2024 was a year of both opportunities and challenges for the elevator industry. While the industry focused on areas such as smart cities, sustainability and energy efficiency, geopolitical tensions, supply chain issues and economic fluctuations were among the main factors that made commercial activities difficult. While important steps were taken in the areas of digitalization, energy efficiency and security on a global scale, great expectations were set for 2025.

Globally, the elevator industry continued to move forward on the axis of sustainability and smart systems. While the process of compliance with green building certifications gained momentum in Europe, urban transformation projects in the Asia-Pacific region supported the growth in the sector. However, fluctuations in China's real estate market stood out among the risks faced by the sector in this region. Turkey's elevator industry achieved limited success in exports in 2024. Trying to maintain its market share in the Middle East, Europe and Africa markets, the sector drew attention especially with earthquake-resistant elevator systems and investments in domestic production.

Looking ahead to 2025that digitalization will become more widespread in the sector and , it is predicted intelligence-supported smart elevator solutions will gain importance. In addition, developing energy-efficient solutions to comply with carbon neutrality targets is also among the critical issues for the sector. In Turkey, earthquake-resistant elevator systems are expected to become widespread, especially in public projects, and new regulations are expected to be issued in this area.IoT and artificial

Following the limited decline in exports in 2024, the Turkish elevator industry is expected to develop new strategies for the Middle East and European markets in 2025. Supporting domestic production stands out as one of the most important factors to increase competitiveness in the sector. Experts state that companies investing in sustainable and safe elevator solutions will gain a greater competitive advantage in the coming period. The year 2025 is considered to be a year in which a major transformation will take place in the elevator industry and innovation will be at the forefront.

Although the Turkish elevator industry has achieved a certain momentum in exports, it continues to face some challenges in global markets. Stagnation in exchange rates, rising raw material and energy costs, international logistics problems and differences in certification processes stand out as the biggest obstacles in the sector's export activities. While regulations such as CE certification in the European Union market constitute a barrier for small and medium-sized companies, additional documents and procedures have become a necessity to comply with local regulations in the Middle East and African markets. Increasing global logistics costs and longer delivery times are also among the factors affecting the export performance of the sector.

China's low-cost production and large-scale capacity in the elevator sector increases price competition and puts Turkish companies in a difficult situation. In addition, the quality and brand recognition advantages of European countries such as Germany, Spain and Italy further increase the competition in the high segment. Payment problems in exports are another challenge faced by Turkish companies. Long-term payment processes and collection delays have a negative impact on exporters' cash flow. Especially in markets such as Africa and the Middle East, payment risks are higher. In addition, the decrease in cash flow in Russia due to the sanctions imposed on the country caused the sector to be unable to fully benefit from an important market in terms of exports.

Turkey's main export markets in the elevator industry are the European Union, the Middle East, Africa and the Turkic Republics. EU countries such as Germany, France, Italy, Spain and Poland offer great opportunities for Turkish manufacturers with their demand for quality and certified products. However, certification requirements and intense competition make it difficult to enter this market. In the Middle East market, Saudi Arabia, the United Arab Emirates, Qatar, Iraq and Iran are among the most important countries in Turkey's elevator exports. Large-scale construction projects and urban transformation works here create a significant potential for Turkish companies. However, political instability and financing problems in the region continue to pose risks for exporters.

The African market has also gained an important position for the Turkish elevator industry in recent years. Algeria, Egypt, Morocco, Nigeria and South Africa are among the largest markets in the region. While the growth in infrastructure projects and housing investments in these countries has increased the demand for elevators, high logistics costs and payment risks continue to be an important obstacle for exporters. The Turkic Republics and Russia have strong trade ties with Turkey and are among the growing elevator markets. Although Russia stands out as a large market, sanctions imposed due to the Ukraine war and logistical difficulties pose some risks in this market.

In the domestic market, TOKİ projects were a major driving force for the sector in 2024. Despite global economic fluctuations and rising costs, large-scale social housing projects carried out by the Housing Development Administration (TOKİ) and private sector investments helped the sector maintain its mobility in the domestic market. Urban transformation projects, especially in earthquake zones, led to an increase in domestic production for the elevator industry. TOKİ created a significant demand for the sector by realizing the tender for a total of 205,729 houses in 2024. In the same period, 70,451 houses were delivered to their rightful owners, showing that the vitality for the sector continues. In addition, TOKİ launched 9,427 social facilities projects and built 48,592 public service buildings, schools, hospitals and commercial areas throughout 2024.

In 2025, the elevator industry will need to take steps such as opening up to alternative markets, adapting to certification processes, strengthening logistics and distribution networks in order to reach a more competitive position. In addition, utilizing government support for R&D and technological investments will enable the sector to achieve a stronger position in the international arena. energy-efficient smart and The development of elevator solutions with systems will also give companies a competitive advantage.integrated