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U.S. Elevator Modernization and Maintenance Market Trends and Outlook 2018

The United States elevator and modernization and maintenance market is estimated to grow at CAGR of more than 4% during 2018 to 2023. In 2017, the market generated revenues worth $1,347.8 million. A rise in investments in the construction industry, increase in technological advancements and safety regulations are projected to drive the elevator modernization market in the United States. Commercial sector garnered highest market share of over 44% in 2017 while the residential sector generated 27% of the total revenues in the United States elevator and modernization and maintenance market. The full modernization elevator equipment generated $1191 million dollars in 2017 and is anticipated to further grow at a CAGR of 4.22% during the forecast period 2017-2023.

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