H. Yoo
Research expert covering South Korea
Otis Worldwide - statistics & facts
Elevators are an essential component of modern life, enabling humans to build increasingly taller buildings that can be accessed by all. Until Otis Elevator Company introduced the first passenger safety elevator in 1852, the height of buildings was constrained by how many stairs a human could climb, typically seven to eight floors. Elisha Otis' invention revolutionized the possibilities of urbanization across the globe, making Otis the largest company in the market for elevators as well as for other types of vertical or horizontal transportation mechanisms. In 1976, the company was acquired by United Technologies Corporation (UTC), strengthening its global leadership as an elevator manufacturer. After the UTC-Raytheon Technologies merger in 2020, Otis spun off as an independent company and took the name Otis Worldwide Corporation. With the arrival of new competitors, the global market for vertical transportation technologies is constantly expanding: over the last two decades, the number of new elevators and escalators installed worldwide has grown consistently year-over-year. The total number more than tripled between 2001 and 2023, reaching roughly one million installations by 2023.
