The default kernel configuration is configured to support as many hardware as possible. A non-stripped kernel with default configuration resulted in a size of 1897996 kB (including kernel + modules). When stripping many unnecessary drivers and options (why would I need a HP module if I own a Clevo notebook), it resulted in a size of 892892 kB which is a size reduction of 53% compared to the stock kernel.
When installing the kernel modules, append the INSTALL_MOD_STRIP=1 option. This will strip all debugging symbols and reduced the size by 92% for me (from 892892 kB to 69356 kB). Note this will only affects modules to be installed and not the kernel (vmlinuz) itself:
make INSTALL_MOD_STRIP=1 modules_install
From Documentation/kbuild/kbuild.txt:
INSTALL_MOD_STRIP
--------------------------------------------------
INSTALL_MOD_STRIP, if defined, will cause modules to be
stripped after they are installed. If INSTALL_MOD_STRIP is '1', then
the default option --strip-debug will be used. Otherwise,
INSTALL_MOD_STRIP value will be used as the options to the strip command.