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Otis Worldwide - statistics & facts

Elevators are one of the main ingredients of modern life. In a world with a high tendency towards urbanization, elevators and other vertical or horizontal transportation machines become more and more crucial. Until the invention of the safety elevator Otis, the height of buildings was constrained by how many floors a human could walk up, with around seven to eight floors. The invention of the safety elevator by Elisha Otis revolutionized the possibilities of urbanization across the globe since the 1850s. Otis Worldwide Corporation, shortly Otis, became the largest company in the market for vertical transportation systems, such as elevators and other types of vertical or horizontal transportation mechanisms. In 1976, the company got acquired by United Technologies Corporation (UTC) and could strengthen its global leadership as an elevator manufacturer. After the merger of UTC with Raytheon Technologies in 2020, Otis emerged as an independent company from the UTC group again. After this spun off, the company was renamed from Otis Elevator Company to Otis Worldwide Corporation. The global market for vertical transportation technologies is continuously growing. Over the last two decades, each year more and more new elevators and escalators were installed worldwide. The total number more than tripled between 2001 and 2019, reaching roughly one million installations by 2019.

Business performance of Otis

Although Otis was the company introducing the idea of safety elevators, monopoly rents from innovations do not last more than a few years. Therefore, strong and dynamically strategic firms challenge the position of Otis in the global market. From 2009 to 2020, the net sales of Otis fluctuated around 12.5 billion U.S. dollars with a somewhat increasing trend. The net sales of Otis Worldwide Corporation are divided into two main business segments, namely new equipment sales and services for maintenance and monitoring of elevators. During the fiscal year of 2020, the company reported roughly 7.4 billion U.S. dollars worth of net sales from its services business segment. Over the last decade, Otis reported fluctuating operating profit figures, with a somewhat declining trend. After the coronavirus (COVID-19) hit, the annual operating profit of the company declined further. During the fiscal year 2020, the company reported an annual operating profit of over 1.6 billion U.S. dollars. During the fiscal year of 2020, Otis invested roughly 152 million U.S. dollars in research and development (R&D) to innovate and improve its product varieties, such that the company could retain its business performance in the long-run globally.

Competitive forces of the market

The growth trajectory of the market for escalators and elevators is expected to follow a steady path in the upcoming years. For instance, the global demand for elevators was approximately 123 billion U.S. dollars in 2020. By 2027, the worldwide market for elevators is projected to reach over 183 billion U.S. dollars. Yet, the performance of this market is tied to the health of the construction sector. The leading firms include Otis, Mitsubishi Electric, Schindler, and KONE. KONE’s revenue increased rapidly during the last two decades. Between 2007 and 2020, the company more than doubled its revenue flows. In 2020, KONE’s revenue streams were almost ten billion U.S. dollars. The business dedicated to elevators, escalators, and automatic building doors has had a revenue increase by almost five billion euros between 2010 and 2020. Schindler experienced an increasing revenue flow until the global financial crisis (GFC) of 2008, reaching its apex of 14 billion Swiss francs in 2008. Yet, in the aftermath of GFC 2008, the company’s revenue plummeted, down by six billion Swiss francs. Until 2020, the company has not managed to fully recover its revenue flows. In 2020, the Swiss company reported annual revenue of 11 billion Swiss francs.

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Otis Worldwide

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Otis Worldwide - statistics & facts

Elevators are one of the main ingredients of modern life. In a world with a high tendency towards urbanization, elevators and other vertical or horizontal transportation machines become more and more crucial. Until the invention of the safety elevator Otis, the height of buildings was constrained by how many floors a human could walk up, with around seven to eight floors. The invention of the safety elevator by Elisha Otis revolutionized the possibilities of urbanization across the globe since the 1850s. Otis Worldwide Corporation, shortly Otis, became the largest company in the market for vertical transportation systems, such as elevators and other types of vertical or horizontal transportation mechanisms. In 1976, the company got acquired by United Technologies Corporation (UTC) and could strengthen its global leadership as an elevator manufacturer. After the merger of UTC with Raytheon Technologies in 2020, Otis emerged as an independent company from the UTC group again. After this spun off, the company was renamed from Otis Elevator Company to Otis Worldwide Corporation. The global market for vertical transportation technologies is continuously growing. Over the last two decades, each year more and more new elevators and escalators were installed worldwide. The total number more than tripled between 2001 and 2019, reaching roughly one million installations by 2019.

Business performance of Otis

Although Otis was the company introducing the idea of safety elevators, monopoly rents from innovations do not last more than a few years. Therefore, strong and dynamically strategic firms challenge the position of Otis in the global market. From 2009 to 2020, the net sales of Otis fluctuated around 12.5 billion U.S. dollars with a somewhat increasing trend. The net sales of Otis Worldwide Corporation are divided into two main business segments, namely new equipment sales and services for maintenance and monitoring of elevators. During the fiscal year of 2020, the company reported roughly 7.4 billion U.S. dollars worth of net sales from its services business segment. Over the last decade, Otis reported fluctuating operating profit figures, with a somewhat declining trend. After the coronavirus (COVID-19) hit, the annual operating profit of the company declined further. During the fiscal year 2020, the company reported an annual operating profit of over 1.6 billion U.S. dollars. During the fiscal year of 2020, Otis invested roughly 152 million U.S. dollars in research and development (R&D) to innovate and improve its product varieties, such that the company could retain its business performance in the long-run globally.

Competitive forces of the market

The growth trajectory of the market for escalators and elevators is expected to follow a steady path in the upcoming years. For instance, the global demand for elevators was approximately 123 billion U.S. dollars in 2020. By 2027, the worldwide market for elevators is projected to reach over 183 billion U.S. dollars. Yet, the performance of this market is tied to the health of the construction sector. The leading firms include Otis, Mitsubishi Electric, Schindler, and KONE. KONE’s revenue increased rapidly during the last two decades. Between 2007 and 2020, the company more than doubled its revenue flows. In 2020, KONE’s revenue streams were almost ten billion U.S. dollars. The business dedicated to elevators, escalators, and automatic building doors has had a revenue increase by almost five billion euros between 2010 and 2020. Schindler experienced an increasing revenue flow until the global financial crisis (GFC) of 2008, reaching its apex of 14 billion Swiss francs in 2008. Yet, in the aftermath of GFC 2008, the company’s revenue plummeted, down by six billion Swiss francs. Until 2020, the company has not managed to fully recover its revenue flows. In 2020, the Swiss company reported annual revenue of 11 billion Swiss francs.

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