The Chinese elevator market has dominated the international elevator industry for more than 20 years. Large construction projects competing for the title of China’s tallest building have raced to ever greater heights. Currently, two-thirds of new elevator construction occurs in China.
Slumping Chinese Elevator Market
However, all of that may be changing. China’s rapid construction phase may have reached its peak. Indeed, industry experts predict that the Chinese elevator market will decline, after which it may stabilize.
According to Bloomberg Intelligence analysts, Johnson Imode and Mustafa Okur, major elevator manufacturers will have to grapple with the slumping Chinese market. Consequently, elevator manufacturers in the country will need to consolidate in order to accommodate the lessened demand. Also, they may be looking at other markets or advancing technology to compensate for reduced revenue.
Bloomberg’s 2015 article titled The World’s Largest Elevator Market Is Falling and May Never Recover by Chris Cooper has the story.
Adam Taylor of the Washington Post agrees, saying, “China’s vast elevator market is slowing. As it slows, elevator companies are becoming more cutthroat — at every level.”
The Need for Speed
According to Taylor’s article, The surprisingly cutthroat race to build the world’s fastest elevator, world record setters are increasingly looking to high-speed elevators to gain notoriety and marketing appeal.
In general, elevators are not typically built for speed, but for safety, reliability, and accessibility. However, Japanese companies hoping to break into the wider international market have been competing fiercely for speed records. China’s Shanghai Tower elevator installed by Japanese elevator manufacturer, Mitsubishi Electric, currently holds the world speed record, according to Guinness World Records.
Cooper, Chris. “The World’s Largest Elevator Market Is Falling and May Never Recover” www.bloomberg.com, Bloomberg L.P., November 29, 2015. Web. March 23, 2017.
“Fastest lift (elevator)” www.guinnessworldrecords.com, Guinness World Records 2017, 2017. Web. March 23, 2017.
Taylor, Adam. “The surprisingly cutthroat race to build the world’s fastest elevator” www.washingtonpost.com, The Washington Post, January 4, 2017. Web. March 23, 2017.
Shanghai Skyline: Andy Miccone, “Gray Steel“. Public Domain.