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KONE - Investors

Elevator and escalator market size in 2021

In 2021, the global new equipment market grew ~7% (2020: grew slightly). 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.

Markets 2021

Markets characteristics by region

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

North America
Market characteristics
  • A mix of more mature markets and developing regions; Europe the largest market in the area
  • Residential is the largest market segment
  • The aging elevator base in Europe provides structural growth potential in modernization
  • A key service market aside Europe
  • Non-residential segments comprise the majority of market volumes
  • The aging installed base provides structural growth potential in modernization
  • Majority of new equipment volumes
  • A mix of developing and more mature markets
  • China is the largest new equipment market globally and India the second largest
  • Residential is the largest segment
  • Strongly growing service opportunity
Competitive landscape
  • Less fragmented than China, more fragmented than the Americas
  • Less fragmented than the other regions
  • Most fragmented region
KONE's market position*

New equipment
#1 in China,
#1 in the rest of Asia-Pacific
#1 in China,
shared #2 in the rest of Asia-Pacific

*In 2021

See current market outlooks

Market dynamics in KONE’s business areas

Urbanization is the key growth driver of the new equipment market. The growing and aging installed base creates a need for maintenance and modernization. In addition to the core growth drivers, changing customer needs as well as new technologies offer new opportunities to create value for customers.

Image_Market dynamics

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