KONE Looks To Growth Outside Metro Manila

Urbanization outside Metro Manila in the Philippines is expected to drive demand for building modernization and elevator and escalator solutions, according to KONE, BusinessWorld reports. “The megatrends are all positive, like urbanization, gross domestic product growth, the relatively young population, and how it’s driving people to the cities,” KONE Managing Director for the Philippines Petteri Kyrklund said on the sidelines of KONEct 2025, during which the company introduced its KONE High-Rise MiniSpace DX elevator, which is designed for new and existing buildings taller than 150 m. KONE projects the size of the Philippines’ elevator and modernization market to hit US$52.6 million by 2030 with developments outside Metro Manila driving the growth. Officials estimate the urbanization rate in the Philippines at approximately 49%, indicating that about 50 million people live in cities. This is estimated to double by 2050. Kyrklund said residential projects remain the industry’s biggest market — not just in the Philippines but everywhere. He said most developers have been moving toward retail and hospitality, but noted the trend might be short-lived.