COMPANY PROFILE -KONE Corporation
Business Sector :Engineering and service
Operating Geography :Finland, Europe, Global
About KONE Corporation :
KONE Corporation is a leading global supplier of elevators, escalators, and related services. The company was founded in Finland in 1910 and currently operates in over 60 countries worldwide, with approximately 60,000 employees as of 2023. It is headquartered in Espoo, Finland. KONE's business is divided into two segments: New Equipment and Maintenance & Modernization. The New Equipment segment involves the design, manufacture, installation, and modernization of elevators and escalators, while the Maintenance & Modernization segment provides maintenance and modernization services for existing equipment. It has 8 global R&D centers and 10 global production sites and a worldwide network of authorized distributors. It also provides innovative solutions to new and existing buildings for the smooth people flow. It has developed products and services, such as KONE DX Class elevators, which use artificial intelligence and machine learning to improve energy efficiency and passenger comfort. KONE has won numerous awards for its design and innovation, including the prestigious Red Dot Design Awards in 2022 for its elevator design.
The USP of KONE Corporation is that it evolved as a global leader in elevator and escalator industry. The mission of KONE is to improve the flow of urban life.
KONE Corporation Revenue :
€10,906.7 million – FY ending 31st December, 2022 (y-o-y growth of 3.73%)
€10,514.1 million - FY ending 31st December, 2021
Competitive Analysis of KONE Corporation
The SWOT analysis for KONE is presented below:
| Strengths | Weaknesses |
1. Strong brand in elevator and escalator industry
2. High customer retention rate
3. Sustainability in its operations
4. Strong expansion strategy through acquisitions
5. Continual investment in people and innovation capabilities
6. KONE is a data intensive company
| 1. Exposed to strategic, operational and financial risks
|
| Opportunities | Threats |
1. Expansion of business to other nations
2. Entry to new market segments within industry
3. Huge potential in modernization and maintenance markets globally
| 1. Strong competitors across geographical areas
2. Declining orders more than anticipation
|
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Detailed SWOT Analysis of KONE Corporation
Strength
1. Strong brand in elevator and escalator industry: As one of the leading companies in the industry, KONE has a strong brand and reputation. In its Annual Report 2022, KONE has identified strong brand and solid reputation as a strategic input that is crucial in creating value for customers, shareholders and the society and has acknowledged that it is one of its key value drivers. KONE is ranked as one of the World’s most innovative company by Forbes magazine. The company is ranked at 39 in the latest version of the list. It has evolved as a pioneer within the industry with innovation being the key success factor. The company has won awards at the reputed Red Dot Design Award for three consecutive years now, i.e., 2020, 2021, and 2022. The company previously won the award in 2012, 2014, 2015, and 2016.
2. High customer retention rate: KONE maintains high customer retention by offering services in new equipment, maintenance and modernization categories to add value to the lifecycle of any building. This is attested by the fact that the more retention rate for the company is greater than 90%, which also points towards the fact that customer relationships are also typically long and stable for the company. This is also driven by the fact that the maintenance business is very stable due to high requirements for safety and reliability. It strives to make people’s journey safe and convenient in taller smart buildings through collaborative innovation and new competencies. It offers customer-centric solutions and services. It serves customers with a 'true service mind set'. Also, it follows fast and smart execution of ideas due to its passion for performance and delighting customer. KONE has defined these as some of the strategies in its "Ways to Win" approach for accomplishing its goals.
The remaining section under "Strength" is available only in the Complete Report' on purchase.
Weakness
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Opportunity
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Threat
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The PESTLE / PESTEL analysis for KONE is presented below:
| Political | Economical |
| 1. The Russia-Ukraine conflict has resulted in increased geopolitical risks | 1. The global elevator and escalator market is expected to grow at a CAGR of 6.7% till 2029
2. Foreign exchange rate fluctuations
3. Many companies have exited Russian market or are restructuring their Russian assets
|
| Social | Technological |
1. Increasing Urbanization will increase the demand for elevators
2. There is increase in women in leadership position in companies
| 1. Technological disruption using robotics
2. Making elevators and escalators smarter
|
| Legal | Environmental |
| 1. Ensuring legal compliance by suppliers and distributors | 1. Companies have made it a priority to reduce their carbon footprint
2. Reduction in energy consumption is a prime concern for Elevator industry
|
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Detailed Pestle Analysis of KONE Corporation
Political
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Economic
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Social
This section is available only in the Complete report on purchase.
Technological
1. Technological disruption using robotics: Robotics technology is used by players in the elevator and escalator industry to automate the maintenance and repair of its elevators and escalators. This technology improves the speed and accuracy of maintenance and repairs, reducing downtime and improving customer satisfaction. Kone uses technology to enable robots to make elevator calls and use elevators autonomously, serving multiple floors. The Service Robot API is a tool that enables the connection of robots with elevators, allowing for the independent operation of elevators by the robots. The API facilitates real-time data sharing on the elevator’s status and direction, making it easier for robots to navigate their way. This tool enables robots to perform various tasks, such as delivering goods, cleaning buildings, and directing visitors to their desired locations. The Service Robot API operates using the WebSocket API protocol, which enables communication between KONE's systems and equipment and applications. KONE also in collaboration with Finland’s Aalto University is developing Spot, high-tech robot dog who is being trained to recognize what happens on large construction sites so that it can give real-time project updates. Its sensors automatically gather data to identify when a task is completed, and it can flag up and help avoid safety risks and much more.
The remaining section under "Technological" is available only in the Complete Report' on purchase.
Legal
This section is available only in the Complete report on purchase.
Environmental
This section is available only in the Complete report on purchase.
On purchase the KONE Corporation SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in KONE Corporation SWOT & PESTLE Analysis Report
1. The World's Most Innovative Companies 2021 - https://www.forbes.com/innovative-companies/list/2/#tab:rank
2. KONE Annual Review 2022 - https://www.KONE.com/en/Images/KONE_Annual%20Review%202022_tcm17-120787.pdf
3. KONE wins three prestigious Red Dot Design Awards - https://www.KONE.com/en/news-and-insights/releases/KONE-wins-three-prestigious-red-dot-design-awards-2022-06-21.aspx
4. The Eyes and Ears of Data at KONE - https://www.KONE.com/en/careers/professionals-and-technical-experts/blogs/the-eyes-and-ears-of-data-at-KONE.aspx
5. Elevator Modernization Market - https://www.alliedmarketresearch.com/elevator-modern-market
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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KONE Corporation SWOT and PESTLE analysis has been conducted by Kancharla Venkata Sri Harshita and reviewed by senior analysts from Barakaat Consulting.
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