Kone Corporation, a global player in the elevator and escalator industry based out of Finland, is planning on acquiring small service companies worldwide and in India. Celebrating 40 years of operations in India, Global president and CEO of Kone, Philippe Delorme said that they were keen on participating in industry consolidation without setting a fixed budget. He underscored India’s significance as the second-largest construction market for Kone, citing substantial growth prospects in new elevators and modernisation services propelled by the robust real estate sector. Kone currently has 25 per cent share in the elevator and escalator market in India.
“Out of the 700,000 elevators in India, 20-30 per cent of them are 25 years old and require modernisation. India also offers a lot in the new construction,” said Delorme.
Kone India recently ventured into escalator manufacturing, anticipating heightened demand amid ongoing infrastructure projects. Amit Gossain, Managing Director, Kone Elevator India, expects a surge in escalator sales, with India recording 75,000 elevator and escalator sales in FY23-24, where escalators accounted for 5-7 per cent.
Amit Gossain also said that Kone India registered a year-on-year growth of 12-14 per cent and expects the real estate sector to grow by 14-15 per cent which will increase the demand for elevators and escalators.
Kone India also boasted double digit growth last year, with residential sectors contributing 70 per cent of elevator sales and the remainder from commercial and infrastructure segments. Gossain urged for uniform lift regulations across states to uphold minimum safety standards.
