Mainland China Has Become the World's Largest Elevator Market

As the largest elevator market in the world, China has kept rapid and steady growth. Over the last ten years, the annual output of China elevator industry has maintained an average annual growth rate of 17.8%. Chinese mainland has grown to be the world's largest elevator market, with its annual output over 1/3 of the total amount of the world. The government has carried out the macro-control on the economic growth rate, and the demand for elevators continued to increase. With the continuous deepening of urbanization and the increase of housing construction, commercial centers, airports, and subways, the demand for residential elevators, escalators, and moving sideways will be kept stable.

Mainland China, the largest elevator market in the world, attracts the attentions from elevator companies all over the world, and the most famous elevator companies in Europe, America and Japan and the most advanced elevator products get into China together. The advent of foreign brands and their construction of joint ventures with Chinese local enterprises enable China elevator industry do better in introducing technology, training talents, building factories, and expanding strength, which makes China the country with the largest number of well-known elevator companies. China is not merely the world’s largest elevator market, but has formed the strongest elevator production capacity. 

About 400 elevator manufacturers in China have got the certificate of elevator manufacturing, and its production capacity has leaped up to the top one in the world. The elevator markets witness increasing keen competition, and the profits get downwards. Among the numerous elevator manufacturers, the Sino-foreign joint ventures account for a great part of the market. All of these global well-known elevator manufacturers such as OTIS, Schindler, ThyssenKrupp, Kone, Mitsubishi, Hitachi, Toshiba, Fuji, and Huasheng Fujitec have invested and built their plants in China.