Martin Placek
Research expert covering transportation and electronics
KONE - statistics & facts
Although not as well-known as Nokia, KONE is a company familiar to anyone who does not like to take the stairs. Originally founded in 1910 in Finland, KONE has been manufacturing and installing its own elevators since 1918. Kone, which means "machine" or "industrial device" in Finnish, has been maintained as the company's name even after its acquisition by the Herlin family, one of Finland's wealthiest families, in 1924. The Herlin family has been owning and controlling the company ever since; KONE's present-day chairman is Antti Herlin, the richest person in Finland.
Over the decades, the company has expanded its activities beyond Finland, and is currently selling elevators to all major markets. In 2023, China held 62 percent of the elevator and escalator market, followed by the EMEA region with 17 percent.
It can be expected that elevator manufacturers will maintain their strong performance. The number of new elevator and escalator installations worldwide has almost quadrupled over the last two decades, up from 260,000 installations per year in 2002 to roughly one million installations per year in 2023. Moreover, the global elevator and escalator market is poised to grow from 85 billion U.S. dollars in 2023 to almost 111 billion U.S. dollars in 2028.
Business performance and development of KONE
Between 2007 and 2023, KONE's annual revenue more than doubled. Similarly, the annual order backlog of KONE increased by 26 percent in the last decade, reaching over 8.6 billion euros in 2023. In order to remain competitive and improve the product line of the company, KONE has been investing in research and development (R&D). In 2023, KONE's R&D expenditure amounted to 185 million euros.KONE in the global market
Between 2023 and 2028, the global elevator market is expected to increase, attracting more companies into the industry. The main competitors of KONE include Otis Worldwide, Schindler, and Mitsubishi Electric. KONE ranked third in terms of revenue in 2023, generating some 12.1 billion U.S. dollars. It was preceded by Otis with over 14.2 billion U.S. dollars and Schindler with almost 13.7 billion U.S. dollars in revenue.It can be expected that elevator manufacturers will maintain their strong performance. The number of new elevator and escalator installations worldwide has almost quadrupled over the last two decades, up from 260,000 installations per year in 2002 to roughly one million installations per year in 2023. Moreover, the global elevator and escalator market is poised to grow from 85 billion U.S. dollars in 2023 to almost 111 billion U.S. dollars in 2028.
