North America 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
North America 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 Global North America Elevator Modernization Market investigation report contains Types, Application & all logical and factual briefs about market Overview, CAGR, Production Volume, Sales, Revenue with the regional analysis covers North America, Europe, Asia-Pacific, South America, Middle East & Africa & The top Players like {playerNamesStr}
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North America elevator modernization market is projected to grow by 5.8% annually in the forecast period and reach $3.64 billion by 2032, driven by the growing number of aged buildings, the rising demand for elevator renovation, and continued expansion of construction industry.
Highlighted with 27 tables and 45 figures, this 112-page report “North America Elevator Modernization Market 2022-2032 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America elevator modernization market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of North America market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify North America elevator modernization market in every aspect of the classification from perspectives of Modernization Type, Elevator Type, Component, Application, and Country.
Based on Modernization Type, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Full Modernization
• Partial Modernization
Based on Elevator Type, the North America 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 North America 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 North America 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:
• U.S.
• Canada
• Mexico
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 18
2.1 Market Size and Forecast 18
2.1.1 Impact of COVID-19 on World Economy 19
2.1.2 Impact of COVID-19 on the Market 22
2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery 24
2.2 Major Growth Drivers 28
2.3 Market Restraints and Challenges 32
2.4 Emerging Opportunities and Market Trends 35
2.5 Porter’s Fiver Forces Analysis 39
3 Segmentation of North America 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 North America 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 North America Market by Component 60
5.1 Market Overview by Component 60
5.2 Power Units 63
5.3 Cabin Enclosures 64
5.4 Controllers 65
5.5 Signaling Fixtures 66
5.6 Door Equipment 67
5.7 Other Components 68
6 Segmentation of North America Market by Application 69
6.1 Market Overview by Application 69
6.2 Industrial Application 71
6.3 Residential Application 72
6.4 Commercial Application 73
7 North America Market 2022-2032 by Country 74
7.1 Overview of North America Market 74
7.2 U.S. 77
7.3 Canada 80
7.4 Mexico 82
8 Competitive Landscape 84
8.1 Overview of Key Vendors 84
8.2 New Product Launch, Partnership, Investment, and M&A 87
8.3 Company Profiles 88
Doppler S.A. 88
Fujitec Co., Ltd. 90
Hitachi, Ltd. 91
Hyundai Elevator Co., Ltd. 92
Johnson Lifts Private Ltd. 93
KONE Corporation 94
Magnetek, Inc. 95
Mitsubishi Electric Corporation 96
Otis Elevator Company 97
Richmond Elevator (REM) 98
Schindler Holding Ltd. 99
Sematic S.p.A 100
Siemens AG 101
ThyssenKrupp Elevator AG 102
Toshiba Elevator and Building Systems Corporation (TOSHIBA) 103
United Technologies Corporation 104
Wittur Group 105
9 Investing in North America Market: Risk Assessment and Management 106
9.1 Risk Evaluation of North America Market 106
9.2 Critical Success Factors (CSFs) 109
Related Reports and Products 112
Tables & Figures:
List of Tables:
Table 1. Snapshot of North America Elevator Modernization Market in Balanced Perspective, 2022-2032 17
Table 2. World Economic Outlook, 2021-2031 20
Table 3. World Economic Outlook, 2021-2023 21
Table 4. Scenarios for Economic Impact of Ukraine Crisis 25
Table 5. Main Product Trends and Market Opportunities in North America Elevator Modernization Market 35
Table 6. North America Elevator Modernization Market by Modernization Type, 2022-2032, $ mn 44
Table 7. North America Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 48
Table 8. North America Elevator Modernization Market: Hydraulic Elevators by Elevator Type, 2022-2032, $ mn 50
Table 9. North America Elevator Modernization Market: Traction Elevators by Elevator Type, 2022-2032, $ mn 54
Table 10. North America Elevator Modernization Market by Component, 2022-2032, $ mn 60
Table 11. North America Elevator Modernization Market: Controllers by Type, 2022-2032, $ mn 65
Table 12. North America Elevator Modernization Market by Application, 2022-2032, $ mn 69
Table 13. North America Elevator Modernization Market by Country, 2022-2032, $ mn 75
Table 14. U.S. Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 79
Table 15. U.S. Elevator Modernization Market by Component, 2022-2032, $ mn 79
Table 16. U.S. Elevator Modernization Market by Application, 2022-2032, $ mn 79
Table 17. Canada Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 81
Table 18. Canada Elevator Modernization Market by Component, 2022-2032, $ mn 81
Table 19. Canada Elevator Modernization Market by Application, 2022-2032, $ mn 81
Table 20. Mexico Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 83
Table 21. Mexico Elevator Modernization Market by Component, 2022-2032, $ mn 83
Table 22. Mexico Elevator Modernization Market by Application, 2022-2032, $ mn 83
Table 23. Doppler S.A.: Company Snapshot 88
Table 24. Doppler S.A.: Business Segmentation 88
Table 25. Doppler S.A.: Product Portfolio 89
Table 26. Risk Evaluation for Investing in North America Market, 2022-2032 107
Table 27. Critical Success Factors and Key Takeaways 110List of Figures:
Figure 1. Research Method Flow Chart 11
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 14
Figure 3. North America Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032 16
Figure 4. North America Elevator Modernization Market, 2022-2032, $ mn 18
Figure 5. Impact of COVID-19 on Business 22
Figure 6. Primary Drivers and Impact Factors of North America Elevator Modernization Market 28
Figure 7. World Construction Industry, 2019-2030, $ trillion 31
Figure 8. Primary Restraints and Impact Factors of North America Elevator Modernization Market 32
Figure 9. Investment Opportunity Analysis 36
Figure 10. Porter’s Fiver Forces Analysis of North America Elevator Modernization Market 39
Figure 11. Breakdown of North America Elevator Modernization Market by Modernization Type, 2022-2032, % of Revenue 44
Figure 12. Contribution to North America 2023-2032 Cumulative Revenue by Modernization Type, Value ($ mn) and Share (%) 45
Figure 13. North America Elevator Modernization Market by Modernization Type: Full Modernization, 2022-2032, $ mn 46
Figure 14. North America Elevator Modernization Market by Modernization Type: Partial Modernization, 2022-2032, $ mn 47
Figure 15. Breakdown of North America Elevator Modernization Market by Elevator Type, 2022-2032, % of Revenue 48
Figure 16. Contribution to North America 2023-2032 Cumulative Revenue by Elevator Type, Value ($ mn) and Share (%) 49
Figure 17. North America Elevator Modernization Market by Elevator Type: Hydraulic Elevators, 2022-2032, $ mn 50
Figure 18. North America Elevator Modernization Market by Hydraulic Elevators: Conventional Hydraulic Elevators, 2022-2032, $ mn 51
Figure 19. North America Elevator Modernization Market by Hydraulic Elevators: Hole-less Hydraulic Elevators, 2022-2032, $ mn 52
Figure 20. North America Elevator Modernization Market by Hydraulic Elevators: Roped Hydraulic Elevators, 2022-2032, $ mn 53
Figure 21. North America Elevator Modernization Market by Elevator Type: Traction Elevators, 2022-2032, $ mn 54
Figure 22. North America Elevator Modernization Market by Traction Elevators: Geared Traction Elevators, 2022-2032, $ mn 55
Figure 23. North America Elevator Modernization Market by Traction Elevators: Gear-less Traction Elevators, 2022-2032, $ mn 56
Figure 24. North America Elevator Modernization Market by Traction Elevators: Machine Room-Less Elevators, 2022-2032, $ mn 57
Figure 25. North America Elevator Modernization Market by Elevator Type: Climbing Elevators, 2022-2032, $ mn 58
Figure 26. North America Elevator Modernization Market by Elevator Type: Pneumatic/Vacuum Elevators, 2022-2032, $ mn 59
Figure 27. Breakdown of North America Elevator Modernization Market by Component, 2022-2032, % of Revenue 60
Figure 28. Contribution to North America 2023-2032 Cumulative Revenue by Component, Value ($ mn) and Share (%) 61
Figure 29. North America Elevator Modernization Market by Component: Power Units, 2022-2032, $ mn 63
Figure 30. North America Elevator Modernization Market by Component: Cabin Enclosures, 2022-2032, $ mn 64
Figure 31. North America Elevator Modernization Market by Component: Controllers, 2022-2032, $ mn 65
Figure 32. North America Elevator Modernization Market by Component: Signaling Fixtures, 2022-2032, $ mn 66
Figure 33. North America Elevator Modernization Market by Component: Door Equipment, 2022-2032, $ mn 67
Figure 34. North America Elevator Modernization Market by Component: Other Components, 2022-2032, $ mn 68
Figure 35. Breakdown of North America Elevator Modernization Market by Application, 2022-2032, % of Revenue 69
Figure 36. Contribution to North America 2023-2032 Cumulative Revenue by Application, Value ($ mn) and Share (%) 70
Figure 37. North America Elevator Modernization Market by Application: Industrial Application, 2022-2032, $ mn 71
Figure 38. North America Elevator Modernization Market by Application: Residential Application, 2022-2032, $ mn 72
Figure 39. North America Elevator Modernization Market by Application: Commercial Application, 2022-2032, $ mn 73
Figure 40. Breakdown of North America Elevator Modernization Market by Country, 2022 and 2032, % of Revenue 75
Figure 41. Contribution to North America 2023-2032 Cumulative Revenue by Country, Value ($ mn) and Share (%) 76
Figure 42. U.S. Elevator Modernization Market, 2022-2032, $ mn 78
Figure 43. Canada Elevator Modernization Market, 2022-2032, $ mn 80
Figure 44. Elevator Modernization Market in Mexico, 2022-2032, $ mn 82
Figure 45. Growth Stage of North America Elevator Modernization Industry over the Forecast Period 84
Research Methodology:
North America 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.
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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
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