The elevator and escalator industry has been one of the sectors in China where foreign companies have been the dominant players. But that lead may soon disappear as Chinese companies are fast catching up with their foreign peers, both in products and technology, industry sources said.

Li Shoulin, president of the China Elevator Association, said that though global firms account for the lion's share in China's elevator market, domestic brands have been steadily improving their market share.

"Domestic firms account for about 40 percent of the market now, compared with 10 percent a decade ago. If original equipment manufacturing is also included, then the share of the domestic firms will rise to more than 50 percent," he said.