Elevator Modernization Market to Reach $18.85 Billion by 2029, Expanding at 7.5% CAGR

 This report provides practical insights for business leaders looking to understand market growth, size, and key trends in the elevator modernization industry.



What Is The Expected CAGR For The Elevator Modernization Market Through 2025?
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.

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Which Key Factors Will Influence Elevator Modernization Market Growth Over 2025-2034?
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 market.

Comprehensive Segment-Wise Insights Into The Elevator Modernization Market
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

What Are The Key Trends Shaping The Elevator Modernization Industry?
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.

Analysis Of Key Players In 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.

View the full elevator modernization market report here:
Elevator Modernization Market Size| Market Report 2034

What Are The Key Regional Trends In The 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 the elevator modernization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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