China is the world's largest new equipment market followed by India. The largest installed base is located in China and EMEA area.
KONE - Investors
Elevator and escalator market size in 2022
In 2022, the global new equipment market declined >10% (2021: grew ~7%). 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.
*Based on KONE’s estimate. In regions where KONE has presence, maintenance market share includes both maintenance 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 Europe, Middle East and Africa (EMEA), Americas and Asia-Pacific. KONE doesn’t have own operations e.g. in Japan or South Korea.
EMEA
North America
Asia-Pacific excl. China
China
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 opportunities in modernization
A key service market aside Europe
Non-residential segments comprise the majority of market volumes
The aging installed base provides structural growth opportunities in modernization
A mix of developing and more mature markets
India is the second largest new equipment market globally
Residential is the largest segment
The largest new equipment market globally
Strongly growing service opportunity, China expected to represent ~50% of global service market by 2025
Residential is the largest segment
Competitive landscape
Less fragmented than China, more fragmented than the Americas
Least fragmented region
Less fragmented than China, more fragmented than Americas
Most fragmented region
KONE's market position in 2022
New equipment
#2
#3
#1
#2
Maintenance
#3
#4
#2
#2
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