KONE IoT-Enabled Elevator Maintenance Su Diagram

Strengths

• Maintenance and modernization contribute over 90% of profits, providing strong counter-cyclical resilience
• Predictive maintenance reduces customer-reported faults by approximately 40%

Weaknesses

• New equipment sales remain hampered by real estate market downturns in regions like China
• High labor costs associated with the global technician network

Opportunities

• A large number of aging elevators globally are entering the modernization cycle
• Increasing the connectivity rate beyond 44% creates further room for value-added subscriptions

Threats

• Competitors such as Otis and Schindler are also deploying IoT-based maintenance
• Independent third-party maintenance providers competing on price