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Elevator Modenization Trends and Forecast
The future of the global elevator modenization market looks promising with opportunities in the residential, commercial, and industrial markets. The global elevator modenization market is expected to reach an estimated $17.4 billion by 2030 with a CAGR of 9.1% from 2024 to 2030. The major drivers for this market are rising demand for an efficient mobility system within buildings, growing consumer expenditure capacities ,and increasing investments in the commercial sector, such as hospitals, shopping malls, and airports.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Elevator Modenization by Segment
The study includes a forecast for the global elevator modenization by elevator type, modernization type, component, end use industry, and region
Elevator Modenization Market by Elevator Type [Shipment Analysis by Value from 2018 to 2030]:
• Traction Elevators
• Hydraulic Elevators
Elevator Modenization Market by Modernization Type [Shipment Analysis by Value from 2018 to 2030]:
• Partial Modernization
• Full Modernization
Elevator Modenization Market by Component [Shipment Analysis by Value from 2018 to 2030]:
• Controllers
• Door Equipment
• Cabin Enclosures
• Signaling Fixtures
• Power Units
• Others
Elevator Modenization Market by End Use Industry [Shipment Analysis by Value from 2018 to 2030]:
• Residential
• Commercial
• Industrial
Elevator Modenization Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Elevator Modenization Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies elevator modenization companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the elevator modenization companies profiled in this report include-
• Champion Elevator
• Fujitec
• Hitachi
• Hyundai Elevator
• Kone Oyj
• Liberty Elevator
• Mitsubishi Electric
• Olympia Elevators
• Schindler Group
• Stanley Elevator Company
Elevator Modenization Market Insights
Lucintel forecast that hydraulic will remain the larger segment over the forecast period due to its weight, slow speed, and high power consumption.
Within this market, residential will remain the largest segment over the forecast period because this elevator helps companies to save on their existing building or facilities cost, as well as reduces future renovation costs.
North America will remain the largest region over the forecast period due to rising investments to improve safety and efficiency and increasing demand for modern elevators in the region.
Features of the Global Elevator Modenization Market
Market Size Estimates: Elevator modenization market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Elevator modenization market size by various segments, such as by elevator type, modernization type, component, end use industry, and region in terms of value ($B).
Regional Analysis: Elevator modenization market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different elevator types, modernization types, components, end use industries, and regions for the elevator modenization market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the elevator modenization market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q.1 What is the elevator modenization market size?
Answer: The global elevator modenization market is expected to reach an estimated $17.4 billion by 2030.
Q.2 What is the growth forecast for elevator modenization market?
Answer: The global elevator modenization market is expected to grow with a cagr of 9.1% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the elevator modenization market?
Answer: The major drivers for this market are rising demand for an efficient mobility system within buildings, growing consumer expenditure capacities, and increasing investments in the commercial sector, such as hospitals, shopping malls, and airports .
Q4. What are the major segments for elevator modenization market?
Answer: The future of the elevator modenization market looks promising with opportunities in the residential, commercial, and industrial markets.
Q5. Who are the key elevator modenization market companies?
Answer: Some of the key elevator modenization companies are as follows:
• Champion Elevator
• Fujitec
• Hitachi
• Hyundai Elevator
• Kone Oyj
• Liberty Elevator
• Mitsubishi Electric
• Olympia Elevators
• Schindler Group
• Stanley Elevator Company
Q6. Which elevator modenization market segment will be the largest in future?
Answer: Lucintel forecast that hydraulic will remain the larger segment over the forecast period due to its weight, slow speed, and high power consumption.
Q7. In elevator modenization market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to rising investments to improve safety and efficiency and increasing demand for modern elevators in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the elevator modenization market by elevator type (traction elevators and hydraulic elevators), modernization type (partial modernization and full modernization), component (controllers, door equipment, cabin enclosures, signaling fixtures, power units, and others), end use industry (residential, commercial, and industrial), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to elevator modenization market or related to elevator modenization companies, elevator modenization market size, elevator modenization market share, elevator modenization market growth, elevator modenization market research, write Lucintel analyst at email: helpdesk@lucintel.com we will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Elevator Modenization Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Elevator Modenization Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Elevator Modenization Market by Elevator Type
3.3.1: Traction Elevators
3.3.2: Hydraulic Elevators
3.4: Global Elevator Modenization Market by Modernization Type
3.4.1: Partial Modernization
3.4.2: Full Modernization
3.5: Global Elevator Modenization Market by Component
3.5.1: Controllers
3.5.2: Door Equipment
3.5.3: Cabin Enclosures
3.5.4: Signaling Fixtures
3.5.5: Power Units
3.5.6: Others
3.6: Global Elevator Modenization Market by End Use Industry
3.6.1: Residential
3.6.2: Commercial
3.6.3: Industrial
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.2: North American Elevator Modenization Market
4.2.1: North American Elevator Modenization Market by Elevator Type: Traction Elevators and Hydraulic Elevators
4.2.2: North American Elevator Modenization Market by End Use Industry: Residential, Commercial, and Industrial
4.3: European Elevator Modenization Market
4.3.1: European Elevator Modenization Market by Elevator Type: Traction Elevators and Hydraulic Elevators
4.3.2: European Elevator Modenization Market by End Use Industry: Residential, Commercial, and Industrial
4.4: APAC Elevator Modenization Market
4.4.1: APAC Elevator Modenization Market by Elevator Type: Traction Elevators and Hydraulic Elevators
4.4.2: APAC Elevator Modenization Market by End Use Industry: Residential, Commercial, and Industrial
4.5: ROW Elevator Modenization Market
4.5.1: ROW Elevator Modenization Market by Elevator Type: Traction Elevators and Hydraulic Elevators
4.5.2: ROW Elevator Modenization Market by End Use Industry: Residential, Commercial, and Industrial
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Elevator Modenization Market by Elevator Type
6.1.2: Growth Opportunities for the Global Elevator Modenization Market by Modernization Type
6.1.3: Growth Opportunities for the Global Elevator Modenization Market by Component
6.1.4: Growth Opportunities for the Global Elevator Modenization Market by End Use Industry
6.1.5: Growth Opportunities for the Global Elevator Modenization Market Region
6.2: Emerging Trends in the Global Elevator Modenization Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Elevator Modenization Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Elevator Modenization Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: Champion Elevator
7.2: Fujitec
7.3: Hitachi
7.4: Hyundai Elevator
7.5: Kone Oyj
7.6: Liberty Elevator
7.7: Mitsubishi Electric
7.8: Olympia Elevators
7.9: Schindler Group
7.10: Stanley Elevator Company
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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