Otis eyes growth expansion driven by lifecycle solutions US elevator major to tap opportunities in nationwide refurbishment uptrend Otis Worldwide Corp is strategically targeting China's "replacement wave" of older elevators, capitalizing on national policies promoting large-scale equipment renewals to expand its local footprint. China remains one of the group's most dynamic and promising markets with expanding opportunities in service and refurbishment, said Judy Marks, chairwoman, CEO and president of Otis Worldwide Corp, a United States-based elevator manufacturer. Otis sees strong alignment between its strategic direction and the country's goals for the 15th Five-Year Plan (2026-30), which emphasizes high-quality development, smart cities, digitalization and urban renewal, she said. "The emphasis on high-quality development, smart cities, digitalization and urban renewal aligns with Otis' current offerings and strategic direction," Marks said. The government's push for urban renewal and the upgrading of public infrastructure to support an aging population present a significant opportunity. "Government bond subsidies for elevator refurbishment and the recently announced program for adding elevators to existing buildings demonstrate the government's strong efforts in advancing high-quality living through good housing," added Marks. The company secured a contract last year to upgrade 106 elevators in a residential community in Shanghai, while it also won additional bids in Shijiazhuang, Hebei province, and Hefei, Anhui province, to renovate elevators in several neighborhoods in the same year. Nearly 200 aging elevators in the two cities are now slated for comprehensive modernization under the new projects, marking another step in expanding its equipment renewal footprint in China. Marks noted that Otis strives to build a safer and more sustainable urban landscape in China by merging technology with customer demands, driving progress in areas like barrier-free transit, city upgrades and artificial intelligence-powered elevator safety. This nationwide effort is particularly relevant given the country's aging infrastructure. "Over 900,000 elevators