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KONE - Investors

KONE - Investors

Elevator and escalator market size in 2023

In 2023, the global New Building Solutions market declined >5% (2022: declined >10%). The global Service market continued to grow.

The figures below are based on KONE estimates. KONE estimates the market size annually in the first quarter of the year.

Market size 2023

Based on KONE’s estimate. Figures have been rounded.

*In regions where KONE has presence. Service market share includes both service base and units in first service. Market share has been calculated with a re-assessed market size.

Market characteristics by region

KONE operates in over 60 countries in North America, Europe, Asia-Pacific, Middle East and Africa (APMEA), and in Greater China. KONE doesn’t have own operations e.g. in Japan or South Korea.

EuropeNorth AmericaAPMEAGreater China
Market characteristics
  • A mature market
  • Residential is the largest market segment
  • Aging elevator base provides structural growth opportunities in Modernization
  • A key service market aside Europe
  • Non-residential segments comprise the majority of market volumes
  • Aging installed base provides structural growth opportunities in Modernization
  • A mix of developing and more mature markets
  • India is the second largest New Building Solutions market globally
  • Residential is the largest segment
  • The largest New Building Solutions market globally
  • Strongly growing Modernization and Service opportunity
  • Residential is the largest segment
Competitive landscape
  • Less fragmented than China, more fragmented than Americas
  • Least fragmented region
  • Less fragmented than China, more fragmented than Americas
  • Most fragmented region
KONE's market position in 2023
New Building Solutions (in units)#2#3#1#2
Service (in units)#3#4#2#2

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KONE Corporation Finland, KONE Oyj, Keilasatama 3, P.O. Box 7, Espoo, 02150, Finland