Asia Pacific Elevator Modernization Market is expected to Grow with a CAGR of 7.2% through 2030
Increasing
Commercial/ Residential Infrastructure and Advancement in Technology are the
factors driving the market growth in the forecast period.
According
to TechSci Research report, “Asia Pacific Elevator Modernization Market – By Country, Competition, Forecast and
Opportunity, 2020-2030F”, The Asia Pacific Elevator Modernization Market was valued at USD 1.55 Billion in 2024 and is expected to reach USD 2.37 Billion by 2030 with a CAGR of 7.2% during the forecast period. The Asia Pacific Elevator Modernization
Market is expected to grow at an impressive CAGR. Rapid urbanization, expanding
infrastructure and construction projects, and rising capital influx into the
real estate industry are the main drivers of the expansion of the Chinese lift
and escalator market. Utilizing cutting-edge hardware and technology, such as
artificial intelligence (AI) and the Internet of Things (IOT), modern elevators
give users a rich, multi-sensory experience. These technologies improve the user
experience while enabling users to maintain contact with the outside world.
Expanded public awareness of lift security has
helped the modernization of elevator market. Lift modernization can expand
their useful lives and diminish the require for costly lift substitutions. The
quality, usefulness, and security of lift rises have all been altogether
progressed by mechanical progressions. These components have sped up the
modernization of lifts in homes, businesses, airports, and open transportation
systems. The require for lift modernization frameworks is additionally
developing due to preferences such as decreased vibration and noise levels. Owing
to technological advancements, businesses are presently preparing lifts with
appealing innovations such as Wi-Fi, HVAC frameworks, music players, etc.
Furthermore, the appropriation of AC and changeless magnet gearless engine
innovation has expanded the proficiency of lift lifting hardware, permitting
for less lift trips and superior lift adjusting, both of which can lead to
vitality reserve funds.
Browse
over XX market data Figures spread through xx Pages and an in-depth TOC on the
" Asia
Pacific Elevator Modernization Market."
Based
on Elevator Type, Machine Room-Less Traction is the fastest growing segment in the Asia Pacific Elevator Modernization Market in coming period due to several compelling factors related to cost, space efficiency, energy consumption, and modernization demand. MRL traction elevators eliminate the need for a separate machine room, making them highly suitable for modern urban infrastructure where space constraints are critical. In densely populated cities across Asia Pacific—such as Tokyo, Mumbai, Seoul, and Singapore—developers prioritize compact building designs, and MRL elevators offer a practical solution. Their compact design allows retrofitting into existing elevator shafts, which reduces structural changes and overall modernization costs. MRL traction elevators are more energy-efficient compared to traditional geared systems. They utilize gearless traction machines and regenerative drives, significantly lowering electricity consumption. As governments in countries like China, India, and Japan push for sustainable urban development and green buildings, building owners are increasingly opting for energy-efficient elevator modernization options, boosting demand for MRL traction systems.
These elevators offer smoother rides, quieter operation, and improved aesthetics—features increasingly prioritized by high-end commercial and residential building owners undergoing partial or full modernization. In particular, commercial and institutional buildings prefer MRL elevators for their performance and compliance with modern safety standards without the need for major infrastructure changes. Moreover, the aging infrastructure across the region is driving partial modernization projects, where building owners seek to upgrade core elevator components like motors, control systems, and door mechanisms. MRL traction systems provide a viable pathway to integrate advanced features—such as remote monitoring, intelligent dispatching, and enhanced security—into older systems. The combination of compact design, operational efficiency, and suitability for modernization projects in space-constrained and environmentally-conscious Asia Pacific markets is expected to propel the Machine Room-Less Traction segment forward as the fastest-growing category.
Based on country, India is the fastest growing country in the Asia Pacific Elevator Modernization Market in coming period due to a confluence of economic, infrastructural, regulatory, and urbanization factors driving demand for upgrading aging elevator systems. India's rapid urbanization and vertical growth in metropolitan areas are placing significant strain on existing building infrastructure. Cities like Mumbai, Delhi, Bangalore, and Hyderabad are witnessing an increase in high-rise residential and commercial buildings developed during the early 2000s. Many of these buildings are now reaching the stage where elevator systems require modernization to comply with evolving safety norms and improve performance. Government initiatives such as the Smart Cities Mission and AMRUT (Atal Mission for Rejuvenation and Urban Transformation) are encouraging the refurbishment of existing infrastructure, including elevators in public and private buildings. These programs aim to improve accessibility, safety, and energy efficiency, indirectly fueling demand for partial and full elevator modernization.
Growing concerns about passenger safety, comfort, and energy efficiency are prompting property owners to invest in modernizing elevators. Indian consumers and businesses are becoming more aware of the benefits of upgrading critical components such as controllers, door systems, and motors, rather than incurring the cost of total replacement. This preference makes modernization an attractive, cost-effective solution. Additionally, the expanding presence of global elevator companies such as Otis, Schindler, KONE, and Johnson Lifts in India has increased the availability of advanced modernization solutions tailored for local requirements. These firms are actively promoting mid-life upgrades through service campaigns, warranties, and maintenance contracts. India’s expanding real estate and hospitality sectors, combined with stricter safety regulations and the drive for energy-efficient systems, are expected to accelerate modernization projects.
Key
market players in the Asia Pacific Elevator Modernization Market include:
- OTIS
INTERNATIONAL ASIA PACIFIC PTE. LTD.
- KONE
Asia Pacific
- Schindler
Lifts (S) Pte Ltd
- Hitachi,
Ltd.
- Thyssenkrupp
Elevator Asia Pacific Limited
- Mitsubishi
Electric Asia Pte Ltd
- Fujitec
Co., Ltd
- Hyundai
Elevator Co.,Ltd
- Shanghai SANEI Elevator Co., Ltd.
- SANYO
YUSOKI KOGYO
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Government
incentives play a significant role. Subsidies, tax benefits, and grants
encourage building owners to invest in modernization projects, fostering market
growth. Economic expansion provides the financial impetus for infrastructure
investments, including elevator modernization, to enhance property value and
meet rising urban mobility demands. The aging infrastructure underscores the
urgency for modernization. As buildings and elevator systems age, reliability
and safety concerns escalate, prompting stakeholders to prioritize system
upgrades. Collectively, these drivers create a compelling landscape, where
urbanization, safety, technology integration, energy efficiency, user
experience, government incentives, economic growth, and infrastructure renewal
synergize to drive the Asia Pacific Elevator Modernization market forward. This
multifaceted influence cements elevator modernization's significance in the
region's dynamic urbanization journey. Owing to that the market is expanding in
the future.” Mr. Karan Chechi, Research Director of TechSci Research, a
research-based Global management consulting firm.
“Asia
Pacific Elevator Modernization Market by Elevator Type (Traction,
Machine Room-Less Traction, Hydraulic), By Component (Controller, Door
Equipment, Cabin Enclosure, Signaling Fixture, Power Unit, Others), By End User
(Residential Sector, Industrial Sector, Commercial Sector, Infrastructural
Sector), By Modernization Type (Partial, Full), By Speed (<200 fpm, 200-500
fpm, >500 fpm), By Height (>20 floors, 20 -50 floors, <50 floors), By
Country, Competition, Forecast and Opportunities, 2020-2030F” has evaluated the future growth
potential of Asia Pacific Elevator Modernization Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Asia Pacific Elevator Modernization Market.
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