Elevator Modernization Market Key Segments, Top Vendors, Revenue and Forecast by 2030

The Elevator Modernization Market size was valued at $7.8 billion in 2020, and is projected to reach $20.0 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030.

Top Companies
Escon Elevators, Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, OTIS Worldwide Corporation, Schindler, TK Elevator, and Toshiba Corporation.

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Depending on elevator type, the market is divided into traction and hydraulic. Among these, the traction segment accounted for the highest market share in 2020 and it is expected to witness significant elevator modernization market growth during the forecast period, owing to increased modernization activities in residential and commercial buildings. By application, it is classified into residential, commercial, and industrial. The market is mainly driven by rise in demand for modernization solutions from commercial and residential buildings and advancements in elevator technology. However, factors such as unsuitable elevator design and lack of skilled labor hinder the market growth.

Rise in global population and rapid urbanization have significantly increased the demand for commercial and residential buildings in the last few years. This propelled the demand for escalators, as they enable continuous vertical movement of people. However, elevators consist of a wide range of complex components, thereby creating a demand for frequent maintenance and periodic modernization activities to ensure the safety and efficiency. Furthermore, rise in awareness among building managers regarding importance of elevator modernization positively influences the growth of the market.

In 2020, Asia-Pacific dominated the global  market, in terms of revenue, accounting for around half the share of the elevator modernization industry, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to increase in awareness regarding elevator safety and large number of old residential & commercial elevated buildings.
Furthermore, on the basis of end user, the commercial segment is anticipated to grow rapidly, with a CAGR of 10.0% during the forecast period, owing to increase in demand for elevator modernization from residential buildings and various initiatives for business expansion adopted by major players in the industry.

For instance, in July 2021, TK Elevator that installs, maintains, and modernizes elevators & escalators, acquired City Elevator, which is a leading provider of elevator service & maintenance in the Metro Vancouver area. With this acquisition, TK Elevator aims to expand its business. In May 2021, TK Elevator acquired Albany Elevator, which is an Albany-based leading provider of modernization, maintenance, repair, and installation services. This acquisition will help TK Elevator to strengthen its foothold in New York.

However, during the pandemic, various players in the elevator modernization market had to stop their business in countries such as China, the U.S., and India. This lockdown directly impacted the sales of elevator modernization companies. In addition, the initial lockdowns significantly reduced maintenance and modernization activities in many developing countries, which negatively impacted the growth of the market. However, resumption of maintenance and modernization activities and introduction of vaccines for coronavirus disease are anticipated to lead to recovery of elevator modernization companies.

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