North America 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: 65542
- Date: May, 2024
- Pages: 112
- Category: Manufacturing & Constructions
North America elevator modernization market is projected to grow by 5.8% annually in the forecast period and reach $3.64 billion by 2033, driven by the growing number of aged buildings, the rising demand for elevator renovation, and continued expansion of construction industry.
Highlighted with 27 tables and 45 figures, this 112-page report “North America Elevator Modernization Market 2024-2033 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America elevator modernization market and all its sub-segments through extensively detailed classifications.
Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2021-2023 and provides forecast from 2024 till 2033 with 2023 as the base year.
(Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of North America market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify North America elevator modernization market in every aspect of the classification from perspectives of Modernization Type, Elevator Type, Component, Application, and Country.
Based on Modernization Type, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 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 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 North America 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 North America 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:
• U.S.
• Canada
• Mexico
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 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
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 110
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. 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 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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