Otis Realizes Opportunities Through China VT Renewal

U.S.-based OEM Otis is realizing vast business opportunities through China’s vertical-transportation (VT) renewal programs, particularly local governments’ plans to modernize more than 40,000 residential elevators that are older than 20 years, Bastille Post Global reports. The source observed that Otis has been in the Chinese market for approximately 40 years, establishing factories in Tianjin, Hangzhou and Jiaxing in addition to an R&D center in Shanghai. Otis CEO Chair and CEO Judy Marks said that, starting at 15 years, elevators are due for technology upgrades. China currently has roughly 800,000 elevators that are at least 15 years old, including ones that have been in service for more than 20 years. Otis saw its Chinese production of VT units reach 1.557 million in 2023, and its factory in Tianjin produces hundreds of elevators each day.