Top 10 Companies Operating in the Global Elevator Industry

Next Move Strategy Consulting Forecasts strong growth in the global Elevator Market: From USD 93.64 billion in 2024 to USD 137.57 billion by 2030, driven by technological advancements including smart elevators and IoT integration.

ELEVATOR MARKET OVERVIEW

The elevator market represents a dynamic sector includes the design, manufacturing, installation and maintenance of elevator systems. From conventional traction elevators to cutting edge smart solutions this market offers a diverse array of vertical transportation choices customized to suit the distinct requirements of various buildings and infrastructure projects. 

The ongoing urbanization along with the surge in construction across the globe is playing a crucial role in the expansion of the elevator industry. As urban areas tend to accommodate rising populations and overcome space limitations there is a significant rise in the demand for efficient elevator systems. 

Within this growing industry several leading companies stand out for their innovation and commitment to sustainability. Among the top key companies namely Otis Elevator, KONE Corporation and Schindler are primarily contributing to the industry's growth.

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HIGHLIGHTS OF OTIS ELEVATOR COMPANY LTD

Otis Corporation is one of the key players that specializes in the New Equipment segment of its business segment. Its diverse portfolio includes passenger and freight elevators along with escalators and moving walkways that are produced for residential and commercial purposes. The company witnessed a remarkable sale within the New Equipment segment that highlights its dominance in the market especially in China where it represents a substantial portion of global sales and unit volume. 

Moreover, the OTIS Gen2 family of elevators comprises low and mid-rise solutions which sold over one million units since its 2000 launch. Otis unveiled the successors to the Gen2 family with the launch of Gen3 and Gen360 digital elevator platforms. These elevators utilize a minimum space with more energy efficient utilization that connects with Otis ONE IoT platform to enhance safety for passengers. With a strong presence in China the company has gained its position to maintain its dominance in the elevator and escalator industry that drives future growth and enhances urban mobility worldwide.

HIGHLIGHTS OF KONE CORPORATION

KONE Corporation leads the elevator industry globally that sets up unparalleled standards in innovation, reliability and sustainability across its comprehensive range of elevator and escalator solutions. The company currently occupies 36 energy efficiency references for its platforms according to the international ISO 25745 standard. 

Also, KONE became the first in the industry to achieve carbon neutral manufacturing units globally that reduces emissions by 71% compared to the other baseline products. KONE has ten manufacturing units in seven countries that works towards the best supply chain operations. Despite a 3.1% decline in New Building Solutions sales in 2023 the service sales grew by 9.1% and modernization sales increased by 21.2%. 

In 2023 KONE received the ISO 27001 cybersecurity certification for its digital services complementing the IEC 62443 certification for its DX class elevators. This makes it the first in the global elevator and escalator industry to be awarded both certifications which highlights its commitment to safety and technological advancement.

HIGHLIGHTS OF SCHINDLER GROUP

As one of the world's leading suppliers of elevators, escalators and moving walks the company is making prominent initiatives towards production, installation and modernization across the global market. Schindler conducts a Confirmation of Periodic Safety Inspection (CPSI) every five years for elevators and every two years for escalators. 

The CPSI is a proprietary global safety standard introduced by Schindler for periodic inspections of critical safety components of units under maintenance. These inspections for elevators consist of over 70 individual tests and checks on components which are conducted by certified engineers.

SUMMARY OF ELEVATOR INDUSTRY 

The elevator market is witnessing rapid growth and technological advancements driven by initiatives from prominent companies such as Otis Elevator Company, KONE Corporation and Schindler Group. These market players are setting new standards in innovation and customer service that ensures vertical transportation systems to meet the demands of modern urbanization. As the market continues to expand their contributions will be pivotal in shaping the future of vertical mobility.

Author Bio:

Supratim Bhowmick is a passionate and highly enthusiastic researcher with over two and a half years of experience. He is dedicated to assisting clients in overcoming challenging business obstacles by providing actionable insights through exhaustive research. Supratim has a keen interest in writing articles and blogs, along with content writing. He consistently endeavors to deliver valuable perspectives in these areas. The author can be reached at info@nextmsc.com