KONE announced in Shenzhen that it will launch a major investment plan in the Guangdong-Hong Kong-Macao Greater Bay Area.
2026-09-10 11:34:57
At the end of August, global elevator giant KONE announced a major investment in the Guangdong-Hong Kong-Macao Greater Bay Area, setting up its Southern China Headquarters, R&D Center and smart logistics & assembly hub in Shenzhen, focusing on digital elevator maintenance and old elevator renovation.
China has the world's largest elevator inventory, but foreign brands take 70% of the market share, while domestic brands only account for 30%. The real estate downturn has dragged down the whole industry: 10 out of 12 A-share elevator firms saw revenue decline in H1 2025, with total revenue hitting a 5-year low. Leading players Shanghai Mechanical & Electrical and Guangri reported 6.41% and 3.05% year-on-year revenue drops respectively, while small and medium-sized enterprises faced double-digit declines.
Domestic brands are catching up via digital and intelligent transformation. Their new elevator order share exceeded 50% in 2023, surpassing foreign brands for the first time. Firms like Canny, Guangri and Express Elevator have built self-developed IoT cloud platforms, realizing AI-powered functions such as real-time operation monitoring and predictive maintenance.
With over 12 million elevators in stock nationwide, more than 1 million of which have been in service for over 15 years, the renovation and maintenance market has become the new industry battlefield. Supported by 6.2 billion yuan ultra-long-term special national bond funds, the old elevator renovation demand is being released rapidly. Both foreign giants and domestic enterprises are accelerating layout in this track, and those who complete the transformation from equipment suppliers to full-lifecycle service providers will take the lead in the new round of competition.
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