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KONE - statistics & facts

From Finnish, kone means machine or industrial device. In 1918, KONE started to manufacture and install its own elevators. In 1924, the company was acquired by the Herlin family and since then is controlled by the members of this family. After doing a successful initial public offering at the Helsinki Exchanges in 1966, the company started to enlarge its global vision. Thus, with an expansionary business strategy, the company marked major acquisitions, such as the acquisition of Sweden’s Asea-Graham. This acquisition was followed by many other successful market strategies that expanded the reach of KONE across the Atlantic. From the 1990s onwards, the company excessively started to invest in research and development and gain global market power through innovation in the products and services KONE provided. The number of elevators and escalators in operation increased rapidly worldwide between 2012 and 2019, reaching roughly 17 million in total number by 2019.

Business performance and development of KONE

Through sustaining a dynamically strategic business model, KONE improved its business performance since the 1950s steadily. Over the last 14 years, KONE increased its annual revenue by roughly 150 percent. This rapid growth demonstrates the impressive business success and strategic approach of KONE. Similarly, the annual order backlog of KONE roughly tripled in only a decade, reaching 8.2 billion euros by 2019. To remain competitive and improve the product line of the company, KONE invested more and more in research and development (R&D) since 2009. Even despite the coronavirus (COVID-19), the company increased its annual R&D expenditure during 2020.

KONE in global competition

Between 2019 and 2027, the global elevator market is expected to grow continuously. The increasing market size attracts more and more firms into the market for elevators. Although the market for elevators and escalators is rapidly growing, the competition in this market appears to be less fierce. The main competitors of KONE include ThyssenKrupp, Schindler Group, Otis Worldwide, and Mitsubishi Electric. Anti-competitive practices in the elevator market have been under macro-prudential criticism both in Europe and outside. Since there are a few firms populating the global market for elevators, there is a somewhat cooperation between these firms to capture the market for their own benefits as a guild. The issue is difficult to identify whether these firms compete intensively or the market is growing sufficient enough to accommodate the growth desires of the firms. For instance, one could consider the fact that the number of new elevators and escalator installations worldwide almost quadrupled during the last two decades, up from 288,000 installations per year in 2001 to roughly one million installations per year in 2019.

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KONE - statistics & facts

From Finnish, kone means machine or industrial device. In 1918, KONE started to manufacture and install its own elevators. In 1924, the company was acquired by the Herlin family and since then is controlled by the members of this family. After doing a successful initial public offering at the Helsinki Exchanges in 1966, the company started to enlarge its global vision. Thus, with an expansionary business strategy, the company marked major acquisitions, such as the acquisition of Sweden’s Asea-Graham. This acquisition was followed by many other successful market strategies that expanded the reach of KONE across the Atlantic. From the 1990s onwards, the company excessively started to invest in research and development and gain global market power through innovation in the products and services KONE provided. The number of elevators and escalators in operation increased rapidly worldwide between 2012 and 2019, reaching roughly 17 million in total number by 2019.

Business performance and development of KONE

Through sustaining a dynamically strategic business model, KONE improved its business performance since the 1950s steadily. Over the last 14 years, KONE increased its annual revenue by roughly 150 percent. This rapid growth demonstrates the impressive business success and strategic approach of KONE. Similarly, the annual order backlog of KONE roughly tripled in only a decade, reaching 8.2 billion euros by 2019. To remain competitive and improve the product line of the company, KONE invested more and more in research and development (R&D) since 2009. Even despite the coronavirus (COVID-19), the company increased its annual R&D expenditure during 2020.

KONE in global competition

Between 2019 and 2027, the global elevator market is expected to grow continuously. The increasing market size attracts more and more firms into the market for elevators. Although the market for elevators and escalators is rapidly growing, the competition in this market appears to be less fierce. The main competitors of KONE include ThyssenKrupp, Schindler Group, Otis Worldwide, and Mitsubishi Electric. Anti-competitive practices in the elevator market have been under macro-prudential criticism both in Europe and outside. Since there are a few firms populating the global market for elevators, there is a somewhat cooperation between these firms to capture the market for their own benefits as a guild. The issue is difficult to identify whether these firms compete intensively or the market is growing sufficient enough to accommodate the growth desires of the firms. For instance, one could consider the fact that the number of new elevators and escalator installations worldwide almost quadrupled during the last two decades, up from 288,000 installations per year in 2001 to roughly one million installations per year in 2019.

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