The political and economic stability of the country is the major factors for the increasing foreign investments in the country. Moreover, the increasing initiatives by the government to diversify the economy and boosting the focus towards non-oil sectors have positively impacted the number of foreign investments in the country. The increasing number of greenfield investments in the UAE is projected to surge the growth of construction sector thereby proliferating the demand for elevator and escalators.
According to MarkNtel Advisors’ research report “UAE Elevator and Escalator Market Analysis, 2020”, the elevator and escalator market is projected to grow at a CAGR of around 4% during 2020-25. The National Agenda set in the UAE Vision 2021 is one of the major drivers for the elevator and escalator market as it includes infrastructure developments in residential, commercial, hospitality, and healthcare sectors. Moreover, the rising number of events in the country such as Dubai Expo 2020 is acting as a catalyst for the establishment of hotels, residential buildings, retail malls, etc. Therefore, it is anticipated to boost the demand for elevator and escalators in the forthcoming period.
The growing number of tourist arrivals in the country is projected to boost the growth of the hospitality sector. Moreover, the introduction of several tourism strategies in the country such as Dubai Tourism 2020, Sharjah Tourism Vision 2021, Ajman Strategic Plan for Tourism 2015-21 are expected to positively impact the arrival of tourists in the country. Therefore, the establishment of new hotels in the country would surge the demand for elevators and escalators in the years to come, revealed by MarkNtel Advisors’ research report “UAE Elevator & Escalator Market Analysis, 2020”.
As per MarkNtel Advisors’ study, the residential and commercial sector grabbed a significant market share in the UAE elevator and escalator market in 2019. The upcoming Dubai Expo 2020 is one of the major drivers for the growing establishment of residential towers in the country thereby surging the demand for elevators. In 2017, a construction contract was signed for the development of Palm Gateway project at Palm Jumeirah. The project consists of a three-tower residential, retail, and beach club complex, which is estimated to be completed by 2020.
The key players grabbing a substantial share in the UAE elevator and escalator market include Thyssenkrupp Elevator, Otis Elevator, AG Melco Elevator, Hyundai Elevator, Toshiba Elevator, Hitachi Elevator, etc.
"UAE Elevator and Escalator Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for elevator and escalator firms across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
1. By Type (Elevator, Escalator)
2. By Service (New Installation, Modernization, Maintenance)
3. By End Users (Residential, Healthcare, Commercial, Retail, Govt. & Transportation, Hospitality, Others)
4. By Geographic Region (Abu Dhabi & Al Ain, Dubai, Sharjah & Northern Emirates)
5. By Competitors (Thyssenkrupp Elevator, Otis Elevator, AG Melco Elevator, Hyundai Elevator, Toshiba Elevator, Others)
Key questions answered in the study:
1. What are the current and future trends of the UAE elevator & escalator market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the country?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the UAE elevator & escalator market?
6. What are the customer orientation, purchase behavior, and expectations from the elevator & escalator companies across various regions?