Elevator Maker Kone Sees Flat or Slightly Higher Sales in 2024

February 19, 2024

Kone, a manufacturer of elevators and escalators from Finland, has projected a slight increase in sales by 2024. The company is optimistic about its future and anticipates growth in the years ahead. Henrik Ehrnrooth, the CEO of Kone, stated that the company is concentrating on innovation and sustainability to stimulate growth. Kone, Otis Elevator Company, Schindler Group, and ThyssenKrupp AG are among the most prominent players in the market.

Kone has been investing in research and development to produce elevators and escalators that are energy-efficient and can reduce carbon emissions. The company has also been working on creating smart elevators that can heighten the user experience and decrease waiting times.

Infosys, a global leader in digital services and consulting, has a well-established collaboration with Kone to create new digital solutions for elevators and escalators. The two companies have been collaborating since 2019, and their strategic partnership has recently been extended. The collaboration has resulted in the development of new digital solutions that can enhance the efficiency and safety of elevators and escalators. By consolidating, harmonizing, and modernizing TK Elevator's digital landscape, Infosys will assist in the process.

The goal of the engagement is to innovate and transform the company's application and IT environment continually. It makes use of an AI-first strategy powered by Infosys Topaz, a suite of services, solutions, and platforms that utilize generative AI technology. The two companies will collaborate to transfer the operations of all TK Elevator's business applications across North America and major European markets to Infosys, allowing for integrated applications management. This will not only unify the underlying infrastructure operations to enable an end-to-end, business process-focused operational paradigm but also contribute to a simplified and agile digital landscape.

According to reports, the elevator and escalator market is expected to increase at a CAGR of 6.4% until 2028, reaching USD 207.4 billion. The rise in demand for energy-efficient elevators and escalators, the trend towards smart cities, and the increase in high-rise buildings are all driving factors for market growth.

Growth Factors: Increasing demand for energy-efficient elevators and escalators, growing trend of smart cities, and rise in the number of high-rise buildings.

Market Growth CAGR Insights: The global elevator and escalator market is expected to grow at a CAGR of 6.1% from 2021 to 2026.

Most Prominent Players: Kone, Otis Elevator Company, Schindler Group, and ThyssenKrupp AG1.

(1) Infosys and TK Elevator Extend Strategic Collaboration - https://www.infosys.com/newsroom/press-releases/2023/harmonize-modernize-digital-landscape.html.

(2) KONE Elevates People Flow Through Digital Transformation - Infosys. https://www.infosys.com/navigate-your-next/tales-of-transformation/leveling-up-cloud.html.

(3) Reuters - https://www.reuters.com/business/elevator-maker-kone-sees-flat-or-slightly-higher-sales-2024-2024-01-26/

MarketsandMarkets Industry News Desk

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Elevators and Escalators Market

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2023
$207.4 BN
2028

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The rise in demand for energy-efficient elevators and escalators.

The goal of the engagement is to innovate and transform the company's application and IT environment continually.

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