Otis Worldwide

Otis Worldwide Corporation stands as the undisputed global leader in vertical transportation, with a heritage spanning over 170 years since Elisha Otis invented the elevator safety brake in 1853. The company's revolutionary safety device fundamentally enabled the development of modern skyscrapers and transformed urban landscapes worldwide. Today, Otis maintains an unparalleled global footprint, serving customers in over 200 countries and territories with more than 1,400 branches and offices, including a direct physical presence in more than 70 countries.

The company's scale is staggering: Otis moves 2.4 billion people every day and maintains approximately 2.4 million customer units worldwide through a workforce of 72,000 employees, including 44,000 field professionals. Based in Farmington, Connecticut, Otis operates through two primary business segments: New Equipment (38% of 2024 net sales, 13% of operating profit) and Service (62% of net sales, 87% of operating profit). This business model demonstrates the company's strategic focus on high-margin maintenance and modernization services, with the service portfolio growing 4.2% in 2024 and the modernization backlog expanding by low teens.

Otis became an independent publicly-traded company on April 3, 2020, following its spin-off from United Technologies Corporation (UTC) after 44 years as a UTC subsidiary. The separation was valued at $19.1 billion and coincided with UTC's merger with Raytheon to form Raytheon Technologies. Since independence, Otis has demonstrated consistent financial performance with fiscal year 2024 revenue of $14.3 billion, achieving 1.4% organic growth. The company reported strong profitability with adjusted earnings per share of $3.83, up 8.2% year-over-year.

Geographically, approximately 70% of Otis's 2024 net sales came from international operations, with workforce distribution showing 45% in Asia, 34% in Europe, Middle East, and Africa (EMEA), and 21% in the Americas. This global diversification provides resilience and growth opportunities across developed and emerging markets. Otis ranks first among 317 active competitors in the vertical transportation industry and accounts for an estimated 8.1% of U.S. elevator installation and service industry revenue.

Technologically, Otis continues to innovate with digitally native elevator platforms including Gen3 and Gen360, both integrated with the Otis ONE IoT digital platform for real-time equipment monitoring and predictive maintenance. As of December 31, 2024, approximately 1.0 million units of Otis's global portfolio are connected. The company invested $152 million in R&D during 2024, with $53 million focused specifically on digital and strategic initiatives. Strategic programs including the UpLift transformation initiative are driving operational excellence with expected run-rate savings of $200 million by H2 2025, while a China transformation program targets $30 million in savings by year-end 2025.