Otis Worldwide Corporation is a global manufacturer, installer, and service provider of elevators, escalators, and moving walkways. The company operates through two primary business segments: New Equipment and Service. The New Equipment segment (approximately 38% of 2024 net sales) involves the design, manufacture, sale, and installation of passenger and freight elevators, as well as escalators and moving walkways for residential, commercial, and infrastructure projects. The Service segment (approximately 62% of 2024 net sales and 87% of operating profit) provides maintenance, repair, and modernization services to upgrade existing equipment. This segment generates recurring revenue from a global maintenance portfolio of approximately 2.4 million units. Geographically, Otis has a large global footprint, with international operations accounting for approximately 70% of its net sales. The company sells its products directly to customers, as well as through agents and distributors, serving real estate developers, building owners, and general contractors. Originally founded in 1853, Otis operated as a subsidiary of United Technologies Corporation for 44 years before being spun off as an independent publicly traded company in 2020.
