UAE Elevator and Escalator Market Research Report: Forecast (2021-2026)

Market Definition

As high-rise buildings are becoming more common and technology is becoming more affordable in the UAE, elevators & escalators installed within buildings are increasing dramatically. In earlier times, elevators and escalators were just a symbol of luxury, but now they have become an important system for enhancing accessibility.

Market Insights

The UAE Elevator and Escalator Market is anticipated to grow at a CAGR of around 4% during the forecast period, i.e., 2021-26. Stabilizing economic conditions and rapid expansion of social infrastructures are the key factors driving the growth of the Elevator and Escalator Market in the UAE. Besides, the introduction of new transportation & construction projects in the country is also driving the market.

Additionally, in line with the UAE Vision 2021, significant investments in Dubai Expo 2020 & approval of other such large-scale projects, including the extension of red & green lines of Dubai metro, expansion of Al Maktoum International Airport, Abu Dhabi Metro, and other residential & commercial projects, shall further boost the installation of new escalators & elevators in the coming years.

Moreover, the flourishing tourism sector of the country is also resulting in an increasing number of constructions like hotels, malls, community centers, etc. This surge in the construction of new infrastructures, coupled with the growing trend of high-rise buildings in the UAE, is expected to boost the demand for elevators and escalators in the coming years.

Impact of Covid-19 on the UAE Elevator and Escalator Market

• With the government imposing movement restrictions & the shutdown of public gathering places to contain the spread of the disease owing to the Covid-19 pandemic, the UAE Elevator and Escalator Market in 2020 witnessed several adverse effects.
• These restrictions led to a halt in construction projects and the closure of manufacturing units, especially during the first half of the year, which, in turn, significantly declined the sales of elevators & escalators.
• Along with this, supply chain disruptions have been another major operational challenge for the elevator & escalator market, which, however, was reduced gradually from the beginning of May last year.
• Moreover, the partially restricted access to malls & restaurants also negatively influenced the overall market growth amidst the crisis.
• Nevertheless, the resumption of construction activities and the increasing inflow of tourists in the UAE has augmented new installations of elevators & escalators, coupled with the need for the maintenance of existing ones.