Europe Elevator Modernization Market

Europe Elevator Modernization Market 2022-2032 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Country: Trend Forecast and Growth Opportunity

Europe Elevator Modernization Market

Europe Elevator Modernization Market 2022-2032 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Country: Trend Forecast and Growth Opportunity


The report classifies the business vertical into various segments based on components, voltage, end-user scope, and regional division. A thorough analysis of each segment with respect to their market share, growth rate, and revenue contribution forms a major part of the study.

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Europe elevator modernization market was valued at $2.65 billion in 2022 and will grow by 5.0% annually over 2022-2032, driven by the growing number of aged buildings, the rising demand for elevator renovation, and continued expansion of construction industry.

Highlighted with 37 tables and 49 figures, this 118-page report “Europe Elevator Modernization Market 2022-2032 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire Europe elevator modernization market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)

In-depth qualitative analyses include identification and investigation of the following aspects:

• Market Structure

• Growth Drivers

• Restraints and Challenges

• Emerging Product Trends & Market Opportunities

• Porter’s Fiver Forces

The trend and outlook of Europe market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify Europe elevator modernization market in every aspect of the classification from perspectives of Modernization Type, Elevator Type, Component, Application, and Country.

Based on Modernization Type, the Europe market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.

• Full Modernization

• Partial Modernization

Based on Elevator Type, the Europe market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.

• Hydraulic Elevators

o Conventional Hydraulic Elevators

o Hole-less Hydraulic Elevators

o Roped Hydraulic Elevators

• Traction Elevators

o Geared Traction Elevators

o Gear-less Traction Elevators

o Machine Room-Less Elevators

• Climbing Elevators

• Pneumatic/Vacuum Elevators

By Component, the Europe market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.

• Power Units

• Cabin Enclosures

• Controllers

o Relay-based

o Solid-state

o PLC

• Signaling Fixtures

• Door Equipment

• Other Components

By Application, the Europe market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.

• Industrial Application

• Residential Application

• Commercial Application

Geographically, the following national/local markets are fully investigated:

• Germany

• UK

• France

• Spain

• Italy

• Russia

• Rest of Europe (further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)

For each key country, detailed analysis and data for annual revenue ($ mn) are available for 2022-2032. The breakdown of national markets by Elevator Type, Component, and Application over the forecast years are also included.

The report also covers the current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.

Selected Key Players:

Doppler S.A.

Fujitec Co., Ltd.

Hitachi, Ltd.

Hyundai Elevator Co., Ltd.

Johnson Lifts Private Ltd.

KONE Corporation

Magnetek, Inc.

Mitsubishi Electric Corporation

Otis Elevator Company

Richmond Elevator (REM)

Schindler Holding Ltd.

Sematic S.p.A

Siemens AG

ThyssenKrupp Elevator AG

Toshiba Elevator and Building Systems Corporation (TOSHIBA)

United Technologies Corporation

Wittur Group

(Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)

1 Introduction 7

1.1 Industry Definition and Research Scope 7

1.1.1 Industry Definition 7

1.1.2 Research Scope 8

1.2 Research Methodology 11

1.2.1 Overview of Market Research Methodology 11

1.2.2 Market Assumption 12

1.2.3 Secondary Data 12

1.2.4 Primary Data 12

1.2.5 Data Filtration and Model Design 13

1.2.6 Market Size/Share Estimation 14

1.2.7 Research Limitations 15

1.3 Executive Summary 16

2 Market Overview and Dynamics 19

2.1 Market Size and Forecast 19

2.1.1 Impact of COVID-19 on World Economy 20

2.1.2 Impact of COVID-19 on the Market 23

2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery 25

2.2 Major Growth Drivers 29

2.3 Market Restraints and Challenges 33

2.4 Emerging Opportunities and Market Trends 36

2.5 Porter’s Fiver Forces Analysis 40

3 Segmentation of Europe Market by Modernization Type 44

3.1 Market Overview by Modernization Type 44

3.2 Full Modernization 46

3.3 Partial Modernization 47

4 Segmentation of Europe Market by Elevator Type 48

4.1 Market Overview by Elevator Type 48

4.2 Hydraulic Elevators 50

4.2.1 Conventional Hydraulic Elevators 51

4.2.2 Hole-less Hydraulic Elevators 52

4.2.3 Roped Hydraulic Elevators 53

4.3 Traction Elevators 54

4.3.1 Geared Traction Elevators 55

4.3.2 Gear-less Traction Elevators 56

4.3.3 Machine Room-Less Elevators 57

4.4 Climbing Elevators 58

4.5 Pneumatic/Vacuum Elevators 59

5 Segmentation of Europe Market by Component 60

5.1 Market Overview by Component 60

5.2 Power Units 62

5.3 Cabin Enclosures 63

5.4 Controllers 64

5.5 Signaling Fixtures 65

5.6 Door Equipment 66

5.7 Other Components 67

6 Segmentation of Europe Market by Application 68

6.1 Market Overview by Application 68

6.2 Industrial Application 70

6.3 Residential Application 71

6.4 Commercial Application 72

7 European Market 2022-2032 by Country 73

7.1 Overview of European Market 73

7.2 Germany 76

7.3 UK 78

7.4 France 80

7.5 Spain 82

7.6 Italy 84

7.7 Russia 86

7.8 Rest of European Market 88

8 Competitive Landscape 90

8.1 Overview of Key Vendors 90

8.2 New Product Launch, Partnership, Investment, and M&A 93

8.3 Company Profiles 94

Doppler S.A. 94

Fujitec Co., Ltd. 96

Hitachi, Ltd. 97

Hyundai Elevator Co., Ltd. 98

Johnson Lifts Private Ltd. 99

KONE Corporation 100

Magnetek, Inc. 101

Mitsubishi Electric Corporation 102

Otis Elevator Company 103

Richmond Elevator (REM) 104

Schindler Holding Ltd. 105

Sematic S.p.A 106

Siemens AG 107

ThyssenKrupp Elevator AG 108

Toshiba Elevator and Building Systems Corporation (TOSHIBA) 109

United Technologies Corporation 110

Wittur Group 111

9 Investing in Europe Market: Risk Assessment and Management 112

9.1 Risk Evaluation of Europe Market 112

9.2 Critical Success Factors (CSFs) 115

Related Reports and Products 118

Tables & Figures:
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Research Methodology:
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Europe Elevator Modernization Market Size Estimation

To estimate market size and trends, we use a combination of top-down and bottom-up methods. This allows us to evaluate the market from various perspectives—by company, region, product type, and end users.

Our estimates are based on actual sales data, excluding any discounts. Segment breakdowns and market shares are calculated using weighted averages based on usage rates and average prices. Regional insights are determined by how widely a product or service is adopted in each area.

Key companies are identified through secondary sources like industry reports and company filings. We then verify revenue estimates and other key data points through primary research, including interviews with industry experts, company executives, and decision-makers.

We take into account all relevant factors that could influence the market and validate our findings with real-world input. Our final insights combine both qualitative and quantitative data to provide a well-rounded view. Please note, these estimates do not account for unexpected changes such as inflation, economic downturns, or policy shifts.

Data Source

Secondary Sources

This study draws on a wide range of secondary sources, including press releases, annual reports, non-profit organizations, industry associations, government agencies, and customs data. We also referred to reputable databases and directories such as Bloomberg, Wind Info, Hoovers, Factiva, Trading Economics, Statista, and others. Additional references include investor presentations, company filings (e.g., SEC), economic data, and documents from regulatory and industry bodies.

These sources were used to gather technical and market-focused insights, identify key players, analyze market segmentation and classification, and track major trends and developments across industries.

Market Size
  • Segmental value
  • Geographic Penetration
  • Product Adoption Rate for Different market
  • Journals, Websites, and Press Releases
  • Annual Reports and SEC Filings
  • Company Websites and Press Releases
  • Public and Paid Databases
  • Market Intellix Data Repository
Market Position of Top Company
  • Product Financials
  • Geographic value Mix
  • Total Company value
  • Business/Segmental value Mix
Qualitative Analysis
  • Influence Factors
  • Market Potential
  • Market Risks and Opportunities
  • Industry Trends
  • Geographical Features
  • Government Policies
  • Company Websites and Press Releases
  • Public and Paid Databases
  • Annual Reports
  • Industry Associations
  • Market Intellix Data Repository

Primary Sources

As part of our primary research, we interviewed a variety of stakeholders from both the supply and demand sides to gather valuable qualitative and quantitative insights.

On the supply side, we spoke with product manufacturers, competitors, industry experts, research institutions, distributors, traders, and raw material suppliers. On the demand side, we engaged with business leaders, marketing and sales heads, technology and innovation directors, supply chain executives, and end users across key organizations.

These conversations helped us better understand market segmentation, pricing, applications, leading players, supply chains, demand trends, industry outlook, and key market dynamics—including risks, opportunities, barriers, and strategic developments.

Key Data Information from Primary Sources

Primary Sources Parameters Key Data
Market Segments(by Application, by Type)
  • Value by Type
  • Status and Forecast
  • Value by Application
  • Value by Regions, Status and Forecast (2025-2031)
  • Value Market Share by Type
  • Value Growth Rate by Type
  • Value by Application
  • Percentage and Growth Rate by Application
  • Value Growth Rate and Market Share by Regions
  • Market Size Status and Forecast (2025-2031)
Total Market
  • Overall Size, Status and Forecast
  • Market Size Status and Forecast (2025-2031)
Frequently asked questions(FAQ's):
Is the Europe Elevator Modernization Market shifting its focus from growth to value?
Recognize the areas along the Europe Elevator Modernization Market's value chain where players are generating value. To get a complete picture, kindly read the entire report.
What is the estimated value of the Europe Elevator Modernization Market?
The Europe Elevator Modernization Market is expected to reach a reasonable valuation by 2030; now the market is expected to shift its focus from growth to value.
What is really changing the Europe Elevator Modernization Market behavior?
Consumer behavior changes will reshape the entire decision-making process and companies in the Europe Elevator Modernization Industry will need to adapt quickly.
What makes the latest Europe Elevator Modernization Market study unique?
The latest version of the Europe Elevator Modernization Market study includes a market size breakdown by relevant business segments, applications, and geography, as well as qualitative insights such as Patent Analysis*, Market Entropy, Key Development Activities, Market Dynamics, PEST and PORTER models, and more.