Q: What is the overall size and growth trend of the global aging elevator modernization market?

A: According to industry research institutions, the total size of the global elevator market in 2025 is about 117.5 billion US dollars, of which the proportion of modernization business continues to rise. It is expected that the overall market size will exceed 330 billion US dollars by 2035, with a compound annual growth rate of 11%. Regionally, mature markets in Europe and America have a large stock of elevators and fast regulatory updates, with the most concentrated modernization demand. As the first batch of elevators in emerging Asia-Pacific markets gradually enter the aging cycle, the growth rate of modernization is also accelerating year by year. Among them, the annual growth rate of elevator modernization demand in existing buildings in Indian metropolitan areas reaches 18.6%, and many Southeast Asian countries have also launched elevator upgrade plans for government buildings.


Q: What are the core factors driving the growth of the elevator modernization market?

A: Three major factors jointly drive market expansion. First, mandatory upgrades of safety regulations: the new EU EN 81 series standards, the new US ASME A17.1 specification, and the Canadian CSA B44-19 regulation all put forward higher safety requirements for in-service elevators, forcing property owners to carry out compliance modernization. Second, energy efficiency standards continue to tighten. Building energy efficiency policies in various countries promote energy-saving upgrades of old elevators, and there is strong demand for energy-saving components such as permanent magnet synchronous traction systems and energy feedback devices. Third, the demand for intelligence is increasing. Functions such as remote monitoring, predictive maintenance and intelligent dispatching have become standard for building management, driving the upgrade and replacement of electrical control systems.


Q: What are the advantageous paths for elevator foreign trade enterprises to enter the modernization market?

A: First is the export of core components, including general products such as traction system parts, door system components, safety components and electrical control elements. The modernization market is sensitive to cost performance, and component products with stable quality and strong compatibility have significant competitiveness. Second is the output of modular modernization kits, developing standardized control system upgrade packages, door operator update packages, energy efficiency upgrade packages and other integrated solutions for common elevator types, which greatly reduce the difficulty and cost of modernization at the engineering end. Third is supporting technical support services, providing overseas contractors with modernization scheme design, technical training and remote debugging support to increase product added value and customer loyalty.