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The fascinating persistence of the lift oligopoly

The old economy industry, dominated by a handful of large global firms, presents high barriers to entry to newcomers

According to a 2015 Credit Suisse report, the overall market was worth about 56 billion euros in 2014, or almost S$90 billion.

HORSE-drawn carriages and internal combustion engines might go out of fashion. But the next time you step into an office lift or catch a ride on an escalator, consider how the vertical mobility business has survived more than 150 years.

With urbanisation, an increasing number of apartment...

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