According to data from the Ministry of Industry and Technology, exporters' associations and sectoral  organizations,  Türkiye's  elevator sector managed to maintain its production and dynamism in the domestic market in 2024 despite a slowdown in exports.

Supported by urban transformation and public housing projects in the domestic market, the sector turned to new markets such as Africa and Latin America as a solution to fluctuations in the Middle East and Central Asia in the foreign market.

Decline in exports, flat domestic market

In the first half of 2024, Türkiye's elevator and component exports amounted to $162 million. This figure represents a 13.7% decrease compared to the same period in 2023. Exports of complete systems reached 85.6 million dollars, while exports of components amounted to 76.5 million dollars. The top export destinations included Russia, Algeria, Iraq, Georgia and theUnited Arab Emirates, with exports to Russia dropping by 35%. In markets like Uzbekistan, exports nearly came to a standstill due to legal regulations and customs barriers.

Despite this decline, Türkiye maintained its trade surplus in the sector. With imports totaling 51.8 million dollars and exports reaching 162 million dollars, the sector recorded a trade surplus of 110 million dollars.

Domestic  market:  TOKİ,  earthquake reconstruction and urban transformation played a pivotal role

Domestic  projects,  particularly  TOKİ- supported housing production, the accelerated reconstruction process following the February 6 earthquakes and urban transformation programs in major cities have strengthened the sector. By the end of 2024, the elevator systems market size in Türkiye reached approximately 850 million euros (approximately 13 billion TL). Annual production capacity exceeded 20,000 units.

Africa and Latin America offer new hope

Faced with geopolitical risks and trade restrictions in its traditional markets, the sector has turned its attention to Africa and Latin America. Increased infrastructure investments in countries such as Algeria, Egypt, Nigeria, Kenya and Ghana are presenting new opportunities for Turkish companies. It is emphasized that products with durable, low-energy consumption and mechanical systems need to be developed for these markets.

In Latin American countries, it is highlighted that there is a demand for non-smart but reliable systems, especially in the mid-range segment and that Turkish manufacturers can take advantage of this gap.

Strategic moves needed to enter niche markets in Europe

Although the European market still holds high potential, competition is challenging due to strong rivals based in Italy, Germany and Spain.

Therefore, companies from Türkiye are focusing on niche projects and value-added product groups with high energy efficiency, smart and low-carbon emission systems.

Additionally, the European Green Deal, which will make high-performance energy systems mandatory by 2025 and beyond, presents Turkish manufacturers with an opportunity to stand out through innovative solutions.

The Sector's strengths and weaknesses: A Clear picture with SWOT

According to the 2024 SWOT analysis of the sector, Türkiye 's production infrastructure compliant with EU regulations, widespread service and installation network in the domestic market and low-cost, high-quality production capabilities are among the strongest aspects. However, lack of branding, insufficient R&D

investments and difficulties in accessing qualified labor constitute the sector's vulnerabilities. Geopolitical risks, low-quality products from China that undercut prices and customs barriers in some markets are among the threats.

New period strategy: Smart products, new markets, strong export model

Industry  representatives  recommend  the following strategic steps for success in 2025 and beyond: Technical representative offices and distributor networks should be established to expand into Africa, Latin America and Turkic Republics.

R&D centers should be established and integrated systems should be developed for smart city applications. An “integrated solution” model should be adopted, offering assembly, maintenance and after-sales services.

Turkish brands should enter the European and Middle Eastern markets under their own names; the OEM model should be abandoned.

Eximbank, KOSGEB and UR-GE programs should provide more effective support to exporting SMEs.

Conclusion:  Is  the  Sector  Ready  for Transformation as We Enter 2025?

Despite facing a challenging period in 2024, the Turkish elevator sector managed to stay afloat thanks to its production capacity, trade surplus, domestic market vitality and geographical export  diversity.  Digitalization,  energy efficiency and smart systems are expected to be key drivers in the sector in 2025. Experts emphasize that structural transformation and technology investments are now indispensable for sustainable growth.