction Elevators: Gear-less Traction Elevators, 2022-2032, $ mn 58
Figure 24. Global Elevator Modernization Market by Traction Elevators: Machine Room-Less Elevators, 2022-2032, $ mn 59
Figure 25. Global Elevator Modernization Market by Elevator Type: Climbing Elevators, 2022-2032, $ mn 60
Figure 26. Global Elevator Modernization Market by Elevator Type: Pneumatic/Vacuum Elevators, 2022-2032, $ mn 61
Figure 27. Breakdown of Global Elevator Modernization Market by Component, 2022-2032, % of Revenue 62
Figure 28. Contribution to Global 2023-2032 Cumulative Revenue by Component, Value ($ mn) and Share (%) 63
Figure 29. Global Elevator Modernization Market by Component: Power Units, 2022-2032, $ mn 64
Figure 30. Global Elevator Modernization Market by Component: Cabin Enclosures, 2022-2032, $ mn 65
Figure 31. Global Elevator Modernization Market by Component: Controllers, 2022-2032, $ mn 66
Figure 32. Global Elevator Modernization Market by Component: Signaling Fixtures, 2022-2032, $ mn 67
Figure 33. Global Elevator Modernization Market by Component: Door Equipment, 2022-2032, $ mn 68
Figure 34. Global Elevator Modernization Market by Component: Other Components, 2022-2032, $ mn 69
Figure 35. Breakdown of Global Elevator Modernization Market by Application, 2022-2032, % of Revenue 70
Figure 36. Contribution to Global 2023-2032 Cumulative Revenue by Application, Value ($ mn) and Share (%) 71
Figure 37. Global Elevator Modernization Market by Application: Industrial Application, 2022-2032, $ mn 72
Figure 38. Global Elevator Modernization Market by Application: Residential Application, 2022-2032, $ mn 73
Figure 39. Global Elevator Modernization Market by Application: Commercial Application, 2022-2032, $ mn 74
Figure 40. Global Market Snapshot by Region 75
Figure 41. Geographic Spread of Worldwide Elevator Modernization Market, 2022-2032, % of Revenue 76
Figure 42. Contribution to Global 2023-2032 Cumulative Revenue by Region, Value ($ mn) and Share (%) 77
Figure 43. North American Elevator Modernization Market, 2022-2032, $ mn 80
Figure 44. Breakdown of North America Elevator Modernization Market by Country, 2022 and 2032, % of Revenue 80
Figure 45. Contribution to North America 2023-2032 Cumulative Revenue by Country, Value ($ mn) and Share (%) 81
Figure 46. U.S. Elevator Modernization Market, 2022-2032, $ mn 83
Figure 47. Canada Elevator Modernization Market, 2022-2032, $ mn 85
Figure 48. Elevator Modernization Market in Mexico, 2022-2032, $ mn 87
Figure 49. European Elevator Modernization Market, 2022-2032, $ mn 90
Figure 50. Breakdown of European Elevator Modernization Market by Country, 2022 and 2032, % of Revenue 90
Figure 51. Contribution to Europe 2023-2032 Cumulative Revenue by Country, Value ($ mn) and Share (%) 91
Figure 52. Elevator Modernization Market in Germany, 2022-2032, $ mn 92
Figure 53. Elevator Modernization Market in UK, 2022-2032, $ mn 94
Figure 54. Elevator Modernization Market in France, 2022-2032, $ mn 96
Figure 55. Elevator Modernization Market in Spain, 2022-2032, $ mn 98
Figure 56. Elevator Modernization Market in Italy, 2022-2032, $ mn 100
Figure 57. Elevator Modernization Market in Russia, 2022-2032, $ mn 102
Figure 58. Elevator Modernization Market in Rest of Europe, 2022-2032, $ mn 104
Figure 59. Asia-Pacific Elevator Modernization Market, 2022-2032, $ mn 107
Figure 60. Breakdown of APAC Elevator Modernization Market by Country, 2022 and 2032, % of Revenue 107
Figure 61. Contribution to APAC 2023-2032 Cumulative Revenue by Country, Value ($ mn) and Share (%) 108
Figure 62. Elevator Modernization Market in Japan, 2022-2032, $ mn 110
Figure 63. Elevator Modernization Market in China, 2022-2032, $ mn 112
Figure 64. Elevator Modernization Market in Australia, 2022-2032, $ mn 114
Figure 65. Elevator Modernization Market in India, 2022-2032, $ mn 116
Figure 66. Elevator Modernization Market in South Korea, 2022-2032, $ mn 118
Figure 67. Elevator Modernization Market in Rest of APAC, 2022-2032, $ mn 120
Figure 68. South America Elevator Modernization Market, 2022-2032, $ mn 123
Figure 69. Breakdown of South America Elevator Modernization Market by Country, 2022 and 2032, % of Revenue 123
Figure 70. Contribution to South America 2023-2032 Cumulative Revenue by Country, Value ($ mn) and Share (%) 124
Figure 71. Elevator Modernization Market in Argentina, 2022-2032, $ mn 125
Figure 72. Elevator Modernization Market in Brazil, 2022-2032, $ mn 127
Figure 73. Elevator Modernization Market in Chile, 2022-2032, $ mn 129
Figure 74. Elevator Modernization Market in Rest of South America, 2022-2032, $ mn 131
Figure 75. Elevator Modernization Market in MEA, 2022-2032, $ mn 133
Figure 76. Breakdown of MEA Elevator Modernization Market by Country, 2022 and 2032, % of Revenue 133
Figure 77. Contribution to MEA 2023-2032 Cumulative Revenue by Country, Value ($ mn) and Share (%) 134
Figure 78. Elevator Modernization Market in UAE, 2022-2032, $ mn 135
Figure 79. Elevator Modernization Market in Saudi Arabia, 2022-2032, $ mn 137
Figure 80. Elevator Modernization Market in Egypt, 2022-2032, $ mn 139
Figure 81. Growth Stage of Global Elevator Modernization Industry over the Forecast Period 142