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The COVID-19 pandemic has rapidly changed the way buildings, including their elevators and escalators, function. This industry in the recent past has transformed quickly and drastically because of supply chain disruptions, logistical challenges, and increased digitalization. This has led to changes in the way elevators and escalators are designed, manufactured, operated, and managed on a daily basis. As a result, use of technology has increased, new business models have developed, and sustainable solutions and partnerships/M&As to respond to market dynamics have become more pressing needs.

The global market for elevators and escalators is highly competitive, with several leading and emerging companies striving to gain a competitive advantage. Frost & Sullivan has independently plotted the top 12 companies in this Frost Radar™ analysis: OTIS, KONE, Schindler, TK Elevators, Mitsubishi Electric, Hitachi, Toshiba Elevator and Building Systems, Hyundai, Fujitec, Orona, Canny Elevators, and Kleemann Lifts. While more than 100 companies participate in this market globally, the featured companies are the ones currently making waves and were chosen based on their growth indicators and recent innovations.