Envision Report

Published March 13, 2018

North America Elevator Modernization Market – Growth & Forecasts (2018 – 2024)

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Elevator modernisation is necessary to ensure that the elevator remains reliable and affordable to maintain. This is the process of upgrading important parts of elevator system so that it can handle and utilise the latest technology and makes the elevator safer, more efficient and operates with optimal performance. The benefits concerning elevator modernisation include more energy efficiency, reduced electromagnetic noise, improved acceleration & deceleration rates, reliable, enhanced performance and others.

North America Elevator Modernization Market Size & Growth:

The North America Elevator Modernization Market size is projected to reach approximately $ XX Billion by the end of 2024 with a CAGR close to X% from $XX Billion in 2018 during the forecast timeline 2018-2024. The Key factors that drive the growth of the market include changing trends in the elevator industry, raise in the ageing population, advancements in elevator components, raising awareness about safety and security in high rise buildings, infrastructural development in the industrial & commercial sector and others. Major restraints for elevator modernisation market include environmental hazards; elevator modernisation may not be suitable for buildings with old power infrastructure, unsuitable elevator designs, damages due to leakages in hydraulic elevators and design related issues during the modernisation and others.

The Government of several countries are taking initiatives for the reconstruction of the older buildings due to safety factors and also to increase the foreign tourism along with implementation of IoT in the elevator system which help the product for collecting and analyzing the data of elevator with the operators and manufacturers and responds quickly in case of any problem in the elevator. The increase in adoption of machine room-less elevators, green elevators and other eco-friendly design of elevators have provided huge opportunities for the growth of elevator modernisation market.

North America Elevator Modernization Market Share:

Various parameters divided the North America Elevator Modernization market. By the Elevator Type, they are divided into traction elevator and hydraulic elevator. Among them traction elevator type has the largest market share owing to its increased speed and are powered by high torque electric motors. These elevators use worm gears to control the physical movement of elevator cars by steel ropes which are connected to a high speed driven gearbox.   By the component, they are divided into the controller, cabin enclosure, power unit, door equipment, signalling fixture and others. Among them, controllers segment has the largest market because they can act as a brain of the elevator and are responsible for the speed & smooth functioning of the elevator and are widely used for signalling.  By the End-User, they are divided into a residential building, commercial, industrial, marine, and others. Among them commercial sector has the largest market owing to rapid urbanisation, changing lifestyles along with increasing demand for villas and premium/ design apartments. By Geography, United States has the largest market share owing to increasing investments in existing building upgrades and development of the commercial sector in that region.

North America Elevator Modernization Market Trends:

  • KONE Corporation is using IBM’s IOT and Cloud development platforms to gather data from various sensors and systems connected to KONE’s elevators.
  • ThyssenKrupp AG has implemented Microsoft HoloLens technology in its elevator service operations which will enable the consumers to identify and visualise the problem with minimum efforts and time.
  • Schneider latest modernisation solutions for high-rise buildings raise your existing elevators to a performance level that fulfils the safety standards, personalised elevator service, and exciting design.

North America Elevator Modernization Market Research Reports:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis through industry value chain analysisPorter’s fivePESTLESWOT analysis, and Y-o-Y analysis.

Regional and Global Diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on YearOnYear

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

Identify the latest developments, market shares and strategies that are employed by the major market players, such as

  • Otis Elevator Company
  • KONE Corporation
  • ThyssenKrupp AG
  • Fujitec Corporation
  • Siemens AG

Along with these companies, there were many other companies considered/cited in the report while analysing the North America Elevator Modernization market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.


Chapter 1 Introduction

1.1 Executive Summary

1.2 Market Definition

1.3 Scope of the Study

Chapter 2 Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.3 Analytic Tools and Model

2.4 Economic Indicator

2.4.1 Base Year, Base Currency, Forecasting Period

2.5 Expert Validation

2.6 Study Timeline

Chapter 3 Market Analysis

3.1 Industry Value Chain Analysis

3.2Porter’s Five Force Analysis

3.2.1 Bargaining Power of Buyers

3.2.2 Bargaining Power of Suppliers

3.2.3 Threats of Substitutes

3.2.4 Threats of New Entrants

3.2.5 Industry Rivalry

3.3 PESTLE Analysis

3.3.1 Political

3.3.2 Economical

3.3.3 Social

3.3.4 Technological

3.3.5 Legal

3.3.6 Environmental

3.4 SWOT Analysis

3.4.1 Strengths

3.4.2 Weakness

3.4.3 Opportunities

3.4.4 Threats

3.5 Y-O-Y Analyses

Chapter 4 Market Dynamics

4.1. Drivers

4.1.1 Changing trends in the elevator industry

4.1.2 Raise in the aging population

4.1.3 Raising awareness about safety and security in high rise buildings

4.1.4 Advancements in elevator components

4.2 Restraints

4.2.1 Elevator modernization may not be suitable for buildings with old power infrastructure

4.2.2 Environmental Hazards

4.3 Opportunities

4.3.1 Technological advancements in elevator modernization

4.3.2 Predictive maintenance service for elevators

4.4 Challenges

4.4.1 High cost of substrates

4.4.2 Inconvenience to Occupants

Chapter 5 North America Elevator Modernization Market – By Elevator Type

5.1 Traction Elevator

5.2 Hydraulic Elevator

Chapter 6 North America Elevator Modernization Market – By Component

6.1 Controller

6.2 Cabin Enclosure

6.3 Power Unit

6.4 Door Equipment

6.5 Signalling Fixture

6.6 Others

Chapter 7 North America Elevator Modernization Market – By End-User

7.1 Residential Sector

7.2 Industrial Sector

7.3 Commercial Sector

7.4 Marine

7.5 Others

Chapter 8 North America Elevator Modernization Market – By Geography

8.1 Introduction

8.2 North America

8.2.1 U.S.

8.2.2 Canada

8.2.3 Mexico

Chapter 9 North America Elevator Modernization Market – Company Profiles

9.1 Otis Elevator Company

9.2 KONE Corporation

9.3 ThyssenKrupp AG

9.4 Mitsubishi Electric Corporation

9.5 Fujitec Corporation

9.6 Hitachi, LTD

9.7 Hyundai Elevator Co., LTD

9.8 Toshiba Elevator and Building Systems Corporation

9.9 General Electric

9.10 Siemens AG

9.11 Schindler Holding LTD

9.12 Huawei Technologies Co., LTD

9.13 Johnson Lifts Private LTD

9.14 Armor Elevator

Chapter 10 North America Elevator Modernization Market – Competitive Landscape

10.1. Market Share Analysis

10.2. Strategies Adopted by top companies

10.3. Mergers, Acquisitions, Collaborations & Agreements

Chapter 11 Market Insights

11.1. Industry Experts Insights

11.2. Analysts Opinions

11.3. Investment Opportunities

Chapter 12 Appendix

12.1 List of Tables

12.2 List of Figures








  • Competitive Analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors.
  • Monitoring the external and internal factors which affect the market dynamics with the aid of PESTLE analysis.
  • The Regional and Global Variety is taken care of in the report.
  • Year on Year basis generation of revenue is studied.
  • Porter's Five Forces analyze the intensity of competition in an industry and its profitability level.
  • The overview and the sustainability of the market are analyzed through SWOT.
  • DROC is recognized in the current market scenario and see how its effect on market dynamics.
  • The segment-level analysis in terms of type and technology.
  • The value chain analysis, value that's created and captured by a company is the profit margin.Value
  • Created and Captured – Cost of Creating that Value = Margin
  • An executive summary consists of the whole report and the outcome is been given in the report to have brief knowledge about the report.
  • Basis on the depth of the study we approach using analytical tools
  • Expertise investment opportunities are given after analyzing the market to give the organization and the individual to have perfect knowledge about the market.


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