Europe 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
Europe elevator modernization market was valued at $2.65 billion in 2022 and will grow by 5.0% annually over 2022-2032, driven by the growing number of aged buildings, the rising demand for elevator renovation, and continued expansion of construction industry.
Highlighted with 37 tables and 49 figures, this 118-page report “Europe Elevator Modernization Market 2022-2032 by Modernization Type (Partial, Full), Elevator Type (Hydraulic, Traction), Component, Application (Industrial, Residential, Commercial), and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire Europe elevator modernization market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of Europe market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify Europe elevator modernization market in every aspect of the classification from perspectives of Modernization Type, Elevator Type, Component, Application, and Country.
Based on Modernization Type, the Europe market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Full Modernization
• Partial Modernization
Based on Elevator Type, the Europe 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 Europe 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 Europe 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:
• Germany
• UK
• France
• Spain
• Italy
• Russia
• Rest of Europe (further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
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.)
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 19
2.1 Market Size and Forecast 19
2.1.1 Impact of COVID-19 on World Economy 20
2.1.2 Impact of COVID-19 on the Market 23
2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery 25
2.2 Major Growth Drivers 29
2.3 Market Restraints and Challenges 33
2.4 Emerging Opportunities and Market Trends 36
2.5 Porter’s Fiver Forces Analysis 40
3 Segmentation of Europe 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 Europe 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 Europe Market by Component 60
5.1 Market Overview by Component 60
5.2 Power Units 62
5.3 Cabin Enclosures 63
5.4 Controllers 64
5.5 Signaling Fixtures 65
5.6 Door Equipment 66
5.7 Other Components 67
6 Segmentation of Europe Market by Application 68
6.1 Market Overview by Application 68
6.2 Industrial Application 70
6.3 Residential Application 71
6.4 Commercial Application 72
7 European Market 2022-2032 by Country 73
7.1 Overview of European Market 73
7.2 Germany 76
7.3 UK 78
7.4 France 80
7.5 Spain 82
7.6 Italy 84
7.7 Russia 86
7.8 Rest of European Market 88
8 Competitive Landscape 90
8.1 Overview of Key Vendors 90
8.2 New Product Launch, Partnership, Investment, and M&A 93
8.3 Company Profiles 94
Doppler S.A. 94
Fujitec Co., Ltd. 96
Hitachi, Ltd. 97
Hyundai Elevator Co., Ltd. 98
Johnson Lifts Private Ltd. 99
KONE Corporation 100
Magnetek, Inc. 101
Mitsubishi Electric Corporation 102
Otis Elevator Company 103
Richmond Elevator (REM) 104
Schindler Holding Ltd. 105
Sematic S.p.A 106
Siemens AG 107
ThyssenKrupp Elevator AG 108
Toshiba Elevator and Building Systems Corporation (TOSHIBA) 109
United Technologies Corporation 110
Wittur Group 111
9 Investing in Europe Market: Risk Assessment and Management 112
9.1 Risk Evaluation of Europe Market 112
9.2 Critical Success Factors (CSFs) 115
Related Reports and Products 118
List of Tables:
Table 1. Snapshot of Europe Elevator Modernization Market in Balanced Perspective, 2022-2032 17
Table 2. World Economic Outlook, 2021-2031 21
Table 3. World Economic Outlook, 2021-2023 22
Table 4. Scenarios for Economic Impact of Ukraine Crisis 26
Table 5. Main Product Trends and Market Opportunities in Europe Elevator Modernization Market 36
Table 6. Europe Elevator Modernization Market by Modernization Type, 2022-2032, $ mn 44
Table 7. Europe Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 48
Table 8. Europe Elevator Modernization Market: Hydraulic Elevators by Elevator Type, 2022-2032, $ mn 50
Table 9. Europe Elevator Modernization Market: Traction Elevators by Elevator Type, 2022-2032, $ mn 54
Table 10. Europe Elevator Modernization Market by Component, 2022-2032, $ mn 60
Table 11. Europe Elevator Modernization Market: Controllers by Type, 2022-2032, $ mn 64
Table 12. Europe Elevator Modernization Market by Application, 2022-2032, $ mn 68
Table 13. Europe Elevator Modernization Market by Country, 2022-2032, $ mn 75
Table 14. Germany Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 77
Table 15. Germany Elevator Modernization Market by Component, 2022-2032, $ mn 77
Table 16. Germany Elevator Modernization Market by Application, 2022-2032, $ mn 77
Table 17. UK Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 79
Table 18. UK Elevator Modernization Market by Component, 2022-2032, $ mn 79
Table 19. UK Elevator Modernization Market by Application, 2022-2032, $ mn 79
Table 20. France Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 81
Table 21. France Elevator Modernization Market by Component, 2022-2032, $ mn 81
Table 22. France Elevator Modernization Market by Application, 2022-2032, $ mn 81
Table 23. Spain Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 83
Table 24. Spain Elevator Modernization Market by Component, 2022-2032, $ mn 83
Table 25. Spain Elevator Modernization Market by Application, 2022-2032, $ mn 83
Table 26. Italy Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 85
Table 27. Italy Elevator Modernization Market by Component, 2022-2032, $ mn 85
Table 28. Italy Elevator Modernization Market by Application, 2022-2032, $ mn 85
Table 29. Russia Elevator Modernization Market by Elevator Type, 2022-2032, $ mn 87
Table 30. Russia Elevator Modernization Market by Component, 2022-2032, $ mn 87
Table 31. Russia Elevator Modernization Market by Application, 2022-2032, $ mn 87
Table 32. Elevator Modernization Market in Rest of Europe by Country, 2022-2032, $ mn 89
Table 33. Doppler S.A.: Company Snapshot 94
Table 34. Doppler S.A.: Business Segmentation 94
Table 35. Doppler S.A.: Product Portfolio 95
Table 36. Risk Evaluation for Investing in Europe Market, 2022-2032 113
Table 37. Critical Success Factors and Key Takeaways 116List of Figures:
Figure 1. Research Method Flow Chart 11
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 14
Figure 3. Europe Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032 16
Figure 4. Europe Elevator Modernization Market, 2022-2032, $ mn 19
Figure 5. Impact of COVID-19 on Business 23
Figure 6. Primary Drivers and Impact Factors of Europe Elevator Modernization Market 29
Figure 7. World Construction Industry, 2019-2030, $ trillion 32
Figure 8. Primary Restraints and Impact Factors of Europe Elevator Modernization Market 33
Figure 9. Investment Opportunity Analysis 37
Figure 10. Porter’s Fiver Forces Analysis of Europe Elevator Modernization Market 40
Figure 11. Breakdown of Europe Elevator Modernization Market by Modernization Type, 2022-2032, % of Revenue 44
Figure 12. Contribution to Europe 2023-2032 Cumulative Revenue by Modernization Type, Value ($ mn) and Share (%) 45
Figure 13. Europe Elevator Modernization Market by Modernization Type: Full Modernization, 2022-2032, $ mn 46
Figure 14. Europe Elevator Modernization Market by Modernization Type: Partial Modernization, 2022-2032, $ mn 47
Figure 15. Breakdown of Europe Elevator Modernization Market by Elevator Type, 2022-2032, % of Revenue 48
Figure 16. Contribution to Europe 2023-2032 Cumulative Revenue by Elevator Type, Value ($ mn) and Share (%) 49
Figure 17. Europe Elevator Modernization Market by Elevator Type: Hydraulic Elevators, 2022-2032, $ mn 50
Figure 18. Europe Elevator Modernization Market by Hydraulic Elevators: Conventional Hydraulic Elevators, 2022-2032, $ mn 51
Figure 19. Europe Elevator Modernization Market by Hydraulic Elevators: Hole-less Hydraulic Elevators, 2022-2032, $ mn 52
Figure 20. Europe Elevator Modernization Market by Hydraulic Elevators: Roped Hydraulic Elevators, 2022-2032, $ mn 53
Figure 21. Europe Elevator Modernization Market by Elevator Type: Traction Elevators, 2022-2032, $ mn 54
Figure 22. Europe Elevator Modernization Market by Traction Elevators: Geared Traction Elevators, 2022-2032, $ mn 55
Figure 23. Europe Elevator Modernization Market by Traction Elevators: Gear-less Traction Elevators, 2022-2032, $ mn 56
Figure 24. Europe Elevator Modernization Market by Traction Elevators: Machine Room-Less Elevators, 2022-2032, $ mn 57
Figure 25. Europe Elevator Modernization Market by Elevator Type: Climbing Elevators, 2022-2032, $ mn 58
Figure 26. Europe Elevator Modernization Market by Elevator Type: Pneumatic/Vacuum Elevators, 2022-2032, $ mn 59
Figure 27. Breakdown of Europe Elevator Modernization Market by Component, 2022-2032, % of Revenue 60
Figure 28. Contribution to Europe 2023-2032 Cumulative Revenue by Component, Value ($ mn) and Share (%) 61
Figure 29. Europe Elevator Modernization Market by Component: Power Units, 2022-2032, $ mn 62
Figure 30. Europe Elevator Modernization Market by Component: Cabin Enclosures, 2022-2032, $ mn 63
Figure 31. Europe Elevator Modernization Market by Component: Controllers, 2022-2032, $ mn 64
Figure 32. Europe Elevator Modernization Market by Component: Signaling Fixtures, 2022-2032, $ mn 65
Figure 33. Europe Elevator Modernization Market by Component: Door Equipment, 2022-2032, $ mn 66
Figure 34. Europe Elevator Modernization Market by Component: Other Components, 2022-2032, $ mn 67
Figure 35. Breakdown of Europe Elevator Modernization Market by Application, 2022-2032, % of Revenue 68
Figure 36. Contribution to Europe 2023-2032 Cumulative Revenue by Application, Value ($ mn) and Share (%) 69
Figure 37. Europe Elevator Modernization Market by Application: Industrial Application, 2022-2032, $ mn 70
Figure 38. Europe Elevator Modernization Market by Application: Residential Application, 2022-2032, $ mn 71
Figure 39. Europe Elevator Modernization Market by Application: Commercial Application, 2022-2032, $ mn 72
Figure 40. Breakdown of European Elevator Modernization Market by Country, 2022 and 2032, % of Revenue 74
Figure 41. Contribution to Europe 2023-2032 Cumulative Revenue by Country, Value ($ mn) and Share (%) 75
Figure 42. Elevator Modernization Market in Germany, 2022-2032, $ mn 76
Figure 43. Elevator Modernization Market in UK, 2022-2032, $ mn 78
Figure 44. Elevator Modernization Market in France, 2022-2032, $ mn 80
Figure 45. Elevator Modernization Market in Spain, 2022-2032, $ mn 82
Figure 46. Elevator Modernization Market in Italy, 2022-2032, $ mn 84
Figure 47. Elevator Modernization Market in Russia, 2022-2032, $ mn 86
Figure 48. Elevator Modernization Market in Rest of Europe, 2022-2032, $ mn 88
Figure 49. Growth Stage of Europe Elevator Modernization Industry over the Forecast Period 90
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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