KONE deepens China presence with modernization push

Elevator and escalator manufacturer KONE is doubling down on the Chinese market, its largest single market, as it rolls out ambitious modernization and digitalization initiatives.

The Chinese market accounts for about 20 percent of the company's global revenue. Joe Bao, president of KONE Greater China, said: "China hosts our largest manufacturing site, serving the local market and exporting to over 100 countries and regions, enabling us to serve customers with true China speed on the global stage."

The country also hosts the company's largest overseas R&D center, where innovations in AI, IoT, and predictive maintenance are often tested and adopted before setting global standards.

KONE's business in China has benefited from policy support, including the "two new" initiatives and ultra-long special treasury bonds, which have unlocked new growth drivers, Bao said. Its modernization projects now span more than 30 provincial-level regions.

The Kunshan elevator modernization project is the largest of its kind in China. With residents able to choose their preferred brands, KONE secured 2,106 elevators—accounting for 96 percent of the total tender—and completed the renovation safely in just eight months with zero accidents, contributing to the country's urban renewal efforts and establishing the so-called "Kunshan experience".

Looking ahead, Bao said the company aims to deepen its presence in China through more localized solutions and offerings tailored to the domestic market. In January 2026, the company delivered elevators to modernization projects across over 80 cities nationwide.

KONE is also focusing on the Greater Bay Area, where it established its southern headquarters in Shenzhen, Guangdong province, last year. Scheduled to commence operations by the end of March 2026, the hub will focus on modernization and digitalization, aligning with China's regional coordinated development strategy to foster a more robust industrial ecosystem and efficient resource allocation. The company aims to further localize its supply chain and actively participate in the region's smart city initiatives, said Bao.