Otis Worldwide Corporation is the world’s largest supplier of elevators and escalators by revenue, holding an estimated 18% share of the global market. The company traces its origins to 1854, when founder Elisha Graves Otis invented a safety device that prevented elevators from falling in the event of a hoisting cable failure. Otis operates through a lifecycle-based business model that starts with installing elevator systems in new buildings, followed by maintenance service contracts, and ultimately equipment replacement after an average elevator lifespan of 15 to 20 years. As the leading global OEM, Otis has built a serviced installed base of more than 2 million elevators. Its business model closely resembles that of major industry peers such as Kone, Schindler, and TK Elevator.