The growth of the UAE Elevator and Escalator market is driven by the factors such as the increasing number of corporate offices, construction of new hotels and shopping malls coupled with increasing government investment to enhance the infrastructure of Dubai. Moreover, improvement in economic conditions of the UAE, rise in inflow of FDI in the construction industry and the increasing urbanization rate propels the growth of the market.
Key questions answered in the study:
According to MarkNtel Advisors’ research report “UAE Elevator and Escalator Market Analysis, 2021”, the market is anticipated to grow at a CAGR of around 4% during 2021-26. Based on End-User, the Residential Segment acquired the largest share in the UAE elevator and escalator market owing to the rise in construction activities and the increase in the building of the residential tower in the region. Additionally, growing foreign investment is projected to provide growth opportunity for the growth of the elevator and escalator market.
“UAE Elevator and Escalator Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Elevator and Escalator providers across the region. 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 formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Dubai grabbed the significant market share
Based on the region, Dubai holds the largest share in the UAE elevator and escalator market in 2019. The major factor attributing to the growth of the Dubai region is a substantial investment done for Dubai Expo, execution of the UAE Vision 2021 by the government and sanction of large-scale projects. Further, expansion of the green and red line of metro and rising foreign investment are projected to surge the demand for Elevator and Escalator Market in the forecast period as stated in MarkNtel Advisors’ research report “UAE Elevator and Escalator Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the UAE Elevator and Escalator market are Thyssenkrupp Elevator, Otis Elevator, AG Melco Elevator, Hyundai Elevator, Toshiba Elevator, Hitachi Elevator, etc. These companies are launching new products to gain an advantage over their competitors.