Latest news with #OTIS
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Otis Provides The Kross in Ho Chi Minh City With Smart Mobility Systems
For exceptional passenger experience, proven innovation and seamless building system integration HO CHI MINH CITY, Vietnam, June 30, 2025 /PRNewswire/ — Otis (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, will install advanced technology and connected vertical mobility solutions for The Kross, a premium 39-story mixed-use building in the heart of Ho Chi Minh's central business district. Otis to complete installation of 7 SkyRise® and 9 Gen3™ elevator systems in The Kross by 2026 Otis will maintain The Kross' vertical mobility systems through 2028. 'We are delighted to contribute to this prestigious development that will redefine Ho Chi Minh City's urban skyline,' said Manivannan K., Managing Director of Otis Vietnam and Cambodia. 'By equipping the project with Otis' most advanced high-rise elevator and cutting-edge digital technologies, we are delivering a predictive, proactive, and transparent view of elevator operations, making it easier for our customers to manage, and enhancing their passengers' experiences.' What Otis systems will be in The Kross, Ho Chi Minh City? The Gen3 elevator system, launched in Vietnam in 2024, is digitally connected. It enables real-time monitoring, predictive maintenance, and seamless building integration. This enhances efficiency, improves safety, and elevates the customer experience The flexible SkyRise system – available in a range of speeds and rises up to 900m – is the ideal choice for skyscrapers, for example at One Za'abeel and the New Bund Center The Kross will be integrated with Compass® 360 elevator destination management. Compass 360 is an intelligent dispatching technology that groups passengers' by destinations and will reduce travelling time up to 50% in peak travel periods An EMS PanoramaTM 2.0 elevator management system will allow building owners to monitor, control, report on and manage a full range of operational-critical functions About Otis Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.
Yahoo
12-06-2025
- Business
- Yahoo
United States Elevator and Escalator Market Forecast Report 2025-2030: Market to Reach 43,321 Units by 2030, Growing at 2.65% CAGR
Notable developments in the U.S. Elevator and Escalator Market include ATTA Elevators' U.S. expansion, Schindler's new MRL elevator, and OTIS's acquisition of Urban Elevator locations. The U.S. government's tariffs impact costs, affecting demand and favoring local manufacturing. AI integration and infrastructure investments create growth opportunities. Key players like Otis, KONE, and Schindler drive innovation amid rising public infrastructure spending. Challenges remain from tariffs and housing crisis effects on demand. U.S. Elevator and Escalator Market Dublin, June 12, 2025 (GLOBE NEWSWIRE) -- The "U.S. Elevator and Escalator Market - Size & Growth Forecast 2025-2030" report has been added to U.S. Elevator and Escalator Market was sized at 37,026 units in 2024, and is projected to reach 43,321 units by 2030, rising at a CAGR of 2.65%. Schindler, TK Elevators, KONE, OTIS, and Mitsubishi Electric are the top five vendors in the U.S. elevator and escalator market. Other prominent players in the U.S. elevator and escalator market are Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Delaware Elevator, Inc., Day Elevator & Lift, American Crescent Elevator Corp., Godwin Elevator Company, and others. These leading players continuously innovate to provide state-of-the-art technology, ensuring safety, efficiency, and sustainability. Recent Developments in the U.S. Elevator and Escalator Market In 2024, ATTA Elevators, a leading elevator and escalator service provider based in Ontario, announced its expansion into the U.S. with an office in St. Louis, Missouri. In April 2025, Schindler Elevator Corporation announced the launch of the Schindler 5000, which is a machine-room-less (MRL) elevator designed for low- to mid-rise offices, hotels, hospitals, and apartment complexes. This model is widely available in the U.S. market. In April 2025, OTIS announced the acquisition of eight of the eleven Urban Elevator locations in the US. KEY HIGHLIGHTS The U.S. elevator market by installed base is expected to reach 1.26 million units by 2030. Elevators used in the residential sector accounted for the largest share in 2024, despite low purchasing power due to high interest rates. The market is set to recover in 2025, pertaining to high government expenditure on construction projects. The machine roomless traction segment accounted for the largest market share due to its space-saving design, energy efficiency, and ability to support green building initiatives. The U.S. installed base escalators market is expected to reach 64.1 thousand units by 2030. Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing retail projects in the pipeline. The parallel escalators segment accounted for the largest market share in 2024 due to the high construction of commercial buildings. The modernization market of the U.S. elevator and escalator market is expected to reach USD 3.23 billion by 2030. In Q1 2025, the American Society of Civil Engineers (ASCE) forecasted a total of USD 5.4 trillion in public and private infrastructure investments over the decade from 2024 to 2033. In addition, in 2025, the U.S. is witnessing significant developments in Smart City Construction. For instance, the Retired Homer City Generating Station is ready to be transformed into a natural gas-powered data center campus. In March 2025, Amtrak (National Railroad Passenger Corporation) stated that it will increase its expenditure by 50% to reach USD 6 billion in 2025. In April 2025, Ledcor Development initiated the construction of Alara, a USD 107 million apartment complex in San Diego's Grantville neighborhood. This development will introduce over 200 new residential units, aiming to address the city's increasing housing demand. US ELEVATOR AND ESCALATOR MARKET OPPORTUNITIES & DRIVERS Integration of Artificial Intelligence (AI) in the U.S. Elevator and Escalator Market is Expected to Create Future Opportunities The integration of AI in the U.S. elevator and escalator market reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems. AI monitors real-time data from sensors installed in elevators and escalators to predict and prevent potential malfunctions. This reduces downtime and improves the reliability of equipment. Companies, such as KONE and Otis, have already implemented AI-based predictive maintenance globally, including in the United States. New Government Regulations and Technologies to Support the Demand for New Installations In New York City, a retroactive code mandated the integration of escalator skirt deflectors by January 1, 2025. These deflectors are designed to prevent objects like clothing or shoes from becoming trapped between the escalator steps and side panels, thereby enhancing passenger safety. Building owners and managers were required to ensure compliance by the specified date. In 2025, McGhee Tyson Airport announced it to replace its aging escalators. The airport's board awarded a USD 1.1 million contract in October 2024 to KONE, which will begin replacing the downward escalator in late 2025 and will replace the upward escalator in early 2026. Increasing Investment in Public Infrastructure Development Is Driving the Demand Public infrastructure projects increased by 6% through the first eight months of 2024 compared to the same period in 2023. Construction spending grew by more than 41% in the U.S. from April 2020 to July 2024. As of February 2025, total construction spending in the United States recorded an adjusted annual rate of $2.195 trillion. This includes both public and private sector investments across residential and non-residential projects. Major ongoing public infrastructure projects in the U.S., including the California High-Speed Rail, the Gateway Program (Hudson Tunnel Project), and expansions of major airports like JFK and O'Hare, along with various highway and rail projects, are projected to drive the demand for vertical transportation solutions over the forecast period and contribute to the U.S. elevator and escalator market growth. Increasing Investment in the Manufacturing Sector to Drive Demand for Freight Elevators in the U.S. Elevator and Escalator Market The value of U.S. manufacturing output has continued to increase, reaching almost USD 3 trillion in 2024 (equal to 10 per % of total GDP). In June 2024, government expenditure in the manufacturing sector was directed towards building new and expanding existing manufacturing facilities, which reached a new record of USD 238 billion. In March 2025, GE Aerospace planned to invest approximately USD 1 billion in its U.S. factories and supply chain to strengthen manufacturing. INDUSTRY RESTRAINTS Housing Crisis in the Country Hampering Demand The shortage has driven up home prices and rents, making housing less affordable and slowing down real estate activity. The median United States home price in January 2025 was $418,000, up around 45% from $289,000 five years ago. Low housing starts in the U.S. are directly impacting the development of residential projects, reducing demand for elevators and impacting the U.S. elevator and escalator market growth. In addition, large institutional investors are increasingly buying up properties, which is limiting options for individual buyers. Meanwhile, mortgage rates, which peaked at approximately 7% in 2025, have discouraged both buyers and sellers, limiting transactions and delaying developments. Surge in Building Material Prices In March 2025, the U.S. government imposed 25% tariffs on steel and aluminum imports, aiming to bolster domestic production. These tariffs have led to increased costs for construction materials, as builders rely heavily on these imports. Furthermore, in early 2025, non-residential materials prices increased at an annualized rate of 9%, reflecting a rush among builders to procure materials ahead of anticipated price hikes (post new tariffs). Meanwhile, in January 2025, prices also increased for all three energy subcategories, namely, crude petroleum prices increased 14.8%, while natural gas and unprocessed energy material prices increased 13.7% and 13%, respectively. US ELEVATOR AND ESCALATOR MARKET VENDOR LANDSCAPE Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hyundai Elevator Fujitec Other Prominent Vendors MEI Total Elevator Solutions Delaware Elevator Day Elevator and Lift Liberty Elevator AVT Beckett American Crescent Elevator Manufacturing Access Elevator & Lifts, Inc. (AEL) Godwin Elevator Action Elevator Company Key Attributes: Report Attribute Details No. of Pages 123 Forecast Period 2024 - 2030 Estimated Market Value in 2024 37026 Units Forecasted Market Value by 2030 43321 Units Compound Annual Growth Rate 2.6% Regions Covered United States Elevator Market Segmentation by Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation by Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment U.S. Elevator and Escalator Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Space Needle Opens First Otis Double-Deck, Panoramic Glass Elevator
Elevator is first of three on site to be modernized with new Otis elevators SEATTLE, May 23, 2025 /PRNewswire/ -- A new, double-deck glass elevator from Otis opened for its first rides to passengers Friday as part of a new experience at the iconic Space Needle. Visitors to the tower can now soar above Seattle in a floor-to-ceiling glass, double-deck elevator, completely transforming the trip to the top. It's the first of three elevators on site that Otis (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, will modernize. The new, custom-built elevators will allow more people to fulfill the Space Needle's mission of bringing visitors to new heights for breathtaking views of Seattle, the Puget Sound and nearby Mount Rainier. This continues the longstanding relationship between the Space Needle and Otis. Otis installed the original elevators in 1962, modernized them in 1992, and has maintained them throughout. "The new elevator is more than a way up, it's a symbol of where we're headed," said Ron Sevart, Space Needle President & CEO. "This reinvestment reflects our commitment—to our Guests, our Team Members, and our community—to ensure the Space Needle remains a symbol of Seattle's innovative spirit for generations to come." "Otis is proud to be the company that iconic global projects like the Space Needle choose to safely transport visitors to breathtaking views and share once-in-a-lifetime experiences," said Joseph Armas, Otis President for the U.S. and Canada. "From day one, Otis has built, installed and continuously serviced the equipment at the Space Needle. Each year, we safely move more than 1 million people here." Advanced Technology When complete, the Space Needle will feature three modernized Otis SkyRise™ sightseeing elevators with the company's most advanced controllers and drives. Two double deck elevators will be able to move up to 46 passengers each in the custom-built cabs. The third elevator will remain a single deck. All will feature floor-to-ceiling glass windows that immerse visitors in the world around them as they rise 520 feet into the sky in less than 50 seconds. This is the first project in North America, and only the second in the world, to receive Otis' most powerful high rise SkyMotion™ 800 machines, designed to provide a smooth, efficient ride in the world's tallest buildings. The custom elevator cabs, designed by an aerospace manufacturer and built and assembled by Otis on site, reflect the vision of the Space Needle to capture humanity's space-age aspirations with the innovative and forward-thinking spirit of Seattle. This elevator modernization project is part of the Space Needle's Century Project renovation, which started in 2017, and included Otis installing a material lift and a custom-built accessibility lift on the upper floors of the tower. To learn more about Otis products and services, visit About OtisOtis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo. About the Space NeedleBuilt as the centerpiece and inspiration for the 1962 Seattle World's Fair, the Space Needle has since become a part of the Seattle experience and the globally recognized icon for the city. The Space Needle's recent $100 million renovation added more than 176 tons of glass to the structure offering unparalleled views of Seattle and introduced The Loupe—the world's first and only revolving glass floor. Open year round, the Space Needle hosts more than a million visitors per year. For more information visit: Media Contact:Katy Padgett+ View original content to download multimedia: SOURCE Otis Worldwide Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
23-05-2025
- Business
- Associated Press
Space Needle Opens First Otis Double-Deck, Panoramic Glass Elevator
Elevator is first of three on site to be modernized with new Otis elevators SEATTLE, May 23, 2025 /PRNewswire/ -- A new, double-deck glass elevator from Otis opened for its first rides to passengers Friday as part of a new experience at the iconic Space Needle. Visitors to the tower can now soar above Seattle in a floor-to-ceiling glass, double-deck elevator, completely transforming the trip to the top. It's the first of three elevators on site that Otis (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, will modernize. The new, custom-built elevators will allow more people to fulfill the Space Needle's mission of bringing visitors to new heights for breathtaking views of Seattle, the Puget Sound and nearby Mount Rainier. This continues the longstanding relationship between the Space Needle and Otis. Otis installed the original elevators in 1962, modernized them in 1992, and has maintained them throughout. 'The new elevator is more than a way up, it's a symbol of where we're headed,' said Ron Sevart, Space Needle President & CEO. 'This reinvestment reflects our commitment—to our Guests, our Team Members, and our community—to ensure the Space Needle remains a symbol of Seattle's innovative spirit for generations to come.' 'Otis is proud to be the company that iconic global projects like the Space Needle choose to safely transport visitors to breathtaking views and share once-in-a-lifetime experiences,' said Joseph Armas, Otis President for the U.S. and Canada. 'From day one, Otis has built, installed and continuously serviced the equipment at the Space Needle. Each year, we safely move more than 1 million people here.' Advanced Technology When complete, the Space Needle will feature three modernized Otis SkyRise™ sightseeing elevators with the company's most advanced controllers and drives. Two double deck elevators will be able to move up to 46 passengers each in the custom-built cabs. The third elevator will remain a single deck. All will feature floor-to-ceiling glass windows that immerse visitors in the world around them as they rise 520 feet into the sky in less than 50 seconds. This is the first project in North America, and only the second in the world, to receive Otis' most powerful high rise SkyMotion™ 800 machines, designed to provide a smooth, efficient ride in the world's tallest buildings. The custom elevator cabs, designed by an aerospace manufacturer and built and assembled by Otis on site, reflect the vision of the Space Needle to capture humanity's space-age aspirations with the innovative and forward-thinking spirit of Seattle. This elevator modernization project is part of the Space Needle's Century Project renovation, which started in 2017, and included Otis installing a material lift and a custom-built accessibility lift on the upper floors of the tower. To learn more about Otis products and services, visit About Otis Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo. About the Space Needle Built as the centerpiece and inspiration for the 1962 Seattle World's Fair, the Space Needle has since become a part of the Seattle experience and the globally recognized icon for the city. The Space Needle's recent $100 million renovation added more than 176 tons of glass to the structure offering unparalleled views of Seattle and introduced The Loupe—the world's first and only revolving glass floor. Open year round, the Space Needle hosts more than a million visitors per year. For more information visit: Media Contact: Katy Padgett +1-860-674-3047 [email protected] View original content to download multimedia: SOURCE Otis Worldwide Corporation
Yahoo
13-05-2025
- Business
- Yahoo
Otis Worldwide Corporation (OTIS) Surged Due to Its Low Exposure to Tariff
The London Company, an investment management company, released 'The London Company Mid Cap Strategy' first quarter 2025 investor letter. A copy of the letter can be downloaded here. After two years of robust earnings, US equities entered a correction territory in Q1. The portfolio declined 4.3% (-4.5%, net) during the quarter compared to a 3.4% decrease for the Russell Midcap Index. Sector exposure was a headwind to the strategy's relative performance in the quarter. In addition, you can check the fund's top 5 holdings to determine its best picks for 2025. In its first-quarter 2025 investor letter, The London Company Mid Cap Strategy highlighted stocks such as Otis Worldwide Corporation (NYSE:OTIS). Otis Worldwide Corporation (NYSE:OTIS) engages in the manufacturing, installation, and servicing of elevators and escalators. The one-month return of Otis Worldwide Corporation (NYSE:OTIS) was -1.26%, and its shares gained 0.49% of their value over the last 52 weeks. On May 12, 2025, Otis Worldwide Corporation (NYSE:OTIS) stock closed at $98.00 per share with a market capitalization of $38.509 billion. The London Company Mid Cap Strategy stated the following regarding Otis Worldwide Corporation (NYSE:OTIS) in its Q1 2025 investor letter: "Otis Worldwide Corporation (NYSE:OTIS) - Despite tough 4Q24 earnings, OTIS shares rallied in the first quarter due to its low exposure to tariffs/global trade war risks. Our conviction in the stock reflects the company's strong execution in the China market despite macro headwinds and the oligopolistic nature of the elevator and escalator industry." A technician in a safety harness inspecting a passenger elevator in a modern office building. Otis Worldwide Corporation (NYSE:OTIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Otis Worldwide Corporation (NYSE:OTIS) at the end of the fourth quarter which was 32 in the previous quarter. Otis Worldwide Corporation (NYSE:OTIS) reported revenue of $3.3 billion in Q1 2025 with organic sales flat year over year. While we acknowledge the potential of Otis Worldwide Corporation (NYSE:OTIS) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. In another article, we covered Otis Worldwide Corporation (NYSE:OTIS) and shared the list of top trending stocks. In addition, please check out our hedge fund investor letters Q1 2025 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey.
