Global elevator giant KONE sees China's urban renewal initiatives as a pivotal growth driver this year, according to insights shared at the 2026 China Development Forum. CEO Henrik Ehrnrooth emphasized how digital transformation and sustainable development are reshaping urban infrastructure demands across the Chinese mainland.
"China's focus on upgrading aging buildings and creating smart cities aligns perfectly with our expertise in energy-efficient vertical mobility solutions," Ehrnrooth told CGTN's Yang Chengxi during the forum. With over 40% of China's urban housing stock built before 2000, modernization efforts present significant opportunities for elevator modernization and IoT-enabled maintenance systems.
The Finnish company is particularly focused on green technologies, having recently introduced solar-powered elevator systems in Shanghai pilot projects. Analysts note that China's dual push for urbanization and carbon neutrality by 2060 could create a $2.8 billion market for smart elevator solutions by 2030.
Business leaders at the forum highlighted how urban renewal projects are driving cross-sector collaboration, particularly in elderly-friendly infrastructure development. As China's population ages, demand for accessible residential elevators in renovated communities has increased 34% year-on-year since 2023.
