The toll on getting off the ground floor. Otis installs the machine, services it for twenty-plus years, then replaces it — 2.5 million units under maintenance, the industry's largest portfolio. New equipment is the razor, sold thin into a construction cycle; service and modernization are the blade and nearly all the profit. Over nine million units worldwide are already twenty years old, a modernization wave driven by fleet age rather than new construction, which is why China's property collapse hits the razor and spares the blade. Valued at 5,5 % growth. Watch: retention ex-China. The rail is the portfolio, and the portfolio is under pressure.

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