Asia Pacific Elevator Modernization Market 2024-2033 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Country: Trend Forecast and Growth Opportunity
- Report ID: 65544
- Date: May, 2024
- Pages: 117
- Category: Manufacturing & Constructions
Asia Pacific elevator modernization market will grow by 6.9% annually with a total addressable market cap of $57.59 billion over 2024-2033, driven by the growing number of aged buildings, the rising demand for elevator renovation, and continued expansion of construction industry.
Highlighted with 34 tables and 48 figures, this 117-page report “Asia Pacific Elevator Modernization Market 2024-2033 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire Asia Pacific elevator modernization market and all its sub-segments through extensively detailed classifications.
Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2021-2023 and provides forecast from 2024 till 2033 with 2023 as the base year.
(Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of Asia Pacific market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify Asia Pacific elevator modernization market in every aspect of the classification from perspectives of Modernization Type, Elevator Type, Component, Application, and Country.
Based on Modernization Type, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 included in each section.
• Full Modernization
• Partial Modernization
Based on Elevator Type, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 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 Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 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 Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 included in each section.
• Industrial Application
• Residential Application
• Commercial Application
Geographically, the following national/local markets are fully investigated:
• Japan
• China
• South Korea
• Australia
• India
• Rest of APAC (further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
For each key country, detailed analysis and data for annual revenue ($ mn) are available for 2024-2033. 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 Asia Pacific 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 Asia Pacific 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 Asia Pacific 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 Asia Pacific 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 Asia-Pacific Market 2022-2032 by Country 73
7.1 Overview of Asia-Pacific Market 73
7.2 Japan 76
7.3 China 79
7.4 Australia 81
7.5 India 83
7.6 South Korea 85
7.7 Rest of APAC Region 87
8 Competitive Landscape 89
8.1 Overview of Key Vendors 89
8.2 New Product Launch, Partnership, Investment, and M&A 92
8.3 Company Profiles 93
Doppler S.A. 93
Fujitec Co., Ltd. 95
Hitachi, Ltd. 96
Hyundai Elevator Co., Ltd. 97
Johnson Lifts Private Ltd. 98
KONE Corporation 99
Magnetek, Inc. 100
Mitsubishi Electric Corporation 101
Otis Elevator Company 102
Richmond Elevator (REM) 103
Schindler Holding Ltd. 104
Sematic S.p.A 105
Siemens AG 106
ThyssenKrupp Elevator AG 107
Toshiba Elevator and Building Systems Corporation (TOSHIBA) 108
United Technologies Corporation 109
Wittur Group 110
9 Investing in Asia Pacific Market: Risk Assessment and Management 111
9.1 Risk Evaluation of Asia Pacific Market 111
9.2 Critical Success Factors (CSFs) 114
Related Reports and Products 117
List of Tables
Table 1. Snapshot of Asia Pacific Elevator Modernization Market in Balanced Perspective, 2022-2032 17
Table 2. World Economic Outlook, 2021-2031 21
Table 3. World Economic Outlook, 2021-2023 22
Table 4. Scenarios for Economic Impact of Ukraine Crisis 26
Table 5. Main Product Trends and Market Opportunities in Asia Pacific Elevator Modernization Market 36
Table 6. Asia Pacific Elevator Modernization Market by Modernization Type, 2022-2032, $ mn 44
Table 7. Asia Pacific Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 48
Table 8. Asia Pacific Elevator Modernization Market: Hydraulic Elevators by Elevator Type, 2022-2032, $ mn 50
Table 9. Asia Pacific Elevator Modernization Market: Traction Elevators by Elevator Type, 2022-2032, $ mn 54
Table 10. Asia Pacific Elevator Modernization Market by Component, 2022-2032, $ mn 60
Table 11. Asia Pacific Elevator Modernization Market: Controllers by Type, 2022-2032, $ mn 64
Table 12. Asia Pacific Elevator Modernization Market by Application, 2022-2032, $ mn 68
Table 13. APAC Elevator Modernization Market by Country, 2022-2032, $ mn 74
Table 14. Japan Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 78
Table 15. Japan Elevator Modernization Market by Component, 2022-2032, $ mn 78
Table 16. Japan Elevator Modernization Market by Application, 2022-2032, $ mn 78
Table 17. China Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 80
Table 18. China Elevator Modernization Market by Component, 2022-2032, $ mn 80
Table 19. China Elevator Modernization Market by Application, 2022-2032, $ mn 80
Table 20. Australia Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 82
Table 21. Australia Elevator Modernization Market by Component, 2022-2032, $ mn 82
Table 22. Australia Elevator Modernization Market by Application, 2022-2032, $ mn 82
Table 23. India Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 84
Table 24. India Elevator Modernization Market by Component, 2022-2032, $ mn 84
Table 25. India Elevator Modernization Market by Application, 2022-2032, $ mn 84
Table 26. South Korea Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 86
Table 27. South Korea Elevator Modernization Market by Component, 2022-2032, $ mn 86
Table 28. South Korea Elevator Modernization Market by Application, 2022-2032, $ mn 86
Table 29. Elevator Modernization Market in Rest of APAC by Country/Region, 2022-2032, $ mn 88
Table 30. Doppler S.A.: Company Snapshot 93
Table 31. Doppler S.A.: Business Segmentation 93
Table 32. Doppler S.A.: Product Portfolio 94
Table 33. Risk Evaluation for Investing in Asia Pacific Market, 2022-2032 112
Table 34. Critical Success Factors and Key Takeaways 115
List of Figures
Figure 1. Research Method Flow Chart 11
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 14
Figure 3. Asia Pacific Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032 16
Figure 4. Asia Pacific Elevator Modernization Market, 2022-2032, $ mn 19
Figure 5. Impact of COVID-19 on Business 23
Figure 6. Primary Drivers and Impact Factors of Asia Pacific Elevator Modernization Market 29
Figure 7. World Construction Industry, 2019-2030, $ trillion 32
Figure 8. Primary Restraints and Impact Factors of Asia Pacific Elevator Modernization Market 33
Figure 9. Investment Opportunity Analysis 37
Figure 10. Porter’s Fiver Forces Analysis of Asia Pacific Elevator Modernization Market 40
Figure 11. Breakdown of Asia Pacific Elevator Modernization Market by Modernization Type, 2022-2032, % of Revenue 44
Figure 12. Contribution to Asia Pacific 2023-2032 Cumulative Revenue by Modernization Type, Value ($ mn) and Share (%) 45
Figure 13. Asia Pacific Elevator Modernization Market by Modernization Type: Full Modernization, 2022-2032, $ mn 46
Figure 14. Asia Pacific Elevator Modernization Market by Modernization Type: Partial Modernization, 2022-2032, $ mn 47
Figure 15. Breakdown of Asia Pacific Elevator Modernization Market by Elevator Type, 2022-2032, % of Revenue 48
Figure 16. Contribution to Asia Pacific 2023-2032 Cumulative Revenue by Elevator Type, Value ($ mn) and Share (%) 49
Figure 17. Asia Pacific Elevator Modernization Market by Elevator Type: Hydraulic Elevators, 2022-2032, $ mn 50
Figure 18. Asia Pacific Elevator Modernization Market by Hydraulic Elevators: Conventional Hydraulic Elevators, 2022-2032, $ mn 51
Figure 19. Asia Pacific Elevator Modernization Market by Hydraulic Elevators: Hole-less Hydraulic Elevators, 2022-2032, $ mn 52
Figure 20. Asia Pacific Elevator Modernization Market by Hydraulic Elevators: Roped Hydraulic Elevators, 2022-2032, $ mn 53
Figure 21. Asia Pacific Elevator Modernization Market by Elevator Type: Traction Elevators, 2022-2032, $ mn 54
Figure 22. Asia Pacific Elevator Modernization Market by Traction Elevators: Geared Traction Elevators, 2022-2032, $ mn 55
Figure 23. Asia Pacific Elevator Modernization Market by Traction Elevators: Gear-less Traction Elevators, 2022-2032, $ mn 56
Figure 24. Asia Pacific Elevator Modernization Market by Traction Elevators: Machine Room-Less Elevators, 2022-2032, $ mn 57
Figure 25. Asia Pacific Elevator Modernization Market by Elevator Type: Climbing Elevators, 2022-2032, $ mn 58
Figure 26. Asia Pacific Elevator Modernization Market by Elevator Type: Pneumatic/Vacuum Elevators, 2022-2032, $ mn 59
Figure 27. Breakdown of Asia Pacific Elevator Modernization Market by Component, 2022-2032, % of Revenue 60
Figure 28. Contribution to Asia Pacific 2023-2032 Cumulative Revenue by Component, Value ($ mn) and Share (%) 61
Figure 29. Asia Pacific Elevator Modernization Market by Component: Power Units, 2022-2032, $ mn 62
Figure 30. Asia Pacific Elevator Modernization Market by Component: Cabin Enclosures, 2022-2032, $ mn 63
Figure 31. Asia Pacific Elevator Modernization Market by Component: Controllers, 2022-2032, $ mn 64
Figure 32. Asia Pacific Elevator Modernization Market by Component: Signaling Fixtures, 2022-2032, $ mn 65
Figure 33. Asia Pacific Elevator Modernization Market by Component: Door Equipment, 2022-2032, $ mn 66
Figure 34. Asia Pacific Elevator Modernization Market by Component: Other Components, 2022-2032, $ mn 67
Figure 35. Breakdown of Asia Pacific Elevator Modernization Market by Application, 2022-2032, % of Revenue 68
Figure 36. Contribution to Asia Pacific 2023-2032 Cumulative Revenue by Application, Value ($ mn) and Share (%) 69
Figure 37. Asia Pacific Elevator Modernization Market by Application: Industrial Application, 2022-2032, $ mn 70
Figure 38. Asia Pacific Elevator Modernization Market by Application: Residential Application, 2022-2032, $ mn 71
Figure 39. Asia Pacific Elevator Modernization Market by Application: Commercial Application, 2022-2032, $ mn 72
Figure 40. Breakdown of APAC Elevator Modernization Market by Country, 2022 and 2032, % of Revenue 74
Figure 41. Contribution to APAC 2023-2032 Cumulative Revenue by Country, Value ($ mn) and Share (%) 75
Figure 42. Elevator Modernization Market in Japan, 2022-2032, $ mn 77
Figure 43. Elevator Modernization Market in China, 2022-2032, $ mn 79
Figure 44. Elevator Modernization Market in Australia, 2022-2032, $ mn 81
Figure 45. Elevator Modernization Market in India, 2022-2032, $ mn 83
Figure 46. Elevator Modernization Market in South Korea, 2022-2032, $ mn 85
Figure 47. Elevator Modernization Market in Rest of APAC, 2022-2032, $ mn 87
Figure 48. Growth Stage of Asia Pacific Elevator Modernization Industry over the Forecast Period 89
Research methodology is mainly referring to the practical how of any offered piece of research. More specifically, it’s all about how a researcher systematically designs a study in order to assure extremely valid as well as reliable results that ultimately address the targets and objectives of the research.
In any formal research including academic journal, article, dissertation and so on, there will be a special section on a research methodology that mainly describes what, by whom, how to gather as well as how to evaluate the data are provided.
This research methodology has been segmented into following types:
Primary Research:
It is said to be original information that the researchers collect for the crucial purposes of answering the research questions of readers with the help of surveys, observations and experiments.
Secondary Research:
The secondary research is the data that has already been collected by various other researchers in the form of government analysis or scientific studies.
Qualitative Research:
It is descriptive and subjective method irrespective of facts. Both observation and description are essential in this type of research methodology. Its main vision is to analyze knowledge, attitudes, behaviours as well as opinions of people related to the topic of any research. This method has been operated through grounded research, case study and actionable research.
Quantitative Research:
It contains several laboratory experiments, basic surveys, mathematical calculations, simulations and so on. The possible measurement, quantity or amount is considered to be a major factor in the quantitative research methodology.
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