Chengdu Metro Line, where Otis was selected to provide 133 elevators and escalators for the new circular Line 7. (Photo provided to chinadaily.com.cn)
Otis Elevator, a world-leading manufacturer of elevators and escalators, has reiterated its commitment to China.
The company's global president has pledged to increase investment in innovation and service in China to support continuing demand for transport infrastructure and high-rise buildings brought about by accelerating urbanization.
"Despite the global economic slowdown, China remains the world's largest market for new elevator sales and a global epicenter of the high-rise building boom," said Otis president Philippe Delpech during a recent visit to China.
China has more elevators and escalators than any other country. According to the China Elevator Association, about 3.6 million elevators and escalators were in service across the nation by the end of 2014.
"Against the backdrop of China's 'new normal' of growth, Otis sees good growth potential in major infrastructure projects like airports, high-speed rail and metro networks and residential developments, especially in second and third-tier cities," Delpech said. "Urbanization is the growth engine for these key sectors."
Government statistics reveal that more than half of China's population now lives in cities, compared to 18 percent in the 1970s. In the next 15 years, 300 million people in China are expected to move to a city, the equivalent of almost the entire population of the United States.
Urbanization drives demand for elevators and escalators to move people safely and efficiently, especially in urban communities and transportation hubs. The construction of high-rise buildings and major infrastructure projects, such as airports and high-speed rail and metro networks, also sparks innovation based on the market's need for new elevator and escalator solutions.
"Otis has been part of China's urban growth and economic development for many decades. With rising urbanization and higher customer expectations for quality, safety and energy saving, we will now accelerate product and technology development in China by increasing our investment in innovation and engineering here," Delpech said.
