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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

Published: 31 Oct 2023 | Report Code: 10247547 | Pages: 112

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 the continued expansion of the 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 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 to 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 the identification and investigation of the following aspects:
• Market Structure 
• Growth Drivers 
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Five Forces

 

The trend and outlook of North America market is forecast in an optimistic, balanced, and conservative view by taking into account COVID-19 and the 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.)

Table of Contents:

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
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.)