This report is jointly compiled by the China Elevator Association and the Chinese Academy of Building Research. It is the first panoramic analysis report for the segmented market of old elevator renewal and transformation in China's elevator industry. The core content and data of the report include: first, the overall market scale data of the industry. In 2024, the country completed the renewal and transformation of 82,100 old elevators, including 35,600 complete machine renewals, accounting for 43.4%; 46,500 core component upgrading transformations, accounting for 56.6%; the total scale of the transformation market reached 16.82 billion yuan, a year-on-year increase of 32.6%, and the annual compound growth rate of the market from 2020 to 2024 reached 28.3%, which far exceeded the growth rate of the new elevator market; second, the ranking of demand for subdivided transformation categories. The top 6 categories of core component demand for old elevator transformation in 2024 are: door systems and components (market scale 3.26 billion yuan, accounting for 19.4%), control systems (market scale 2.84 billion yuan, accounting for 16.9%), traction drive main engines (market scale 2.48 billion yuan, accounting for 14.7%), safety components (safety gear, buffers, speed limiters, etc., market scale 1.86 billion yuan, accounting for 11.1%), guide rails and guide systems (market scale 1.24 billion yuan, accounting for 7.4%), car and decorative components (market scale 1.08 billion yuan, accounting for 6.4%). The six categories together account for 75.9% of the total scale of the transformation market; third, the ranking of regional market distribution. The top 10 provinces in terms of the scale of old elevator renewal and transformation in 2024 are: Guangdong, Jiangsu, Zhejiang, Shandong, Shanghai, Beijing, Sichuan, Henan, Hubei, Anhui. Among them, East China accounts for 48.2% of the national total transformation scale, which is the core market; the transformation growth rate in the central and western regions is the fastest, with a year-on-year increase of 41.5%, far exceeding that in the eastern region; fourth, the analysis of policy drive and financial support. The report shows that in 2024, the country issued a total of 6.2 billion yuan of ultra-long-term special treasury bonds to support the renewal and transformation of old elevators, benefiting 41,000 elevators, and the local financial supporting subsidy funds exceeded 8 billion yuan. Policy funds have become the core driving force for the rapid growth of the old elevator transformation market; fifth, the analysis of industry development trend. The report points out that China's old elevator renewal and transformation market shows three major development trends: first, the policy continues to increase, from 2025 to 2027, the national plan for the renewal and transformation of old elevators exceeds 300,000 units, and the total market scale will exceed 60 billion yuan, entering a period of rapid growth; second, the transformation demand is transforming from "safety repair" to "quality upgrading", the proportion of aging-friendly, intelligent and energy-saving transformation is increasing rapidly. In 2024, the proportion of aging-friendly transformation projects reached 62.8%, and the proportion of intelligent transformation projects reached 58.3%; third, the export demand for transformation components is growing rapidly, the global old elevator renewal and transformation market continues to expand. In 2024, the export value of China's elevator transformation components increased by 22.7% year-on-year, and Europe, America, Southeast Asia and the Middle East have become the core export destinations. It is expected that the average annual export growth rate will remain above 20% from 2025 to 2027. This report comprehensively presents the development pattern and trend of China's old elevator renewal and transformation market, and provides authoritative data reference for global elevator traders and component suppliers to accurately connect with China's elevator transformation market.