Otis Worldwide Corporation Overview
Pro stress-test →Otis is the world's leading elevator and escalator manufacturing, installation, service and modernization company that moves 2.5 billion people a day and maintains approximately 2.5 million customer units worldwide. The largest global elevator and escalator supplier by revenue, the company commands approximately 18% of the global market share. With over 170 years of history dating back to 1854, Otis combines established market dominance with modernization and digital transformation initiatives.
Strategic Profile
Pro stress-test →The company operates through two segments, New Equipment and Service, with the service segment driving profitability and recurring revenue. The company's modernization backlog increased by 30% at constant currency, reaching its highest level since the spin-off. Subscription revenue from Otis ONE units surged 35% in 2025, demonstrating successful digital platform adoption and recurring revenue expansion.
Competitive Landscape
Pro stress-test →Otis competes closely with industry peers such as Kone, Schindler, and TK Elevator. As the global market leader with 18% share, Otis differentiates through its massive installed base of 2.5 million units, digital service platforms (Otis ONE), and recurring maintenance contracts. Competitors include private and public elevator manufacturers, with rivalry intensifying around service modernization and digital connectivity.
Industry Context
Otis Worldwide Corporation operates in Building Systems & Vertical Transportation Equipment Manufacturing.
Key facts
Founded: 1853 · Headquarters: Farmington, Connecticut · Employees: 72,000 · Revenue: $14.4B · Market cap: $35B