Under Saudi Vision 2030, the government aims to lower its dependency on oil, by developing other sectors such as tourism, healthcare, business & trade hubs, etc., which is one of the key factors impacting the growth of the Elevator and Escalator market of Saudi Arabia. Under this vision, the government planned to upgrade the non-oil sectors of the country by boosting infrastructure development. The construction projects for several residential towers have been introduced in the country, which would positively impact the growth of the Saudi Arabia Elevator and Escalator market.
According to the MarkNtel Advisors’ research report titled “Saudi Arabia Elevator and Escalator Market Analysis, 2020”, the Elevator and Escalator market is projected to register a CAGR of less than 5% during 2020-25. The elevator segment captured the highest market share in the Saudi Arabia Elevator and Escalator market in 2019 on an account of the growing initiatives by the government for greater infrastructure development. The establishment of residential buildings, hotels, corporate offices, retail malls, etc., is anticipated to boost the demand for elevators and escalators in the country.
Moreover, the residential and commercial sector accounted for a considerable market share in the Saudi Arabia Elevator and Escalator market in 2019. The surging greenfield investments in the country are expected to positively impact the growth of the construction sector, thereby surging the requirement for elevator and escalators in Saudi Arabia.
As per MarkNtel Advisors’ study, the companies who have captured a significant market share in the Saudi Arabia Elevator and Escalator market include Hyundai, Kone, Mitsubishi, Otis, Schindler, Thyssenkrupp, etc. The companies are increasingly providing their products in the new facilities of the country.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Saudi Arabia Elevator & Escalator Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of units sold.
Q. What would be the growth rate or CAGR of Saudi Arabia Elevator and Escalator market during 2020-25?
A. The growth rate of Saudi Arabia Elevator and Escalator market during 2020-25 is forecast to be >5%.
Q. Which type of Elevator and Escalator services would grab the highest market share during 2020-25?
A. It is forecast that the elevator segment captured the highest market share in the Saudi Arabia Elevator and Escalator market on account of the increasing infrastructure developments in the country.
Q. Who are the key competitors or players operating in Saudi Arabia Elevator and Escalator market?
A. Hyundai, Kone, Mitsubishi, Otis, Schindler, Thyssenkrupp are few of the leading players in the Saudi Arabia Elevator and Escalator market.
Q. Which end user segment would emerge as an opportunity area for players in Saudi Arabia Elevator and Escalator?
A. Retail, Residential and Hospitality sector would continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of elevator and Escalator across Saudi Arabia .
