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.
14. Glarie Elevator
Revenue -$15.8 million
Number of Employees – 18
China based company, Glarie Elevator, has a history of specializing in German superior technology. The company caters to the Chinese market, which is one of the leading markets, and has a production capacity of over 20,000 units.
13. Eita Elevator (Malaysia) Sdn Bhd
Revenue – $26million
Number of Employees – N/A
Malaysian company catering to the local construction demands, Eita’s main activities include design, installation and maintenance of elevator systems. The company is a division of the Eita Group.
12. Shenyang Yuanda Intellectual Industry Group Co. Ltd.
Revenue -$123 million
Number of Employees – 1,783
One of China’s largest elevator companies, the Shenyang Yuanda Intellectual Industry Group Co. Ltd. specializes in designing, manufacturing, installation, and after-sales service of elevators, escalators and passenger conveyors.
11. Johnson
Revenue -$170.7 million
Number of Employees -N/A
Indian market leader, Johnson, has years of expertise and over 20% of the geographical market share to its credit. The company also has a joint venture with Toshiba working together on high speed elevators for high rise buildings , known as Toshiba Johnson Elevators India Pvt Ltd.
10. Orona S.C.
Revenue -$972 million
Number of Employees – 5,420
Spain’s Orona S.C. is headquartered in Hernani, Gipuzkoa, Spain and operates in the global market. Orona’s activities include designing, manufacturing, installation, maintenance, and modernisation of all mobility solutions from elevators, escalators to moving ramps and walkways. The company reached an EBIT of $166 million in the year 2019, and has achieved a sustained growth over the years.
9. Hyundai Elevator
Revenue -$1,725 million
Number of Employees – N/A
South Korea is celebrated for its heavy industries and Hyundai is a key player in the elevator industry. The company under the Hyundai conglomerate experienced a slowdown in the year 209, especially due to the US-China trade disputes. The domestic elevator business sales decreased by 8.7% as compared to the previous year. Globally, the company has presence in China, Vietnam, Malaysia, Indonesia, Turkey and Brazil.
8. Toshiba Elevator and Building Systems Corporation
Revenue – $5,230 million
Number of Employees – 20
Toshiba is a Japanese multinational conglomerate that delves in everything from nuclear power generation, elevators, light-fixtures, air-conditioners to digital solutions. The elevator business line falls under its Building Systems segment along with light fixtures and air-conditioners. While the company itself makes multi-billion dollar revenues, the revenue attributable to the segment in 2019 was $5,230 million.
7. Hitachi Building Systems
Revenue -$ 5,676.73 million
Number of Employees -N/A
Japanese giant Hitachi delves into the elevator and escalator industry with its Building Systems division. Hitachi Building Systems operates as a unit of the Hitachi group. The unit has operations in building services including modernization and maintenance in China, Japan and Middle East markets. The company is increasingly experimenting with digital solutions for its elevators.
6. ThyssenKrupp Elevator AG (NYSE:TKAMY)
Revenue –$7,933.53 million
Number of Employees – 50,000
German multinational conglomerate mainly operating in the industrial engineering and steel production, recently disposed off its elevator business. While the sale proceeds from the Elevator technology segment was quite high, the company intends to achieve a structured balance sheet through the disposal. ThyssenKrupp Elevator AG operates as an independent company currently.
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