The World's Largest Elevator Market Is Falling and May Never Recover
- Peak of 600,000 China elevator sales may never be seen again
- Otis will boost engineers in Japan by about 50 percent
Commercial and residential buildings stand in Shanghai, China, on Tuesday, April 21, 2015. China's gross domestic product expanded 7 percent in the three months through March from a year earlier.
Photographer: Tomohiro Ohsumi/BloombergThis article is for subscribers only.
The world’s biggest elevator maker said China’s best days may be behind it.
After peaking at 600,000 units last year, sales in China may drop to about 500,000 next year amid a surplus of apartments and slowdown of people moving to big cities, Otis Elevator Co. President Philippe Delpech, who heads the world’s largest maker of elevators, said in an interview in Tokyo this month. After that, the market in China, where more than two-thirds of elevators are sold, may stabilize, he said.