The fascinating persistence of the lift oligopoly

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 blocks, malls, office buildings and metro systems in the world are adding lifts and will have to pay for their maintenance for many years to come.

There is simply no practical alternative to getting up or down from your 20th-storey office or apartment block. Many people don't even want to climb to the third.