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Time of India
a day ago
- Business
- Time of India
Lift off: TN bets big on elevators
Tamil Nadu has a proven expertise in automobile, electronics, and textiles manufacturing. It has parallelly emerged as a frontrunner in the production of elevators as well. Manufacturers in the state fulfil more than 30% of the demand for elevators in India, which is the second-largest market for elevators and escalators after China. India requires 80,000-85,000 elevators a year. Currently, the market is growing at the rate of 10%-15% YoY, which opens a huge opportunity for the state. TN is home to top MNCs including KONE, Fujitec, and homegrown Johnson Lifts. These companies have established their R&D facilities here too. Several small and medium players are operating in Chennai and Coimbatore. As the largest manufacturer, Made in Tamil Nadu elevators are exported to different countries. With the bureau of Indian standards (BIS) mandating the new lift code (IS 17900-1 & 2) to enhance safety features effective from the end of the year (CY2025), exports could see an upswing as elevators must be manufactured as per European standards. Manufacturers say the state can be a 'global player' if steps are taken to build components locally to reduce dependence on China. TN had an early mover advantage in this space since the 1960s, thanks to a strong industrial ecosystem in regions such as Chennai. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo The city-headquartered Johnson Lifts, the largest manufacturer of elevators and escalators in India, has some of its installations at the new parliament house, statue of unity, Pamban bridge in Rameswaram, besides metro and railway stations and airports. A pioneer in the sector, the more than six decades old company recorded a turnover of `3,000cr in FY25 out of the `13,000cr revenue of organised elevator players in the country. About 80% of its demand is from the residential segment. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai | Gold Rates Today in Chennai | Silver Rates Today in Chennai Yohan K John, director, Johnson Lifts says around 25,000- 26,000 elevators are produced a year in TN. "Better manpower is a reason for the state being a hub," he added. With four facilities including three around Chennai and one in Nagpur, the company is investing `250 crore over the next 3-4 years to expand its R&D. The facility coming up at Sengadu in Kancheepuram district will have a new test tower to test high speed elevators exceeding 4 metres a second. Johnson has presence in 11 countries across the Middle East, Africa, and South Asia — including standout projects such as Skywalk Tower Nepal. Finnish firm KONE, whose India operations is based in Chennai, has developed the world's largest passenger elevator with a capacity to carry 235 people at the Jio world centre in Mumbai. In a span of four decades, it has emerged as a leading player, wherein one out of every four lifts used in India is made by KONE. In 2019, KONE Elevators India, a fully owned subsidiary of the Finnish KONE Corporation, opened its new plant at Sriperumbudur. Later, a 72-metre tall R&D elevator test facility was developed at an investment of `100 crore and inaugurated in 2023. Last year, it forayed into escalator manufacturing. The production unit also exports to Bangladesh, Bhutan, Nepal and Sri Lanka. "This is the largest factory for the industry in south and south-east Asia for elevators and escalators," said Amit Gossain, MD, KONE India. "These elevators require a lot of steel. For us to be competitive, the steel should be priced right. When we export a product (made using imported steel), the govt should offer some subsidy so that we are more competitive globally," he added. Another city-based manufacturer, Nibav Home Lifts has five manufacturing units, with the largest facility becoming operational at Irungattukottai last year. Founded in 2019, the company is focused on home lifts for private residential use. It exports to about nine countries including the UAE, Malaysia, the US, Canada. Vimal Babu, founder-CEO, said, "The presence of industrial zones with plug-and-play facilities has helped manufacturers scale faster and reduce time-to-market. Simplifying regulatory frameworks and enhancing export facilitation can improve global competitiveness," he said. Kannan Joseph, MD, Cooper Elevators tells us, "Component manufacturing is the need of the hour for SMEs to expand. Key components including guide rails, cables, and drives are being largely imported from China as we have only a few companies in this segment in India. So, the TN govt must support component manufacturing by creating a facility. This will make us self-sufficient," he said. State industries secretary V Arun Roy said, "The sector will be supported. Mechanical and electronics manufacturers can avail of schemes for component manufacturing." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Yahoo
19-07-2025
- Business
- Yahoo
KONE Oyj (KNYJF) Q2 2025 Earnings Call Highlights: Strong Modernization Growth Amidst ...
Sales Growth: Increased by 4.9% at comparable currencies. Modernization Sales Growth: Nearly 20% increase. Adjusted EBIT Margin: Improved by 25 basis points for Q2. Operating Cash Flow: Increased by approximately EUR 50 million year over year. Orders Received: Increased by 3% at comparable currencies. New Building Solutions Sales Decline: 5.2% decrease, mainly due to low delivery volumes in China. Services Growth: 8.6% overall increase, with over 10% growth outside China. Adjusted EBIT: EUR 347 million. Cash Flow: EUR 364 million for Q2, EUR 851 million year to date. Sales Guidance for 2025: Expected growth of 2% to 5% at comparable currencies. Adjusted EBIT Margin Guidance: 11.8% to 12.4% for the year. Warning! GuruFocus has detected 7 Warning Sign with KNYJF. Release Date: July 18, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points KONE Oyj (KNYJF) reported a 12th consecutive quarter of margin expansion, showcasing strong financial performance. The company achieved nearly 20% sales growth in its Modernization segment, indicating robust demand and execution. Service business outside China developed well, with over 10% growth, highlighting the strength of KONE's service offerings. KONE's Rise strategy is progressing well, with significant advancements in digital connectivity and field productivity tools. The company is making strides in sustainability, with 60% of equipment deliveries now equipped with regenerative drives, aiding in Scope 3 emission reduction. Negative Points Market conditions in China remain challenging, with continued pressure on pricing and margins in the New Building Solutions segment. Despite strong growth in Modernization, the high comparison point from the previous year resulted in lower order growth this quarter. The company faces a EUR50 million negative impact on EBIT due to unfavorable foreign exchange rates. Tariffs have increased business complexity in the US, impacting costs for imported goods and components. KONE's New Building Solutions sales in China declined by 5.2% due to low delivery volumes, affecting overall sales growth. Q & A Highlights Q: Can you discuss the improvements in service margins and whether this trend will continue? A: Ilkka Hara, CFO: We have good margins in Services but see potential for improvement. Our sales and operational excellence initiatives, particularly in pricing and digital services, are driving these improvements. We expect continued tailwinds from these initiatives in the coming quarters and years. Philippe Delorme, CEO: We are clear on what needs to be done and know it works. It's about scaling pricing and service operations to leverage digital technology for efficiency. Q: Regarding regenerative drives, is this an opportunity for higher value per unit? A: Ilkka Hara, CFO: Regenerative drives are a value add for customers and improve our competitiveness. They contribute to energy efficiency and are part of our commitment to reducing Scope 3 emissions. Philippe Delorme, CEO: For customers focused on energy efficiency, regenerative drives offer a 30% improvement. It's a market advantage supported by significant R&D investments. Q: Why was Modernization growth lower this quarter compared to Q1? A: Philippe Delorme, CEO: Last year's Q2 had a high growth base, impacting this quarter's comparison. Modernization includes major projects and volume business, which can vary quarter to quarter. We remain optimistic about market potential and confident in driving superior growth in Modernization. Q: Can you elaborate on the pricing environment outside of China? A: Ilkka Hara, CFO: In Modernization, pricing is stable with significant opportunities. In New Building Solutions (NBS), pricing is more stable outside China, contributing to stable margins. In Services, we see opportunities for further pricing increases by understanding customer value. Q: What is the current situation in China, and how does it affect your business? A: Philippe Delorme, CEO: The China market is split between New Construction and Modernization/Service. New Construction is down, but we see opportunities in Modernization and Service. Our team is disciplined in cash delivery and margin improvement, focusing on rebalancing towards Modernization and Service. Q: Can you provide details on the margin bridge to the 2025 guidance? A: Ilkka Hara, CFO: Our top-line guidance is 2% to 5% growth. Higher sales will provide fixed cost leverage. Services and Modernization will contribute positively to margins, despite increased R&D investments. We expect improved EBIT margins compared to last year. Q: What factors contributed to stable margins on orders this quarter? A: Ilkka Hara, CFO: We achieved record-high product cost reductions, particularly in China, benefiting other regions. While China remains competitive, margins outside China are stable, balancing the overall margin stability. Q: How is the Modernization business performing in China, and is it still the most profitable segment there? A: Ilkka Hara, CFO: We saw record growth in Modernization orders and sales in China, and it remains the most profitable segment. Partial Modernization offers higher margins, and we are strategically focusing on this area. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
26-06-2025
- Business
- Yahoo
UK Elevators & Escalators Market Forecast Report 2025: Market Set to Reach 9,874 Units by 2030, with 3.11% CAGR During 2024-2030
The UK Elevators & Escalators Market, sized at 8,218 units in 2024, is projected to reach 9,874 units by 2030, with a CAGR of 3.11%. Notable developments include Otis's installation of 26 VT units at One Exchange Square and KONE's modernization of Liverpool's rail network escalators. Trade tensions due to US tariffs impact costs, potentially boosting demand for locally manufactured products. Segments like machine roomless traction dominate due to space efficiency, while urbanization and AI integration provide growth opportunities. Major players include Otis, KONE, TK Elevator, and Schindler, navigating challenges such as construction cost hikes and skilled labor shortages. UK Elevators & Escalators Market Dublin, June 26, 2025 (GLOBE NEWSWIRE) -- The "UK Elevators & Escalators Market - Size & Growth Forecast 2025-2030" report has been added to UK Elevators & Escalators Market was sized at 8,218 Units in 2024, and is projected to reach 9,874 Units by 2030, rising at a CAGR of 3.11%. SEGMENTATION INSIGHTS The U.K. elevator market by the installed base is expected to reach 393 thousand units by 2030. The machine roomless traction segment accounted for the largest market share due to its space-saving design, energy efficiency, and ability to support green building initiatives. The U.K. installed base escalators market is expected to reach 14 thousand units by 2030. Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing retail projects in the pipeline. The parallel escalators segment accounted for the largest market share in 2024 due to the high construction of commercial buildings. The modernization market in the U.K. elevator and escalator market is expected to reach USD 344.18 million by 2030. Elevator and Escalator Market News In June 2024, Otis installed 26 vertical transportation (VT) units at One Exchange Square, a 13-story office building at London's Broadgate Campus. The units included four LinkTM escalators, seven platform lifts, and fifteen Gen2 lifts. The elevator has facilities such as Compass 360 destination-dispatch system, EMS PanoramaTM 2.0 elevator-management system, and Internet of Things connectivity with Otis ONETM. KONE won the order to modernize escalators along Liverpool's commuter rail network in 2024. The order comprises the complete replacement of fourteen escalators with KONE EcoMod 140, which is energy-efficient and can transport 7,300 passengers per hour. The modernization project is expected to be completed in Q4 2026. IMPACT OF TARIFF The U.S. administration implemented a high baseline tariff, introducing 10% on goods from all countries, which was effective from April 5, 2025. Additionally, higher reciprocal tariffs were imposed on specific trading partners, including the European Union and the U.K., which was effective from April 9, 2025. The U.S. government announced a temporary pause in tariff hikes, but the situation remains uncertain after 90 days, with a 10% minimum tariff in effect. This trade tension significantly impacts the manufacturer of the U.K. elevator and escalator market, which significantly imports motor parts, lumber, and other raw materials from different countries. The U.K. imports significant amounts of aluminum, copper, and other raw materials from China and other countries such as Canada & Mexico. These added costs are likely to be passed on to U.K. consumers, causing a notable increase in the prices of elevators & escalators. As a result, demand for locally manufactured elevators & escalators is expected to grow. Major elevator & escalator companies such as Otis, KONE, Schindler & others are importing raw materials & motor parts from China and the Japanese market. The surge in tariff rates is expected to increase the prices of elevators & escalators manufactured by them. However, in May 2025, the U.K. decided not to impose tariffs on imported copper, lumber, and aluminum from the U.S. UK ELEVATOR AND ESCALATOR MARKET OPPORTUNITIES & DRIVERS Integration of Artificial Intelligence (AI) in the U.K. Elevator and Escalator Market is Expected to Create Opportunities in the Market The integration of AI in the U.K. elevator and escalator market reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems. AI Monitors real-time data from IoT-enabled sensors attached to escalators and elevators to anticipate and stop problems before they happen. This improves equipment reliability and drastically cuts downtime. AI-based predictive maintenance systems have been implemented in several U.K. commercial and residential buildings by multinational corporations with significant operations in the U.K., including KONE and Otis. Urbanization and Population Growth in the U.K. Rapid urbanization and rising population are key drivers of the construction market. By 2024, the population is expected to reach approximately 36 million people, with 84.4% living in urban areas. This urbanization requires extensive development in housing, infrastructure, and utilities, thereby supporting the U.K. elevator and escalator market growth. In addition, the U.K. government is investing to support population growth, focusing on housing, healthcare, education, and infrastructure. In 2024-2025, over 6.64 billion has been allocated for Affordable housing to address the growing demand. It is also investing in healthcare, and millions of dollars are expected to be allocated in the market. Growing Investments in the U.K.'s Housing Sector The housing sector in the U.K. is experiencing strong and stable growth, supporting high demand for new homes and active government initiatives to make housing more affordable. Urban regeneration projects and a growing focus on sustainable construction are creating modern, eco-friendly communities across cities and towns. The sector is appealing to significant domestic and international investment, which leads to innovation and developed building standards. Furthermore, the U.K. government revealed a USD 2.66 billion investment to build 18,000 new affordable homes, with construction expected to begin in March 2027 and be finished by June 2029. This investment is part of the high demand for affordable housing programs. Moreover, they also planned to allocate more funds for 2026-27 and the coming years, ensuring constant support is available for the construction of affordable housing. Expansion and Development of the Growing Airport Industry The U.K. is actively developing its transport industry to improve global connectivity, supporting the rising passenger demand as well as economic growth. Major airports in the country are undergoing large-scale upgrades, including runway expansion, terminal enhancements, and digital infrastructure improvements. These developments aim to strengthen the U.K.'s position as a leading international aviation hub while also creating new jobs and boosting the economy. It is taking steps to address airport capacity issues by investing in airport expansion projects at Heathrow, Gatwick, and Luton airports in 2025. Such steps are projected to support the U.K. elevator and escalator market growth. Meanwhile, London City Airport has been approved for an expansion that will accommodate up to 9 million passengers every year by 2031. In addition, London Stansted is also investing USD 1.47 billion in terminal expansions and improvements to passenger services. In addition, the UK has the third-largest aviation network in the world, behind China and the United States, and London's airports serve more routes than any other European city. INDUSTRY RESTRAINTS High Construction Cost in the United Kingdom In the U.K., the cost of construction has risen in recent years. Industry reports advise that construction costs have risen by around 15-20% since 2020, mainly due to the rising prices of resources such as steel, timber, and cement. These price increases have been intensified by supply chain disruptions affected by the pandemic, as well as ongoing geopolitical tensions affecting global trade. In 2024, the U.K.'s construction industry recorded a real term of 0.7% primarily due to high price increases, rising construction material costs and energy prices, and a significant weakness in the residential construction sector. Furthermore, the rise in construction costs is also impacting U.K. housing prices. It's making it more expensive to buy a new home, as developers are passing on the increased costs to buyers. Moreover, they are facing a challenging era, as they try to balance the need to build new homes and commercial properties with rising costs. Skilled Labor Shortage and Regulatory Challenge The U.K.'s ambitious Vision 2030 focuses on infrastructure development, which is facing significant challenges due to a severe shortage of skilled labor, particularly in the installation and maintenance of elevators and escalators, and can subsequently hamper the U.K. elevator and escalator market growth. Additionally, the U.K. construction sector is facing a general skills shortage, with 62% of organizations reporting difficulty finding workers with the right skills. This is particularly important in the construction industry, which needs at least 225,000 additional workers by 2027. The construction, manufacturing, and industrial sectors are now facing a shortage of skilled employees with the right qualifications or experience. The construction market is experiencing insistent labor shortages, particularly among bricklayers, carpenters, electricians, and plumbers. These shortages have led to project delays and increased costs. UK ELEVATOR AND ESCALATOR MARKET VENDOR LANDSCAPE Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Stannah elevators Fujitec Other Prominent Vendors Toshiba Elevator and Building Systems Corporation Delfar Elevator Co., Ltd. Orona KLEEMANN Cibes Lift Aritco Key Attributes: Report Attribute Details No. of Pages 120 Forecast Period 2024 - 2030 Estimated Market Value in 2024 8218 Units Forecasted Market Value by 2030 9874 Units Compound Annual Growth Rate 3.1% Regions Covered United Kingdom Elevator Market Segmentation by Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation by Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment UK Elevators & Escalators Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-06-2025
- Business
- Yahoo
United States Elevator and Escalator Market Forecast Report 2025-2030: Market to Reach 43,321 Units by 2030, Growing at 2.65% CAGR
Notable developments in the U.S. Elevator and Escalator Market include ATTA Elevators' U.S. expansion, Schindler's new MRL elevator, and OTIS's acquisition of Urban Elevator locations. The U.S. government's tariffs impact costs, affecting demand and favoring local manufacturing. AI integration and infrastructure investments create growth opportunities. Key players like Otis, KONE, and Schindler drive innovation amid rising public infrastructure spending. Challenges remain from tariffs and housing crisis effects on demand. U.S. Elevator and Escalator Market Dublin, June 12, 2025 (GLOBE NEWSWIRE) -- The "U.S. Elevator and Escalator Market - Size & Growth Forecast 2025-2030" report has been added to U.S. Elevator and Escalator Market was sized at 37,026 units in 2024, and is projected to reach 43,321 units by 2030, rising at a CAGR of 2.65%. Schindler, TK Elevators, KONE, OTIS, and Mitsubishi Electric are the top five vendors in the U.S. elevator and escalator market. Other prominent players in the U.S. elevator and escalator market are Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Delaware Elevator, Inc., Day Elevator & Lift, American Crescent Elevator Corp., Godwin Elevator Company, and others. These leading players continuously innovate to provide state-of-the-art technology, ensuring safety, efficiency, and sustainability. Recent Developments in the U.S. Elevator and Escalator Market In 2024, ATTA Elevators, a leading elevator and escalator service provider based in Ontario, announced its expansion into the U.S. with an office in St. Louis, Missouri. In April 2025, Schindler Elevator Corporation announced the launch of the Schindler 5000, which is a machine-room-less (MRL) elevator designed for low- to mid-rise offices, hotels, hospitals, and apartment complexes. This model is widely available in the U.S. market. In April 2025, OTIS announced the acquisition of eight of the eleven Urban Elevator locations in the US. KEY HIGHLIGHTS The U.S. elevator market by installed base is expected to reach 1.26 million units by 2030. Elevators used in the residential sector accounted for the largest share in 2024, despite low purchasing power due to high interest rates. The market is set to recover in 2025, pertaining to high government expenditure on construction projects. The machine roomless traction segment accounted for the largest market share due to its space-saving design, energy efficiency, and ability to support green building initiatives. The U.S. installed base escalators market is expected to reach 64.1 thousand units by 2030. Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing retail projects in the pipeline. The parallel escalators segment accounted for the largest market share in 2024 due to the high construction of commercial buildings. The modernization market of the U.S. elevator and escalator market is expected to reach USD 3.23 billion by 2030. In Q1 2025, the American Society of Civil Engineers (ASCE) forecasted a total of USD 5.4 trillion in public and private infrastructure investments over the decade from 2024 to 2033. In addition, in 2025, the U.S. is witnessing significant developments in Smart City Construction. For instance, the Retired Homer City Generating Station is ready to be transformed into a natural gas-powered data center campus. In March 2025, Amtrak (National Railroad Passenger Corporation) stated that it will increase its expenditure by 50% to reach USD 6 billion in 2025. In April 2025, Ledcor Development initiated the construction of Alara, a USD 107 million apartment complex in San Diego's Grantville neighborhood. This development will introduce over 200 new residential units, aiming to address the city's increasing housing demand. US ELEVATOR AND ESCALATOR MARKET OPPORTUNITIES & DRIVERS Integration of Artificial Intelligence (AI) in the U.S. Elevator and Escalator Market is Expected to Create Future Opportunities The integration of AI in the U.S. elevator and escalator market reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems. AI monitors real-time data from sensors installed in elevators and escalators to predict and prevent potential malfunctions. This reduces downtime and improves the reliability of equipment. Companies, such as KONE and Otis, have already implemented AI-based predictive maintenance globally, including in the United States. New Government Regulations and Technologies to Support the Demand for New Installations In New York City, a retroactive code mandated the integration of escalator skirt deflectors by January 1, 2025. These deflectors are designed to prevent objects like clothing or shoes from becoming trapped between the escalator steps and side panels, thereby enhancing passenger safety. Building owners and managers were required to ensure compliance by the specified date. In 2025, McGhee Tyson Airport announced it to replace its aging escalators. The airport's board awarded a USD 1.1 million contract in October 2024 to KONE, which will begin replacing the downward escalator in late 2025 and will replace the upward escalator in early 2026. Increasing Investment in Public Infrastructure Development Is Driving the Demand Public infrastructure projects increased by 6% through the first eight months of 2024 compared to the same period in 2023. Construction spending grew by more than 41% in the U.S. from April 2020 to July 2024. As of February 2025, total construction spending in the United States recorded an adjusted annual rate of $2.195 trillion. This includes both public and private sector investments across residential and non-residential projects. Major ongoing public infrastructure projects in the U.S., including the California High-Speed Rail, the Gateway Program (Hudson Tunnel Project), and expansions of major airports like JFK and O'Hare, along with various highway and rail projects, are projected to drive the demand for vertical transportation solutions over the forecast period and contribute to the U.S. elevator and escalator market growth. Increasing Investment in the Manufacturing Sector to Drive Demand for Freight Elevators in the U.S. Elevator and Escalator Market The value of U.S. manufacturing output has continued to increase, reaching almost USD 3 trillion in 2024 (equal to 10 per % of total GDP). In June 2024, government expenditure in the manufacturing sector was directed towards building new and expanding existing manufacturing facilities, which reached a new record of USD 238 billion. In March 2025, GE Aerospace planned to invest approximately USD 1 billion in its U.S. factories and supply chain to strengthen manufacturing. INDUSTRY RESTRAINTS Housing Crisis in the Country Hampering Demand The shortage has driven up home prices and rents, making housing less affordable and slowing down real estate activity. The median United States home price in January 2025 was $418,000, up around 45% from $289,000 five years ago. Low housing starts in the U.S. are directly impacting the development of residential projects, reducing demand for elevators and impacting the U.S. elevator and escalator market growth. In addition, large institutional investors are increasingly buying up properties, which is limiting options for individual buyers. Meanwhile, mortgage rates, which peaked at approximately 7% in 2025, have discouraged both buyers and sellers, limiting transactions and delaying developments. Surge in Building Material Prices In March 2025, the U.S. government imposed 25% tariffs on steel and aluminum imports, aiming to bolster domestic production. These tariffs have led to increased costs for construction materials, as builders rely heavily on these imports. Furthermore, in early 2025, non-residential materials prices increased at an annualized rate of 9%, reflecting a rush among builders to procure materials ahead of anticipated price hikes (post new tariffs). Meanwhile, in January 2025, prices also increased for all three energy subcategories, namely, crude petroleum prices increased 14.8%, while natural gas and unprocessed energy material prices increased 13.7% and 13%, respectively. US ELEVATOR AND ESCALATOR MARKET VENDOR LANDSCAPE Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hyundai Elevator Fujitec Other Prominent Vendors MEI Total Elevator Solutions Delaware Elevator Day Elevator and Lift Liberty Elevator AVT Beckett American Crescent Elevator Manufacturing Access Elevator & Lifts, Inc. (AEL) Godwin Elevator Action Elevator Company Key Attributes: Report Attribute Details No. of Pages 123 Forecast Period 2024 - 2030 Estimated Market Value in 2024 37026 Units Forecasted Market Value by 2030 43321 Units Compound Annual Growth Rate 2.6% Regions Covered United States Elevator Market Segmentation by Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation by Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment U.S. Elevator and Escalator Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
KONE recognized among Vietnam's best at Sao Khue Award 2025 for pioneering service robot API
HANOI, Vietnam, May 20, 2025 /PRNewswire/ -- KONE, a global leader in the elevator and escalator industry, has been awarded the Sao Khue Award 2025 for its smart service robot application programming interface (API) solution. This recognition marks the company's second Sao Khue Award, following its first win in 2023 for the KONE 24/7 Connected Services innovation. Organized by the Vietnam Software and IT Services Association (VINASA), this annual award is among the most prestigious honors in Vietnam's information technology sector, and this year set a record with 198 awarded solutions. King Cheng, Managing Director of KONE Vietnam, says: "Receiving our second Sao Khue Award is not just an honor – it is a testament to our unwavering commitment to people flow innovation and impact. Through cutting-edge technology such as service robot API and deep collaboration with partners, we are proud to be shaping cities in Vietnam that are not only more connected and efficient, but also more livable for generations to come." KONE's service robot API leverages Internet of Things (IoT) technology to connect autonomous robots with the company's elevator control system, enabling them to call elevators and navigate seamlessly across multi-floor buildings. By utilizing real-time data on elevator position, direction, and operational status, the API ensures smooth, efficient robot movements. This technology is ideal for service-intensive environments such as hospitals, medical facilities, hotels, and airports, supporting various service robots such as cleaning, delivery, and ushering. Currently being pioneered at Phenikaa University Hospital (Hanoi), the API-enabled delivery robots transport medicines and medical supplies 24/7 across different hospital floors via the cloud-connected KONE MiniSpace™ DX class elevators. This innovation significantly reduces staff workload, allowing medical teams to focus on patient care. As part of the broader KONE digital platform, the API services are hosted on the Amazon Web Services (AWS) cloud platform, offering seamless access to KONE equipment and data. This cloud-based approach ensures scalability, reliability and cost-effective integration with existing digital infrastructure. Like its other digital solutions, KONE's API service is certified to ISO 27001:2022 standards for information security management, providing robust data security and cybersecurity. This makes it a reliable solution for enhancing automation and operational efficiency in high-traffic environments. Aligning with the green and digital transformation trend supporting Vietnam's sustainable development goals, KONE has actively introduced practical innovations such as KONE DX digital elevators, KONE 24/7 Connect predictive maintenance solution, and KONE UltraRope® ultra-light carbon fiber elevator cables. In 2024, KONE received the industry's first LOTUS Green Product Certification from the Vietnam Green Building Council for all its 18 elevator and escalator products. That same year, it was featured in the Top 50 Corporate Sustainability Awards by Nhip Cau Dau Tu magazine, acknowledging its commitment to environmental sustainability and technological innovation in creating smarter, green building solutions. About KONE At KONE, our purpose is to shape the future of cities. As a global leader in the elevator and escalator industry, we move two billion people every day, making their journeys safe, convenient, and reliable with smart and sustainable People Flow®. In 2024, KONE had annual sales of EUR 11.0 billion, and at the end of the year over 60,000 employees in close to 70 countries. KONE class B shares are listed on the Nasdaq Helsinki Ltd. (HEL: KNEBV). View original content to download multimedia: SOURCE KONE Southeast Asia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
