Elevator Market Outlook 2030 - comprehensive insights on future trends, regional performance, and competition in the global elevator market.
On the up: Elevator modernization
Why tailoring your offering is key to success in the industry’s growth segment
Modernization is the growth business line in the elevator market. While the maintenance and new equipment segments are larger, their market share is expected to stall or fall through 2030, leaving modernization as the clear industry driver.
Yet modernization is a challenging segment to access and succeed in. The installed base, which dictates modernization opportunities, lacks transparency, making it difficult to access the segment. Customer needs and key purchasing criteria are highly diverse due to the many different types of modernization jobs – hospitals have very different requirements to hotels, for example. OEMs must therefore develop the right offering and optimize operational and supply chain capabilities to match it. Not an easy task.
So where does this leave potential new entrants looking to exploit modernization’s growth opportunity? This short report, a deep-dive following our Elevator Market Outlook 2030 series, outlines the key success factors. It provides exclusive elevator market intelligence, including highlighting growth opportunities, before looking at the two most important requirements for capturing modernization business – tailoring offerings to customers’ needs and building best-fit operational setups to support them.
The elevator market
Three segments dominate the elevator industry. The modernization segment covers the refurbishment or renovation of existing elevator equipment. This ranges from a modest electronic update to upgrading a whole car, traction machine or even shaft. The new equipment segment is self-explanatory, while the maintenance segment includes both regulated inspections and the servicing of parts. Overall, the market was worth around USD 107 billion in 2024, and is forecast to hit USD 136 billion in 2030.
"Modernization is the clear growth driver in the elevator industry, outpacing both new equipment and maintenance as the installed base ages and customer needs evolve."
Modernization: The growth driver
The Elevator Market Outlook reveals that through 2030, the highest growth will stem from the modernization segment. Strong economic headwinds and changing trends mean the new equipment segment is stalling, while above average growth in the maintenance segment is unlikely as the installed base stagnates. But this ageing installed base is good news for modernization. Older elevators mean a greater need for refurbishments, with the result that the segment is eating into new equipment’s market share and driving overall growth. The Middle East & Africa (MEA) region is leading the market development in terms of relative growth.
Download the full report to learn about the two key success factors in the modernization segment to realize growth and maximize EBIT.
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