Global Elevator Modernization Industry to 2027 – Featuring Fujitec, Hitachi and Hyundai Elevator among others

DUBLIN, March 04, 2022–(BUSINESS WIRE)–The “Worldwide Elevator Modernization Industry” report has been added to from offer.

The global elevator modernization market reached a value of US$8.13 billion in 2021. Looking ahead, the editor expects the market to reach a value of US$11.59 billion by 2027 growing at a CAGR of 5.60% in 2022-2027.

Companies cited

  • Champion Elevator Corporation

  • Fujitec Co.Ltd

  • Hitachi Ltd

  • Hyundai Elevator Co.Ltd.

  • Kone Oyj

  • Liberty Elevator Company

  • Mid American Elevator

  • Mitsubishi Electric Corporation

  • Olympia Elevators Pvt. ltd.

  • Pincus Elevator Company Inc.

  • Schindler Group

  • Stanley Elevator Company Inc.

Keeping in mind the uncertainties of COVID-19, we continuously monitor and assess the direct and indirect influence of the pandemic on different end-use sectors. This information is included in the report as a major market contributor.

Elevator modernization, also known as elevator modernization, refers to the process of upgrading critical parts of an elevator. The process typically involves retrofitting controller equipment, motors, hoists, buttons, and electrical wiring. It improves the overall safety, performance and aesthetics of the equipment. It also helps to improve the operational efficiency and reliability of elevators while reducing energy costs and minimizing electromagnetic noise. In recent years, elevator modernization has gained traction in the residential, commercial, and industrial sectors as it eliminates problems such as breakdowns, slow mobility, and frequent maintenance.

Elevator modernization extends the life of existing elevators and improves passenger safety and comfort. For this reason, there has been an increasing need for an efficient mobility system in buildings, representing the main growth driver of the market. In addition, increasing safety issues in elevators in high-rise buildings and increasing working population increase the demand for elevator modernization.

Moreover, the governments of various countries are taking favorable initiatives for the construction and renovation of buildings due to the aging of urban infrastructure. This, in conjunction with the growing investments in the commercial sector, such as hospitals, shopping malls, and airports, is propelling the growth of the market. Additionally, the growing commercial use of elevators is encouraging manufacturers to develop technologically advanced product variants that are faster, more energy efficient, and more compact. Other factors including growing demand for modern equipment, rapid urbanization and industrialization, improving living standards and increasing consumer spending capabilities are also creating a positive market outlook.

Key questions answered by this report:

  • How has the global elevator modernization market behaved so far and how will it behave in the coming years?

  • What has been the impact of COVID-19 on the global elevator modernization market?

  • What are the main regional markets?

  • What is the breakdown of the market according to the type of lift?

  • What is the breakdown of the market by type of modernization?

  • What is the market breakdown by component?

  • What is the market breakdown by end user?

  • What are the different stages of the industry value chain?

  • What are the key drivers and challenges in the industry?

  • What is the structure of the global elevator modernization market and who are the key players?

  • How competitive is the industry?

Main topics covered:

1 Preface

2 Scope and methodology

3 Executive Summary

4 Presentation

4.1 Overview

4.2 Key Industry Trends

5 Global Elevator Modernization Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Forecast

6 Market Breakdown by Elevator Type

7 Market Breakdown by Modernization Type

8 Market Breakdown by Components

9 Market Breakdown by End User

10 Market Breakdown by Region

11 SWOT Analysis

12 Value chain analysis

13 Analysis of the five forces of carriers

14 Price Analysis

15 Competitive Landscape

15.1 Market structure

15.2 Key Players

15.3 Profiles of Key Players

For more information about this report visit

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Laura Wood, Senior Press Officer
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