Dublin, Jan. 22, 2026 (GLOBE NEWSWIRE) — The “Elevator Modernization Market Report 2026” has been added to ResearchAndMarkets.com’s offering.
The elevator modernization market is experiencing substantial growth, projected to expand from $14.13 billion in 2025 to $15.22 billion in 2026, with a CAGR of 7.7%. By 2030, the market is anticipated to reach $20.21 billion, growing at a CAGR of 7.3%. This surge is largely driven by the need to upgrade aging elevator components in both commercial and residential buildings, driven by stricter building codes and the desire to enhance ride quality and safety.
Key growth factors include the rising demand for energy-efficient solutions that cut down building operating costs, the expansion of modernization projects in urban infrastructures, and the adoption of advanced safety components to meet evolving regulatory standards. Trends such as the emphasis on code-compliance modernization, elevator safety redundancy features, and energy-saving retrofits play crucial roles in market dynamics. Notably, modern modular kits are enabling quicker and cost-effective upgrades, adding to the market momentum.
The burgeoning number of high-rise developments is a significant growth driver. High-rise buildings, prompted by rapid urbanization, necessitate efficient vertical transportation solutions, thus boosting the elevator modernization industry. Notably, in 2023, there was a record number of tall building completions, with a 12.8% rise from the previous year, indicating strong market demand.
Technological advancements are propelling the adoption of smart elevator solutions, featuring AI and digital controls that enhance operational efficiency and offer pioneering safety features. Companies like Otis Electric are leading the charge with innovations such as the Otis Electric 7000, a smart elevator designed to improve both construction and modernization projects. This product showcases capabilities such as real-time data reporting and AI-powered safety features, underscoring the industry’s shift towards connected elevator technologies.
In a strategic move, H.I.G. Capital LLC acquired Action Elevator for $65 billion in September 2024, aiming to boost its presence in the elevator modernization sector. This acquisition highlights the growing investor interest in pursuing long-term value through strategic growth and operational enhancements.
Major players in the market include Hyundai Group, Hitachi Ltd., Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., among others. Regional insights reveal North America as the largest market in 2025, with Asia-Pacific predicted to be the fastest-growing region moving forward.
The market’s trajectory is influenced by global trade relations and tariffs, which are increasing costs for key components like motors and controllers, particularly impacting regions dependent on imports. However, this also spurs local sourcing and manufacturing innovations, fostering positive outcomes over the long term.
The market report provides a comprehensive analysis, encompassing statistics, regional shares, market trends, and growth opportunities, presenting a detailed perspective of the current and future industry landscape. Key end users span residential and commercial sectors, along with healthcare and hospitality industries.
Regions covered in the report include Asia-Pacific, North and South America, Europe, and more, providing a global outlook essential for industry stakeholders navigating this evolving market.
Report Scope
Markets Covered:
- Type of Modernization: Equipment Upgrades, Control System Enhancements, Safety Improvements, Aesthetic Renovations, Energy Efficiency Retrofits
- Elevator Type: Traction Elevator, Hydraulic Elevator
- Technology Integration: IoT-Enabled, Smart Control, AI and Machine Learning, Telematics, Energy Management
- End-User: Residential, Commercial, Industrial, Healthcare, Hospitality
Subsegments:
- Equipment Upgrades: Motors, Gearboxes, Door Operators, Brakes
- Control System Enhancements: Controllers, Drives, Call Dispatch, Remote Monitoring
- Safety Improvements: Emergency Systems, Governors, Springs, Interlocks
- Aesthetic Renovations: Interiors, Fixtures, Lighting, Flooring
- Energy Efficiency Retrofits: Drives, LED Lighting, Sleep Mode, Motors
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2026 – 2030 |
| Estimated Market Value (USD) in 2026 | $15.22 Billion |
| Forecasted Market Value (USD) by 2030 | $20.21 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
Companies Featured
- Hyundai Group
- Hitachi Ltd.
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Otis Worldwide Corporation
- Schindler Holding Ltd.
- TK Elevator GmbH
- KOHLER Elevator GmbH
- Fujitec Co. Ltd.
- Wittur Holding GmbH
- Kleemann GmbH
- SJEC Corporation
- KONE Corporation
- Champion Elevator Corp.
- Delaware Elevator Inc.
- Delta Elevator Company Ltd.
- Liberty Elevator Corporation
- Escon Elevators Private Limited
- Mid-American Elevator Company Inc.
- Stanley Elevator Company Inc.
For more information about this report visit https://www.researchandmarkets.com/r/whi50u
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- Elevator Modernization Market
