The
Korean market has been one of the hot spots for elevator companies over the
past decade due to a boom in the construction of apartments and high-rise
buildings.
Basically,
Kone’s major international competitors, i.e. Otis (Sigma), ThyssenKrupp, Schindler,
are present in Korea, among whom Sigma – subsidiary company of Otis Elevator in
Korea appeared to be the strongest player.
Hyundai
Elevator – South Korea’s leading elevator manufacturing company – is the
strongest player in the industry, keeping the largest market share in South Korean
elevator manufacture. In 2009, Hyundai Elevator’s market share reached 40% in
the first half of the year according to Korean Ministry of Knowledge Economy
(MKE) and Korea Elevator Safety Institution (KESI).
Otis
Elevator came in the second spot with 19.5% in the first half year, followed by
ThyssenKrupp Elevator with 17.5%. The Japan-based company – Mitsubishi Electric
ranked fourth with the market share of 6%. Schindler Group came last with 3%
market share in the first half of 2009.
Major
players in Korean market have made quite a lot effort to raise their market
share. Some examples are: Schindler Group has attempted to take over Hyundai
Elevator business since 2004 but hasn’t succeeded yet; Otis Elevator, after acquiring
and changing LG’s elevator and escalator business into Sigma, kept Sigma and
Otis competing with each other as separated brands to increase its market coverage.
Competition
can be said the most fierce ever in elevator and escalator industry in Korea.
Sources
The
Korea Herald: http://www.koreaherald.com/view.php?ud=20071031000035
(access 28/11/2013)
Hyundai
official website: http://www.hyundaielevator.co.kr/eng/about/PR/news/1186968_1881.jsp
(access 29/11/2013)
Bloomberg’s
news: http://www.bloomberg.com/news/2013-05-22/schindler-chairman-says-hyundai-elevator-reneged-on-takeover.html
(access 29/11/2013)
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