The country’s plan to diversify its economy has gradually boosted the foreign investments in the country. Moreover, the increasing initiatives by the government to boost infrastructure development in the country is projected to attract numerous foreign investors in the country. The increasing number of greenfield investments in the country is anticipated to surge the establishment of new buildings such as residential towers, hotels, corporate offices, etc., which would strongly contribute to the growth Saudi Arabia elevator and escalator market in the years to come.
According to MarkNtel Advisors’ research report “Saudi Arabia Elevator and Escalator Market Analysis, 2020”, the elevator and escalator market is projected to grow at a CAGR of less than 5% during 2020-25. The rising trend of infrastructure development under Saudi vision 2030 is flourishing the Saudi Arabia elevator and escalator market. Infrastructure development including housing, education, transportation, and hospitals, etc. are generating demand for elevator and escalators in the country.
The introduction of advanced technologies and innovation in design by leading companies such as ThyssenKrupp, Otis, etc. would take forward the trend of elevator and escalators in the country. The ThyssenKrupp TWIN elevator system includes two cars operating independently in one shaft. This elevator transports up to 40% more passengers than conventional elevators. Hence, the integration of innovative design in the elevator and escalators is anticipated to positively impact the growth of elevator and escalator market, revealed by MarkNtel Advisors’ research report “Saudi Arabia Elevator & Escalator Market Analysis, 2020”.
As per MarkNtel Advisors’ study, the commercial sector grabbed a significant market share in the Saudi Arabia elevator and escalator market in 2019. Under the Saudi Vision 2030, there are many projects, which are transforming the city’s real estate landscape and stimulating the development of real estate sector. The establishment of new corporate offices in the country is projected to boost the demand for elevators and escalators in the years to come.
"Saudi Arabia 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 (East, West, South, Central)
5. By Competitors (Hyundai, Kone, Mitsubishi, Otis, Schindler, Thyssenkrupp, Others)
Key questions answered in the study:
1. What are the current and future trends of the Saudi Arabia 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 Saudi Arabia elevator & escalator market?
6. What are the customer orientation, purchase behavior, and expectations from the elevator & escalator companies across various regions?