Press Release

Saudi Arabia Elevator & Escalator Market is Predicted to Record a CAGR of 7.5% During the Forecast Period

The Saudi Arabia Elevator & Escalator Market size is projected to grow at a CAGR of around 7.5% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The market includes a wide range of products and services, such as passenger elevators, freight elevators, escalators, moving walkways, dumbwaiters, and associated components like control systems, motors, and safety features. These are now found in almost every facility, such as schools, colleges, corporate offices, malls, residences, etc.

As technologies are becoming affordable and high-rise buildings are now increasingly common, especially across Saudi Arabia, more & more elevators & escalators are being installed across the country, i.e., instigating manufacturers to expand their production & distribution capacities to cater to the burgeoning end-user requirements.

Moreover, the major factor contributing to the growth of the market is primarily the Saudi government's initiative towards diversifying their economy from the oil & gas sector and investing heavily in other industries such as healthcare, retail, building & construction, tourism, IT & telecom sectors which aligns with Saudi Vision 2030.

Hence, this has resulted in various infrastructural development projects gaining momentum throughout the country, leading to an upsurge in demand for elevators and escalators, thus driving overall market growth, further states the research report, “Saudi Arabia Elevator & Escalator Market Analysis, 2024.”

Saudi Arabia Elevator & Escalator Market Segmentation Analysis

New Installation Holding the Major Market Share

Based on the service segment, the market is further bifurcated into New Installation, Modernization, and Maintenance. The significant market share held by New Installations of elevators & escalators is attributed to the rise of urbanization, ongoing construction projects as well as expanding industrial activities that align with Saudi Vision 2030. As a result of an influx of tourists, migrants, and pilgrims within the country's borders leading to increased development in hotels, resorts shopping malls office buildings hospitals railway networks airport expansions among others more infrastructures are being constructed rapidly. This trend has bolstered numerous orders for installing elevators and escalators throughout Saudi Arabia driving growth across these industries.

Commercial & Residential Segments to Contribute Substantially to the Market

During the forecast period, the Saudi Arabia Elevator and Escalator Market is expected to see substantial growth in both Commercial & Residential segments. This surge can largely be attributed to an array of infrastructure development projects relating to hotels, retail stores, shopping centers, office buildings as well and apartments being implemented through a combination of heightened greenfield investments coupled with governmental emphasis on economic diversification. Additionally, high-rise construction has led to a surge in demand for rapid elevators being installed within residential spaces which offers promising potential revenue opportunities for businesses operating within the Elevator and Escalator Market throughout Saudi Arabia's projected period of economic advancement.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including ThyssenKrupp Elevator Saudi Arabia, Otis Elevator Company Saudi Arabia Limited, Hyundai Elevator, Toshiba Elevator & Building Systems Corporation, Hitachi Elevator, Kone Middle East LLC, Fujitec Saudi Arabia Co. Ltd., Schindler Olayan Elevator Co. Ltd., Mitsubishi Electric Saudi Ltd., Gulf Elevators and Escalators Co., and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Saudi Arabia Elevator & Escalator Market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?