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Otis Worldwide SWOT & PESTLE Analysis

ID : 52801053| Oct 2020| 15 pages

COMPANY PROFILE -Otis Worldwide

Business Sector :Vertical Transport Systems

Operating Geography :United States, North America, Global

About Otis Worldwide :

Otis Worldwide Corp. (Otis) is an American company that offers people moving products. The company is based in Farmington, Connecticut, USA, and is a world leader in products such as elevators, escalators, moving walkaways, and related equipments. Otis visualizes itself as a world-class, customer-centric, service-oriented company, aiming to connect and thrive its consumers in this taller, faster, smarter world.
As of early 2020, Otis employs more than 69,000 professionals, including 40,000 field professionals, working in over 1400 branches & offices across the globe, moving around 2 billion people daily. The company has over 2 million units of products installed and maintained, including renowned towers & buildings such as Shanghai’s Oriental Pearl TV Tower, India’s Statue of Unity, and Empire State Building in New York, USA.
Apart from designing, manufacturing, and installing wide range of passenger & freight elevators for low, medium, and high-speed applications, Otis also provides upgradation of elevators and escalators, and offers maintenance & repair services for its products and other manufactures. The company also provides remote elevator monitoring (REM) systems to detect problems of elevators to monitor, control and report operational functions of elevators.
With the history of 160 years, Otis serves to commercial and residential properties and operates through its subsidiaries and offices spread across 200 countries and territories. The company runs 26 engineering centers and 11 test towers in China, Australia, France, and other countries.

Otis Worldwide Revenue :


USD 13,118 million – Financial Year ended on 31st Dec 2019 (YoY growth 1.6%)
USD 12,911 million – Financial Year ended on 31st Dec 2018

Competitive Analysis of Otis Worldwide

SWOT
PESTLE
The SWOT analysis of Otis Worldwide is presented below:
Strengths
Weaknesses
1. Market leader with highest share
2. Innovation around new equipments & services
3. Proven track record of executing complex projects
4. Expertise in manufacturing and network capabilities
5. Technically skilled and customer-focused workforce
6. Outstanding long-term relationships with customers and distributors
7. Sustainable and renewable solutions with safety culture
1. Lawsuit/Accidents hurting brand image
Opportunities
Threats
1. New contract wins across global markets
2. Growth initiatives in engineering and research
3. Positive outlook for the global construction industry
4. Accelerate service portfolio growth
5. Advance the Digitalization of Otis
1. Decline in infrastructure post Covid-19
2. Increasing manpower costs across the globe
3. Increasing compliance in government contracts
4. Impact of foreign currency fluctuations
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Detailed SWOT Analysis of Otis Worldwide

 

Strength

1. Market leader with highest share: With more than 167 years of experience in manufacturing, installing, and maintaining escalators & elevators across 200 countries, Otis is an Industry leader & well known for its innovative solutions in vertical transportations segment. The company provides unparalleled services which leads to recurring sales for the brand. They have their products installed at some of world’s most well-known buildings, including the Eiffel Tower, the Lotte World Tower, Empire State Building, and the Burj Khalifa, the world’s tallest building. The company has put its brand value on 3 factors including quality, safety, and reliability. A strong market position of Otis Worldwide Corp. showcases the company’s outstanding performance as against its peers in specific areas, and helps it gain new businesses easily. It has operations in more than 200 countries with manufacturing facilities in the Americas, Europe and Asia, and engineering facilities in the US, Austria, Brazil, China, Czech Republic, France, Germany, India, Italy, Japan, South Korea and Spain. The company operates two elevator test towers in Japan and one in the US. It maintains over two million elevators and escalators globally.

2. Innovation around new equipment & services: Otis has become a market leader with over two million units operating globally. Major factor behind this is their global investment in R&D sector. The company was able to file more than >2.3x times patents at global level through 2014-19. They have generated huge revenues by performing maintenance and repair services and modernization of elevator and escalator units. Otis has launched some cutting-edge technologies including Gen360, CompassPlus, OtisONE, etc. All these equipments come with intelligent design, reliable operations, faster construction, and personalized experiences. When compared to 2018, company has able to increase their retention rate from 93.8% to 94.2%, service sales/unit from 0.3% y-o-y to 2.1% y-o-y, and reduce average maintenance hours/unit -2.7% (y-o-y) to -4.0% ((y-o-y) for year 2019. This has led to drive productivity along with empowering technicians to create service excellence. Otis also used IOT solutions to enhance its service portfolio through the access of cloud & data analytics, personalized & customized content, and remote intervention monitoring.

The remaining section of “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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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Otis Worldwide Analysis Report

1. Otis Worldwide Current Report 2020 - https://sec.report/Document/0001140361-20-005883/

2. Otis Worldwide financials - https://www.wsj.com/market-data/quotes/OTIS/financials

3. Otis Worldwide Company History - https://www.moneycontrol.com/company-facts/otiselevatorcompany(india)/history/OEC

4. Otis Worldwide Social Impact - https://www.otis.com/en/in/our-company/social-impact

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Otis Worldwide SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). Otis Worldwide SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/otis-worldwide/ [Accessed 02 Dec, 2020].

In-text: (SWOT & PESTLE.com, 2020)

Copyrights and Disclaimer

Otis Worldwide SWOT and PESTLE analysis has been conducted by Amit Tulsiani and reviewed by senior analysts from Barakaat Consulting.

Copyright of Otis Worldwide SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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