Global Elevator Modernization Market valued at USD9,042.05 million in 2021 and is anticipated to project a robust growth in the forecast period with a CAGR of 5.25% owing to the revolution in digitalization and increase in infrastructure, making way for the elevator modernization market.

Elevator modernization, also known as lift modernization, involves upgrading or modernizing major components of an elevator or lift.  Its purpose is to increase performance and raise safety standards that have dropped over time. Elevator modernization usually has an impact on the turning motors and controller equipment. Elevator modernization can help to increase elevator performance and reliability. It also saves money on maintenance because all the old parts are replaced with new, modern parts that last a long time and keep the elevator working smoothly.

Increasing Demand for Modern Machine Room Less Elevators

Modern machine room-less elevators offer several benefits, including improved energy efficiency, lower weight, more design alternatives, and better hoist-way area utilization. Moreover, as the number of high-rise residential buildings rises worldwide, demand for high-speed traction elevators is growing. Elevator capacity has increased throughout time to accommodate more traffic moving between multi-story buildings. Furthermore, these new elevators are now equipped with a Wi-Fi router, improved fire alarm systems, wheelchair lifts, and other features. Furthermore, the elevator's speed is determined by the number of floors in the building, which has varied drastically throughout the years, reaching above 10 m/s. Modern machine room-less elevators are increasingly being employed in low and medium-rise buildings to save space and money during construction. To meet rising market demand, the leading companies are introducing ultra-high-speed, and machine-room less elevators tailored to specific regional needs. In the coming years, such advancements are likely to propel the Global Elevator Modernization Market even further.

Augmenting New Technological Advancements

Leading companies such as Otis, Toshiba, Schindler, and KONE are investing in Intelligent Services and the Internet of Things to monitor and improve elevator modernization services by predicting the frequency with which the equipment must move up and down, as well as the load that the elevators can carry with the destination-based operation. Otis, a manufacturer of elevators, escalators, and moving walkways, for example, announced Otis One, an IoT service platform, in May 2018. Remote monitoring, cloud technology, machine learning, and the Internet of Things are all combined in Otis One. KONE partnered with IBM Watson, a global IT company, in February 2017 to connect, monitor, and manage over 1.1 million elevators throughout the world. Furthermore, solar-powered elevators, such as those made by Schindler, save a significant amount of energy. Furthermore, these regenerative drives and environmentally friendly solutions are expanding the Global Elevator Modernization Market's prospects.

High Safety Standards

Companies have begun to take a detailed security assessment protection evaluation whilst modernizing elevators to offer dependable consultations and recommendations about extra components and features to improve added system to conform with the modern-day protection codes. Additionally, elevator modernization companies are now enforcing door structures so that in an entrapment, the mechanical automobile door lock could prevent passengers from trying a risky self-rescue via way of means of forcing them to open the door from inside. Moreover, sensory intelligence structures are now included to reveal elevators and passengers continuously and proactively, that may provoke a request at some point of the time and detection of any suspicious occurrence, making an elevator stable and advanced.

Smart Mobility

Elevator modernization organizations are already putting in structures which could synchronize records via the Internet of Things, allowing constructing managers and different safety personals to view real-time elevator status using their cell phones and Internet of Things (IoT). Moreover, it establishes an environment wherein all essential stakeholders may also get entry to real-time facts about their device at any time and from any location.

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Market Segmentation

Global Elevator Modernization Market is segmented based on Elevator Type, By Component, End User, Modernization Type, Region and by Company. By Elevator Type the market is segmented into Traction, Machine Room-Less (MRL) Traction and Hydraulic. Based on Component, the market is segmented into Controller, Door Equipment, Cabin Enclosure, Signalling Fixture, Power Unit and Others. Based on End User, the market is segmented into Residential Sector, Institutional Sector, Commercial Sector, and Infrastructural Sector. Based on Modernization Type, the market is segmented into Partial and Full. The market analysis also studies the regional segmentation divided among Asia-Pacific, Europe, North America, Middle East & Africa, South America.

Company Profiles

Otis Worldwide Corporation, Schindler Group, Kone Corporation, TK Elevator Gmbh, Hitachi, Ltd., Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Shenyang Yuanda Intellectual Industry Group Co. Ltd etc.are among the major market players in the Global Elevator Modernization Market.



Market size value in 2021

USD 9042.05 million

Revenue Forecast in 2027

USD 12450.91 million

Growth Rate


Base Year


Historical Years

2017 – 2020

Estimated Year


Forecast Period

2023F – 2027F

Quantitative Units

Revenue in (USD million), Volume (Units) and CAGR for 2017-2021 and 2022E-2027F

Report Coverage

·         Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Type

·         Component

·         End User

·         Modernization Type

·         Region

Regional Scope

North America, Europe, APAC, South America, Middle East & Africa

Key Companies Profiled

Otis Worldwide Corporation, Schindler Group, Kone Corporation, TK Elevator Gmbh, Hitachi, Ltd., Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Shenyang Yuanda Intellectual Industry Group Co. Ltd etc. are among the major market players in the Global Elevator Modernization Market.

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Report Scope:

In this report, Global Elevator Modernization Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Global Elevator Modernization Market, By Elevator Type:
    • Traction
    • Machine Room-Less Traction