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Material handling: elevators and escalators - statistics & facts

A brief history of elevators

The first passenger elevator was installed in 1857 in New York, but it was closed down three years later after a bumpy start. At that time, elevators were perceived only as a piece of industrial machinery and people were skeptical to use it as a mean of transportation. However, the emergence of high-rise buildings and modern cities would change the elevator industry entirely. Today, there are 17 million elevators and escalators in operation in the world.

China dominates the elevator and escalator market

The global market for elevators is expected to reach over 183 billion U.S. dollars by 2027. The continuing development of the construction industry supports the elevator business. The highest growth was experienced in the Asia-Pacific market; China represents almost two thirds of new installations worldwide. The Asia-Pacific region’s strong increase in urbanization and a thirst for tall buildings is seen as the main driver of growth.

Otis is the world’s largest elevator and escalator manufacturer

The leading suppliers of elevators and escalators include the Connecticut-headquartered Otis, the Finnish company Kone, and Switzerland-based Schindler Group, among others. Being acquired in 1976 by United Technologies Corporation, Otis emerged as an independent company after the merger of UTC with Raytheon in 2020 and renamed from Otis Elevator Company to Otis Worldwide Corporation. The business dedicated to elevators and escalators of the company generates over five billion U.S. dollars in sales every year; however, the maintenance and modernization services are the largest segment of the company.

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Material handling: elevators & escalators

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Material handling: elevators and escalators - statistics & facts

A brief history of elevators

The first passenger elevator was installed in 1857 in New York, but it was closed down three years later after a bumpy start. At that time, elevators were perceived only as a piece of industrial machinery and people were skeptical to use it as a mean of transportation. However, the emergence of high-rise buildings and modern cities would change the elevator industry entirely. Today, there are 17 million elevators and escalators in operation in the world.

China dominates the elevator and escalator market

The global market for elevators is expected to reach over 183 billion U.S. dollars by 2027. The continuing development of the construction industry supports the elevator business. The highest growth was experienced in the Asia-Pacific market; China represents almost two thirds of new installations worldwide. The Asia-Pacific region’s strong increase in urbanization and a thirst for tall buildings is seen as the main driver of growth.

Otis is the world’s largest elevator and escalator manufacturer

The leading suppliers of elevators and escalators include the Connecticut-headquartered Otis, the Finnish company Kone, and Switzerland-based Schindler Group, among others. Being acquired in 1976 by United Technologies Corporation, Otis emerged as an independent company after the merger of UTC with Raytheon in 2020 and renamed from Otis Elevator Company to Otis Worldwide Corporation. The business dedicated to elevators and escalators of the company generates over five billion U.S. dollars in sales every year; however, the maintenance and modernization services are the largest segment of the company.

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