Domestic elevator market share is expected to increase

From the 14th to the 16th, major elevator accidents occurred in many places across the country, and elevator safety has once again become a social focus. Analysts believe that the frequent occurrence of foreign-brand elevator accidents will cause its market share to be squeezed and the market will give more attention to domestic elevators. Due to its advantages in operation and maintenance and cost performance, the market share of domestic elevators will gradually increase.

Frequent accidents attract attention

According to media reports, within three days from the 14th to the 16th, elevator safety accidents occurred in Yichang, Xi’an, Shenzhen, and Yuxi, respectively, resulting in the death of four people and rekindling public concern over elevator safety. In fact, elevator accidents are not uncommon in China in recent years. In 2011, Beijing and Shenzhen subway retrograde accidents once caused a sensation. The parties Otis and CNIM were foreign brands, which also caused the two companies' business in China to be seriously affected. .

Although the above incident led China to revise the “Safety Rules for the Manufacturing and Installation of Escalators and Moving Walkways” that has been used since 1997, there is still a lack of uniform regulations in the daily maintenance and management. Statistics show that in the past year, 36 elevator accidents have occurred in the Mainland of China, resulting in the death of 28 people. Elevator safety has become the focus of public opinion.

Analysts believe that in recent years, elevator safety accidents in our country have occurred frequently, and most of them have a direct relationship with the use of elevators for a long time and the operation and maintenance are not in place. Foreign-brand elevators are frequently hit by accidents, and their market share will be squeezed. This is an opportunity for domestic elevator companies.

Elevator replacement tide arrival

“The timing of foreign brand elevators entering China was earlier, and technology was more advanced at that time, and its market share also dominated in the previous period. However, in recent years, the market share of foreign brands has been shrinking, and it has been diluted to 70% in recent years. The market share of elevator companies has been steadily increasing every year, and the share of foreign brands will gradually decline in the future,” said an industry analyst on the China Securities Journal.

“Because of the frequent foreign-brand accidents in the early stage, domestic companies may be slightly behind in R&D and technology, but they have advantages that are incomparable to foreign brands in operation and maintenance.” The above analysts said that domestic elevator companies are on the scale of production. It is difficult to match with foreign companies, but because of the small size of the industry companies can now do more sophisticated projects, but also to win some demonstration projects. The analyst emphasized that elevators must first ensure safety, and the important point in maintaining safety is the efficiency of operation and maintenance. At this point, domestic elevator companies generally prevail over foreign-funded enterprises.

Industry sources said that domestic elevator companies need to pay more for this. In spite of this, the gross profit of the elevator business is not low, and the gross profit of domestic elevator companies is about 30%.

According to incomplete statistics, in the first quarter, the revenue and net profit of many listed A-listed elevator companies showed an overall increase. The growth rate of the main business revenues of Bolinte, Shanghai Mechatronics, and Kangli Elevator exceeded 15% year-on-year, and the net profit was The year-on-year increases of Kangli Elevator and Xinshida were 14% and 27% respectively. According to industry sources, the construction of elevators in China began in the 1990s. Since the service life of elevators is mostly around 20 years, the upgrading of domestic elevators has come.

According to statistics from the China Elevator Association, the number of elevators in our country has reached 2 million units and has grown at a rate of 20% per year. Under the circumstance that domestic brand elevators are gradually accepted and the operation and maintenance level is universally recognized, the overall industry boom is expected to continue to improve.

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