Dublin, May 28, 2025 (GLOBE NEWSWIRE) -- The "Elevator Modernization Market Report by Elevator Type, Modernization Type, Components, End Use, and Region 2025-2033" report has been added to ResearchAndMarkets.com's offering.
The global elevator modernization market size reached USD 9.5 Billion in 2024. Looking forward, the analyst expects the market to reach USD 14.1 Billion by 2033, exhibiting a growth rate (CAGR) of 4.31% during 2025-2033. 
Elevator modernization, also known as lift modernization, refers to the process of upgrading the critical parts of an elevator. The process usually involves modernizing the controller equipment, motors, hoist machines, buttons, and electrical wiring. It enhances the overall safety, performance, and aesthetics of the equipment.
It also assists in improving the operational efficiency and reliability of the elevators while reducing energy costs and minimizing electromagnetic noise. In recent years, elevator modernization has gained traction across the residential, commercial, and industrial sectors since it helps eliminate problems, such as breakdowns, slow mobility, and frequent maintenance.
Elevator Modernization Market Trends:
Elevator modernization extends the life of the existing elevators and improves passenger safety and comfort. Due to this, there has been a growing need for an efficient mobility system within buildings, representing the primary factor driving the market growth. Besides this, the rising safety concerns in elevators in high-rise buildings, and the expanding working population, are augmenting the demand for elevator modernization. Additionally, governments of various nations are taking favorable initiatives for the construction and renovation of buildings due to the aging urban infrastructure.
This, in confluence with the increasing investments in the commercial sector, such as hospitals, shopping malls, and airports, is propelling the market growth. Furthermore, the rising commercial usage of elevators is encouraging manufacturers to develop technologically advanced product variants that are faster, more energy-efficient, and compact. Other factors, including the escalating demand for modern amenities, rapid urbanization and industrialization, improving living standards, and rising consumer expenditure capacities, are also creating a positive market outlook.
Key Questions Answered in This Report:
- What was the size of the global elevator modernization market in 2024?
- What is the expected growth rate of the global elevator modernization market during 2025-2033?
- What are the key factors driving the global elevator modernization market?
- What has been the impact of COVID-19 on the global elevator modernization market?
- What is the breakup of the global elevator modernization market based on the elevator type?
- What is the breakup of the global elevator modernization market based on the end user?
- What are the key regions in the global elevator modernization market?
- Who are the key players/companies in the global elevator modernization market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value (USD) in 2024 | $9.5 Billion |
| Forecasted Market Value (USD) by 2033 | $14.1 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
Companies Featured
- Champion Elevator Corporation
- Fujitec Co. Ltd
- Hitachi Ltd
- Hyundai Elevator Co. Ltd.
- Kone Oyj
- Liberty Elevator Corporation
- Mid-American Elevator
- Mitsubishi Electric Corporation
- Olympia Elevators Pvt. Ltd.
- Pincus Elevator Company Inc.
- Schindler Group
- Stanley Elevator Company Inc.
Breakup by Elevator Type:
- Traction Elevator
- Hydraulic Elevator
Breakup by Modernization Type:
- Partial Modernization
- Full Modernization
Breakup by Components:
- Controllers
- Door Equipment
- Cabin Enclosures
- Signaling Fixtures
- Power Units
- Others
Breakup by End User:
- Residential
- Commercial
- Industrial
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/9ijnr2
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