China Builds the Most Skyscrapers — and Installs 69% of the World’s Elevators

Originally published by Qdaily in Chinese

By Lianchao LAN

Over the past decade, China’s rapid urbanization has fueled an unprecedented demand for elevators. Today, the country is home to over 4 million elevators — more than four times the number in the United States — and accounts for nearly 70% of global installations.

This boom has been driven by massive real estate investment and soaring property sales in the 2010s. But as China’s economic growth slows, debt concerns rise, and the property market cools, the elevator industry faces headwinds. Around 5% of local manufacturers have already gone bankrupt, and even global giants like Otis and KONE are cutting prices to stay competitive.

At the same time, a fierce “speed race” is unfolding. Japanese firms, known for high-speed rail technology, have pushed elevator speeds to record levels. Mitsubishi built the world’s fastest elevator for Shanghai Tower, reaching 20.5 m/s (45.8 mph) — faster than some theme park rides — while Hitachi and South Korea’s Hyundai plan even faster models. Chinese company Canny is constructing the world’s tallest test tower to join the race.

But there’s a limit: research shows that speeds above 23 m/s (51.4 mph) can cause passenger discomfort. In China’s skyscrapers, though, elevator speed has already become as much about prestige and tourism as it is about moving people.