The overall market is also presented from the perspective of different geographic
regions and the key countries in each region. Europe is the dominating market which
held a major revenue share in 2015 and is estimated as fastest growing market next to
APAC, mainly driven by implementation of regulations from Safety Norm for Existing
Lifts (SNEL) and increasing old high rise buildings. The global elevator modernization
market is estimated to reach $11,289.0M by 2021 with CAGR of 4.16% during the
forecast period.
Elevator modernization market is dominated by five companies, namely:
• Otis Elevator Company (U.S)
• ThyssenKrupp Elevator AG (Germany)
• Schindler (Switzerland)
• Kone Corporation (Finland)
• Mitsubishi Electric Corporation (Japan)