Skyscrapers and imposing buildings are a common sight in most first- and second-tier Chinese cities. But with growth mushrooming and urbanization going into overdrive, demand for big buildings and high-speed elevators is also spiraling in China, says Tony Black, president of Otis Elevator (China) Investment Co Ltd.
Black has done his arithmetic well. China is already the world's largest manufacturer and seller of elevators, with annual demand growing an average 20 percent over the past decade.
The number of elevators and escalators sold in China in 2013 alone was about 600,000 units, according to data from the China Elevator Association.
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Beyond the big numbers, Black says, China is now a major battlefield for foreign and domestic elevator firms due to the rapid pace at which tall buildings are rising. "The demand for lifts in China is not just about being fast but also about going farther," he said.
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In 2012, Black, a 30-year veteran, was deputed to oversee the US-based Otis Elevator Co's operations in China. Though he was a little bit apprehensive initially, Black says it was the "single most-important step in his career".
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"China is already the world's largest market for new elevators and escalator installations. It will also not be long before it becomes the largest elevator/escalator service market. It is getting closer to the target," he said.
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Black, however, knows that grabbing a bigger slice of the growing elevator pie may not be that easy.
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Skyscrapers and imposing buildings are a common sight in most first- and second-tier Chinese cities. But with growth mushrooming and urbanization going into overdrive, demand for big buildings and high-speed elevators is also spiraling in China, says Tony Black, president of Otis Elevator (China) Investment Co Ltd.
