Selected research
Industry Research
Elevator Modernization Industry Research Report 2026
Market perspective
The global Elevator Modernization market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.
The North America market for Elevator Modernization is forecast to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026–2032.
The Europe market for Elevator Modernization is projected to rise from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026–2032.
Read the full market overview
The Asia Pacific market for Elevator Modernization is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032.
Leading global manufacturers of Elevator Modernization include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Elevator Modernization market in revenue (US$ million) and, where applicable, sales volume (k units), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of types and applications, harmonizes vendor attribution, and presents comparable time series by company, type, application, and region/country, including indicative price bands (US$/k units) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for manufacturers, new entrants, channel partners, and investors; the report also reviews technology shifts and notable product introductions relevant to Elevator Modernization.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
Elevator Modernization Market by Company
KONE Elevator
Schindler Group
Otis Elevator company
Mitsubishi Electric
Kohler Elevator
ThyssenKrupp Elevator Technology
Hyundai Elevator Co., LTD
Johnson Lifts Private Ltd
Hitachi Ltd
Toshiba Elevator
Elevator Modernization Segment by Type
Hydraulic Elevator
Traction Elevator
Climbing Elevator
Pneumatic Elevator
Elevator Modernization Segment by Application
Residential Buildings
Commercial
Marine
Industrial
Institutional
Transportation
Others
Elevator Modernization Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Elevator Modernization market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Elevator Modernization and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market
5. This report helps stakeholders to gain insights into which regions to target globally
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Elevator Modernization.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 3: Detailed analysis of Elevator Modernization manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of Elevator Modernization by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of Elevator Modernization in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 11: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Hydraulic Elevator
- Traction Elevator
- Climbing Elevator
- Pneumatic Elevator
Applications
- Residential Buildings
- Commercial
- Marine
- Industrial
- Institutional
- Transportation
- Others
Companies covered
- KONE Elevator
- Schindler Group
- Otis Elevator company
- Mitsubishi Electric
- Kohler Elevator
- ThyssenKrupp Elevator Technology
- Hyundai Elevator Co., LTD
- Johnson Lifts Private Ltd
- Hitachi Ltd
- Toshiba Elevator
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 Elevator Modernization by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Hydraulic Elevator
- 2.2.3 Traction Elevator
- 2.2.4 Climbing Elevator
- 2.2.5 Pneumatic Elevator
- 2.3 Elevator Modernization by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Residential Buildings
- 2.3.3 Commercial
- 2.3.4 Marine
- 2.3.5 Industrial
- 2.3.6 Institutional
- 2.3.7 Transportation
- 2.3.8 Others
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Elevator Modernization Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Elevator Modernization Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Elevator Modernization Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Elevator Modernization Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Elevator Modernization Production by Manufacturers (2021-2026)
- 3.2 Global Elevator Modernization Production Value by Manufacturers (2021-2026)
- 3.3 Global Elevator Modernization Average Price by Manufacturers (2021-2026)
- 3.4 Global Elevator Modernization Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Elevator Modernization Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Elevator Modernization Manufacturers, Product Type & Application
- 3.7 Global Elevator Modernization Manufacturers Established Date
- 3.8 Global Elevator Modernization Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 KONE Elevator
- 4.1.1 KONE Elevator Elevator Modernization Company Information
- 4.1.2 KONE Elevator Elevator Modernization Business Overview
- 4.1.3 KONE Elevator Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.1.4 KONE Elevator Product Portfolio
- 4.1.5 KONE Elevator Recent Developments
- 4.2 Schindler Group
- 4.2.1 Schindler Group Elevator Modernization Company Information
- 4.2.2 Schindler Group Elevator Modernization Business Overview
- 4.2.3 Schindler Group Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.2.4 Schindler Group Product Portfolio
- 4.2.5 Schindler Group Recent Developments
- 4.3 Otis Elevator company
- 4.3.1 Otis Elevator company Elevator Modernization Company Information
- 4.3.2 Otis Elevator company Elevator Modernization Business Overview
- 4.3.3 Otis Elevator company Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.3.4 Otis Elevator company Product Portfolio
- 4.3.5 Otis Elevator company Recent Developments
- 4.4 Mitsubishi Electric
- 4.4.1 Mitsubishi Electric Elevator Modernization Company Information
- 4.4.2 Mitsubishi Electric Elevator Modernization Business Overview
- 4.4.3 Mitsubishi Electric Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.4.4 Mitsubishi Electric Product Portfolio
- 4.4.5 Mitsubishi Electric Recent Developments
- 4.5 Kohler Elevator
- 4.5.1 Kohler Elevator Elevator Modernization Company Information
- 4.5.2 Kohler Elevator Elevator Modernization Business Overview
- 4.5.3 Kohler Elevator Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.5.4 Kohler Elevator Product Portfolio
- 4.5.5 Kohler Elevator Recent Developments
- 4.6 ThyssenKrupp Elevator Technology
- 4.6.1 ThyssenKrupp Elevator Technology Elevator Modernization Company Information
- 4.6.2 ThyssenKrupp Elevator Technology Elevator Modernization Business Overview
- 4.6.3 ThyssenKrupp Elevator Technology Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.6.4 ThyssenKrupp Elevator Technology Product Portfolio
- 4.6.5 ThyssenKrupp Elevator Technology Recent Developments
- 4.7 Hyundai Elevator Co., LTD
- 4.7.1 Hyundai Elevator Co., LTD Elevator Modernization Company Information
- 4.7.2 Hyundai Elevator Co., LTD Elevator Modernization Business Overview
- 4.7.3 Hyundai Elevator Co., LTD Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.7.4 Hyundai Elevator Co., LTD Product Portfolio
- 4.7.5 Hyundai Elevator Co., LTD Recent Developments
- 4.8 Johnson Lifts Private Ltd
- 4.8.1 Johnson Lifts Private Ltd Elevator Modernization Company Information
- 4.8.2 Johnson Lifts Private Ltd Elevator Modernization Business Overview
- 4.8.3 Johnson Lifts Private Ltd Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.8.4 Johnson Lifts Private Ltd Product Portfolio
- 4.8.5 Johnson Lifts Private Ltd Recent Developments
- 4.9 Hitachi Ltd
- 4.9.1 Hitachi Ltd Elevator Modernization Company Information
- 4.9.2 Hitachi Ltd Elevator Modernization Business Overview
- 4.9.3 Hitachi Ltd Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.9.4 Hitachi Ltd Product Portfolio
- 4.9.5 Hitachi Ltd Recent Developments
- 4.10 Toshiba Elevator
- 4.10.1 Toshiba Elevator Elevator Modernization Company Information
- 4.10.2 Toshiba Elevator Elevator Modernization Business Overview
- 4.10.3 Toshiba Elevator Elevator Modernization Production, Value and Gross Margin (2021-2026)
- 4.10.4 Toshiba Elevator Product Portfolio
- 4.10.5 Toshiba Elevator Recent Developments
5 Global Elevator Modernization Production by Region
- 5.1 Global Elevator Modernization Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Elevator Modernization Production by Region: 2021-2032
- 5.2.1 Global Elevator Modernization Production by Region: 2021-2026
- 5.2.2 Global Elevator Modernization Production Forecast by Region (2027-2032)
- 5.3 Global Elevator Modernization Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Elevator Modernization Production Value by Region: 2021-2032
- 5.4.1 Global Elevator Modernization Production Value by Region: 2021-2026
- 5.4.2 Global Elevator Modernization Production Value Forecast by Region (2027-2032)
- 5.5 Global Elevator Modernization Market Price Analysis by Region (2021-2026)
- 5.6 Global Elevator Modernization Production and Value, YOY Growth
- 5.6.1 North America Elevator Modernization Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Elevator Modernization Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Elevator Modernization Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Elevator Modernization Production Value Estimates and Forecasts (2021-2032)
- 5.6.5 South Korea Elevator Modernization Production Value Estimates and Forecasts (2021-2032)
6 Global Elevator Modernization Consumption by Region
- 6.1 Global Elevator Modernization Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Elevator Modernization Consumption by Region (2021-2032)
- 6.2.1 Global Elevator Modernization Consumption by Region: 2021-2026
- 6.2.2 Global Elevator Modernization Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Elevator Modernization Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Elevator Modernization Consumption by Country (2021-2032)
- 6.3.3 United States
- 6.3.4 Canada
- 6.3.5 Mexico
- 6.4 Europe
- 6.4.1 Europe Elevator Modernization Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Elevator Modernization Consumption by Country (2021-2032)
- 6.4.3 Germany
- 6.4.4 France
- 6.4.5 U.K.
- 6.4.6 Italy
- 6.4.7 Russia
- 6.4.8 Spain
- 6.4.9 Netherlands
- 6.4.10 Switzerland
- 6.4.11 Sweden
- 6.4.12 Poland
- 6.5 Asia Pacific
- 6.5.1 Asia Pacific Elevator Modernization Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Elevator Modernization Consumption by Country (2021-2032)
- 6.5.3 China
- 6.5.4 Japan
- 6.5.5 South Korea
- 6.5.6 India
- 6.5.7 Australia
- 6.5.8 Taiwan
- 6.5.9 Southeast Asia
- 6.6 South America, Middle East & Africa
- 6.6.1 South America, Middle East & Africa Elevator Modernization Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Elevator Modernization Consumption by Country (2021-2032)
- 6.6.3 Brazil
- 6.6.4 Argentina
- 6.6.5 Chile
- 6.6.6 Turkey
- 6.6.7 GCC Countries
7 Segment by Type
- 7.1 Global Elevator Modernization Production by Type (2021-2032)
- 7.1.1 Global Elevator Modernization Production by Type (2021-2032) & (k units)
- 7.1.2 Global Elevator Modernization Production Market Share by Type (2021-2032)
- 7.2 Global Elevator Modernization Production Value by Type (2021-2032)
- 7.2.1 Global Elevator Modernization Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Elevator Modernization Production Value Market Share by Type (2021-2032)
- 7.3 Global Elevator Modernization Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Elevator Modernization Production by Application (2021-2032)
- 8.1.1 Global Elevator Modernization Production by Application (2021-2032) & (k units)
- 8.1.2 Global Elevator Modernization Production Market Share by Application (2021-2032)
- 8.2 Global Elevator Modernization Production Value by Application (2021-2032)
- 8.2.1 Global Elevator Modernization Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Elevator Modernization Production Value Market Share by Application (2021-2032)
- 8.3 Global Elevator Modernization Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Elevator Modernization Value Chain Analysis
- 9.1.1 Elevator Modernization Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Elevator Modernization Production Mode & Process
- 9.2 Elevator Modernization Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Elevator Modernization Distributors
- 9.2.3 Elevator Modernization Customers
10 Global Elevator Modernization Analyzing Market Dynamics
- 10.1 Elevator Modernization Industry Trends
- 10.2 Elevator Modernization Industry Drivers
- 10.3 Elevator Modernization Industry Opportunities and Challenges
- 10.4 Elevator Modernization Industry Restraints
11 Report Conclusion
12 Disclaimer
GET THE RESEARCH
Choose your license.
Choose who needs access.
All options are for this report and research series.
PDF by email within 3–5 working days after payment confirmation.
Talk to an analyst