In accordance with the revised strategy, KONE started to strengthen its customer focus and improve its product and service offering. Extensive measures to raise productivity were also initiated, and greater emphasis was placed on growth, especially in developing markets. KONE wants to be the preferred partner of its customers, fulfilling their needs throughout their equipment’s entire life cycle.

Urbanization and economic growth increase the demand for new elevators and escalators and service in Asia while the need for modernizing equipment and the ageing of the population drive demand in Europe and North America. Key competitive factors in the industry include striving for more efficient space and energy utilization, new technologies and the opportunities created by them, and demand for better and more versatile services.

The global elevator and escalator market has changed dramatically in the 21st century due to strong growth in China. Approximately half of the world’s elevators and escalators are situated in Europe, nearly 20 percent in the U.S.A., and the rest in Asia and elsewhere in the world. However, more than 25 percent of new elevators and half of new escalators are installed in China alone while Europe’s share of new elevators is slightly under a third and that of the U.S.A. a little over 10 percent. Thus, new equipment sales are heavily concentrated in Asia whereas the short-term growth potential for repairs and modernizations lies first and foremost in Europe and North America.