15 Largest Elevator Companies in the World

In this article we take a look at the 15 largest elevator companies in the world. Click to skip ahead and jump to the 5 largest elevator companies in the world.

So what are the largest elevator companies in the world? In a very niche and specialized industry with a few big players and scattered local players, the elevators market worldwide is dominated by the largest few who are in a position to provide high technology lifts and high precision engineering. The top few players enjoy a favorable position to lead the market with the top most player being the clear market leaders with competitors falling far beyond. 

Under the GICS (Global Industry Classification Standards), elevators and escalators fall under the Industrial Machinery sub-industry for Machinery. The sub-industry includes manufacturers of all kinds of industrial machinery and industrial components including manufacturers of presses, machine tools, compressors, pollution control equipment, insulators, pumps, roller bearings and other metal fabrications along with elevators, escalators. The whole sub-industry experienced a slowdown these past few months with the pandemic taking over the world, and global slowdown of constructions. The difficulty in sourcing materials and disruption of supply chains have majorly contributed towards this. The elevators and escalators market has been no different and has suffered quite a downward trend in growth in the recent months. Several constructions and commercial projects were halted amidst lockdowns. The elevator industry had been a promising one and expected to grow to $114 billion in 2026 from a 70.95% in 2018. However, even with the pandemic slowing down the market, the demand for elevators and escalators and market growth  is expected to rise in the coming months if lockdowns are lifted or if vaccines become available in the market. Construction industry is expected to bounce back even though at a slower pace than before, and in turn the escalator market is anticipated to pick up. Through the first quarter of 2021 the market shall see a gradual growth and a decent CAGR in the next 5 years. 

Other sub-industries under the machinery categories are Construction Machinery & Heavy Trucks and Agricultural farming equipment, which have also been affected by the Covid-19 situation. One can go through the top 10 truck manufacturing companies in the world to get an idea of the companies impacted in this sector. 

Prior to the Covid pandemic, the escalators market was on a decent rising curve and experiencing growth in the form of new installations. As more focus was shifted towards energy efficient buildings, the need for smart elevators has been apparent in the construction industry. The market growth is significantly high in the APAC region as high-rise buildings are being increasingly built and smart elevators grow significantly popular. There is increasing demand for new installations as well as modernization and servicing. 

The companies operating in the elevator market are varied, and differ in not only scale or geographical markets catered, but also in their structure. The is segmented by product geographic location and end-user whether they are for  commercial and residential properties. The product categories of elevators and escalators are often clubbed together, as similar expertise is involved in manufacturing and most manufacturers deal in both product segments.  While there are companies that are pure play into elevators, escalators and other types of lifts only, others are companies dealing in diversified product categories. There are also a few conglomerates that have a division dedicated to elevators manufacturing. To base our list, we have considered the revenues for these companies in the specific elevator and escalator segment only. It is found there is a huge difference in the revenues of local and global operators, and market leaders are significantly ahead. We have also reported the number of permanent employees for the specific segments wherever disclosed by the company to enunciate the scale of operations. American market leader Otis Worldwide Corporation (NYSE:OTIS) is one of the key players globally. The company recently launched study of elevator airflow to assess the risk of transmitting coronavirus in an attempt to make elevators safe. With China being the highest contributor in the global new equipment market with capturing almost 63% presently, Otis, that has successfully tapped the market in sitting on gold. Otis is not only tapping the new equipment installations in the country but also servicing through the application of IoT. Check out our article about how Otis stocks are doing currently, here.

Let’s take a look at the 15  largest elevator companies in the world. 

15. Sigma Elevator Company

Revenue -$9 million

Number of Employees -49

South Korean elevator company is a subsidiary of OTIS and operates in most Asian markets. Sigma was established as a brand for OTIS in overseas markets in 2000.