Elevator Industry 1
Otis ELEVATOR INDUSTRY
by Rahul Pradhan
Mgt 302 Strategic Management T320
Professor’s Name: Ajay Kumar
Assessment type: Individual Case Study Report
Date :12/12/2020
, Elevator Industry 2
Introduction
With the rising usage of elevators in the contemporary world and a boom in the
construction sector, there is an increased demand for elevators in high rise and midrise structures,
leading to the market unprecedented growth. There are other socioeconomic elements for
instance the rise in the per capita income, and the augmented standard of living, affecting the
market growth in a positive manner. More countries are an option for skyscrapers in their cities;
this industry is expected to grow exponentially, and it is anticipated that it will reach the US
$142.2 by the year 2024. The dominant share market of the elevator industry in Asia Pacific,
followed by the EMEA region and the Americas. There are four significant players in the
elevator industry, and they include the following; Otis (USA), KONE (Finland), Schindler
(Switzerland), and ThyssenKrupp (Germany). Therefore, the role of this report will be to
highlight OTIS, a company in the elevator industry and which is the most well-known brand in
the industry. The report will then highlight some of the corporation's challenges and the factors
affecting the company's growth.
Otis
Otis is part of United Technologies (UTC), a diversified American firm and the
corporation accounts for some 20 percent of the global elevators. The corporation sells elevators
to more than 200 countries around the globe. The company’s history highlights its continued
growth and its innovation within the industry (United Technologies Corporation Annual Report,
2020). The company was invented by Elisha Otis in 1852, and in the following year, he went solo
and commercialized the business selling the three elevators for US$ 300 each. The concept of an
elevator has been around for the last 150 years, with some of the players, such as Otis controlling
Otis ELEVATOR INDUSTRY
by Rahul Pradhan
Mgt 302 Strategic Management T320
Professor’s Name: Ajay Kumar
Assessment type: Individual Case Study Report
Date :12/12/2020
, Elevator Industry 2
Introduction
With the rising usage of elevators in the contemporary world and a boom in the
construction sector, there is an increased demand for elevators in high rise and midrise structures,
leading to the market unprecedented growth. There are other socioeconomic elements for
instance the rise in the per capita income, and the augmented standard of living, affecting the
market growth in a positive manner. More countries are an option for skyscrapers in their cities;
this industry is expected to grow exponentially, and it is anticipated that it will reach the US
$142.2 by the year 2024. The dominant share market of the elevator industry in Asia Pacific,
followed by the EMEA region and the Americas. There are four significant players in the
elevator industry, and they include the following; Otis (USA), KONE (Finland), Schindler
(Switzerland), and ThyssenKrupp (Germany). Therefore, the role of this report will be to
highlight OTIS, a company in the elevator industry and which is the most well-known brand in
the industry. The report will then highlight some of the corporation's challenges and the factors
affecting the company's growth.
Otis
Otis is part of United Technologies (UTC), a diversified American firm and the
corporation accounts for some 20 percent of the global elevators. The corporation sells elevators
to more than 200 countries around the globe. The company’s history highlights its continued
growth and its innovation within the industry (United Technologies Corporation Annual Report,
2020). The company was invented by Elisha Otis in 1852, and in the following year, he went solo
and commercialized the business selling the three elevators for US$ 300 each. The concept of an
elevator has been around for the last 150 years, with some of the players, such as Otis controlling
