Saudi Arabia Elevator and Escalator Market Research Report: Forecast (2026-2032)

Saudi Arabia Elevator and Escalator Market Report Key Takeaways:

• Market size was valued at around USD 1.23 billion in 2025 and is projected to reach USD 1.98 billion by 2032. The estimated CAGR from 2026 to 2032 is around 7.04%, indicating strong growth.
• In terms of product type, elevators dominated the market with nearly 89% share in revenue terms in 2025, reflecting their strong deployment across residential towers, commercial complexes, and mixed-use infrastructure projects.
• Based on service, the new installations segment captured around 52% market share in 2025, largely driven by ongoing construction activities under Vision 2030, including high-rise developments and mega urban projects.
• Regionally, the Central Region accounted for approximately 28% share in 2025, supported by higher construction intensity and infrastructure expansion led by Riyadh and surrounding areas.
• In the unit sales outlook, new unit sales are projected to grow at a CAGR of 5.84% during 2026–2032. Within elevator types, traction elevators’ unit sales are expected to grow at a CAGR of 5.51%, owing to their efficiency and suitability for high-rise applications.
• Elevators in the 3.0–3.5 MPS speed range are anticipated to register strong demand, expanding at a revenue CAGR of 9.75% over the forecast period.
• ​Leading escalators and elevators companies in the Saudi Arabia market are Thyssenkrupp Elevator Saudi Arabia, Otis Elevator, Hyundai Elevator, Toshiba Elevator and Building Systems Corporation, Hitachi Elevator, Kone Middle East LLC, Fujitec CoLtd, Schindler, and others.

Market Insights & Analysis: Saudi Arabia Elevator and Escalator Market (2026-32):

The Saudi Arabia Elevator and Escalator Market size was valued at around USD 1.23 billion in 2025 and is projected to reach USD 1.98 billion by 2032. Along with this, the market is estimated to grow at a CAGR of around 7.04% during the forecast period, i.e., 2026-32.

The market expansion would be driven by active efforts of the Saudi government toward diversifying the economy away from the oil & gas sector, coupled with massive investments in the development of other industries, such as healthcare, retail, building & construction, tourism, IT & telecom, etc., in line with Saudi Vision 2030. Consequently, the country is witnessing various ongoing & upcoming infrastructural, commercial, & residential development projects, i.e., stimulating elevator & escalator installations and fueling the overall market growth.

With rising urbanization & industrialization, alongside the mounting influx of tourists, migrants, and pilgrims in Saudi Arabia, more & more corporate offices, hotels, resorts, hospitals, malls, and others are being constructed across the country. Moreover, the increasing number of smart city construction activities, various ongoing industrial expansion projects, increased government support for housing developments, and the rising inflow of FDI (Foreign Direct Investments) are other prominent aspects creating new directions for the key companies operating in the Elevator & Escalator Market to yield significant profits over the coming years.

Furthermore, Saudi Arabia implemented a directive targeting international companies that they must establish a regional headquarters (HQ) within the kingdom to remain eligible for government contracts beyond 2024. As a result, companies like Microsoft & Google are expanding their presence in the country, augmenting the construction of commercial buildings, thereby supporting the market growth.

Additionally, the Saudi Government’s Vision 2030 initiative has propelled significant investments into the city's infrastructure, including transportation systems, entertainment venues, and mixed-use developments, necessitating state-of-the-art elevators & escalators. Moreover, the government of Saudi Arabia plans to have 480 companies establish regional headquarters by 2030 to encourage higher corporate spending within the kingdom. Thus, the construction of skyscrapers will continue to grow in the country, amplifying the demand for elevators & escalators in Saudi Arabia in the forthcoming years.

Saudi Arabia Elevator and Escalator Market Scope:

Saudi Arabia Elevator and Escalator Market Driver:

Mushrooming Growth of the Healthcare Sector in Saudi Arabia

The extensive boom in healthcare infrastructure projects in the country, facilitated by strong public & private investments, has emerged as a prominent factor driving the demand for elevators and escalators in Saudi Arabia. According to Trade.gov, Saudi Arabia accounts for nearly 60% of the GCC’s healthcare spending, reflecting the Kingdom’s dominant position in regional healthcare development and modernization. In addition, the healthcare sector continues to remain a key priority under Vision 2030, supported by rising expenditure levels, wherein Saudi Arabia’s total healthcare spending is estimated to reach around SAR 250 billion in 2025 (nearly 6% of GDP), indicating sustained capital allocation toward hospitals, medical cities, and specialty healthcare facilities.

Moreover, the government is strengthening the sector through consistent budgetary support, with the Ministry of Health receiving SAR 86.25 billion (around 7% of the total national budget) in the recent budget cycle, further supporting capacity expansions and infrastructure upgrades. The investments are dominantly made to improve domestic healthcare services while also attracting both domestic and foreign patients, thereby fostering medical tourism from countries like the US and Canada.

Furthermore, the Saudi government’s ambitious investment plan of around USD 66–67 billion (SR 250 billion) to bolster the healthcare industry by 2030, coupled with its goal to raise private sector participation in healthcare, is expected to accelerate new hospital construction and redevelopment activities across the Kingdom. As a result, the rapidly expanding healthcare sector, supported by public-private partnerships, government spending, and long-term infrastructure planning, is set to significantly drive the demand for elevators and escalators in Saudi Arabia to improve building efficiency, patient mobility, and overall healthcare infrastructure in the foreseeable future.

Saudi Arabia Elevator and Escalator Market Opportunity:

Growing Focus Towards Smart Cities to Boost the Demand for Elevators & Escalators in the Country

The government of Saudi Arabia has been focusing on building smart cities in the country to prioritize sustainability & environmental stewardship to attain its carbon emission target by 2030. These digital cities necessarily integrate advanced in-building transportation technologies to facilitate the residents, as well as corporate individuals, which augments the demand for elevator & escalator technologies that meet the building requirements.

Furthermore, ongoing construction activities of the Red Sea project, between the cities of Umluj & Al-Wajh to develop 22 islands powered by 100% renewable energy, is anticipated to augment demand for elevators & escalators with sustainable technologies to be deployed in the newer infrastructure. The construction is expected to comprise over 50 hotels, around 8,000 rooms, and up to 1,000 residential properties by 2030. Thus, there are significant growth opportunities for elevator and escalator manufacturers to expand their offerings in the country and capture revenue opportunities.

Saudi Arabia Elevator and Escalator Market Challenge:

Economic Fluctuations to Restrict the Market Growth

Saudi Arabia's economy is heavily dependent on oil exports, making it susceptible to fluctuations in global oil prices. During periods of economic downturn or low oil prices, the government often scales back spending on infrastructure projects, including construction ventures that typically require elevators and escalators. This reduction in government investment directly impacts the demand for such equipment, leading to a slowdown in the Saudi Arabia Elevator & Escalator Market.

Moreover, the cyclical nature of the oil market creates uncertainty for investors and businesses, leading to cautious spending behaviors. This cautious approach extends to the real estate sector, where developers hold off on new projects until economic conditions stabilize, thereby prolonging the sluggishness in demand for elevators and escalators.

Saudi Arabia Elevator and Escalator Market Trend:

Growing Traction Towards Elevators Integrated with Destination Control Systems (DCS)

Saudi Arabia is presently witnessing rapid urbanization and large-scale infrastructure development, leading to the accelerated construction of skyscrapers and high-rise buildings in major cities like Riyadh and Jeddah. This vertical development is intensifying the need for high-efficiency vertical transportation systems that can manage peak-hour passenger traffic and minimize congestion. As a result, the demand for DCS-equipped elevators, designed to optimize passenger allocation, reduce waiting time, and enhance handling capacity in densely occupied buildings, is gaining significant traction across the country.

Moreover, Saudi Arabia’s Vision 2030 initiative emphasizes economic diversification, smart city development, and technological advancement, which is encouraging the adoption of intelligent building systems across construction, commercial real estate, and mixed-use infrastructure. In this context, Destination Control Systems (DCS) align strongly with the Kingdom’s development agenda by enabling technology-driven, energy-efficient, and digitally optimized elevator operations that support advanced “people flow” management.

A major indicator of this trend is seen in Jeddah Tower, where KONE has integrated the building’s elevator network with Destination Control Systems (DCS). Notably, in October 2025, KONE confirmed its involvement in equipping Jeddah Tower with a comprehensive vertical mobility package comprising 67 elevators and escalators, reinforcing the role of DCS as a critical requirement for next-generation high-rise projects in Saudi Arabia. Alongside KONE, other leading companies such as Otis (Compass/Compass 360 destination management solutions), Schindler (PORT destination dispatch), Mitsubishi Electric, and other global OEMs are strengthening and expanding their DCS-enabled portfolios in the Kingdom, supporting the growing shift toward smart elevator ecosystems in premium commercial, residential, and mixed-use developments.

Saudi Arabia Elevator and Escalator Market (2026-32): Segmentation Analysis

The Saudi Arabia Elevator and Escalator Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2026–2032 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Services:

• New Installation
• Modernization
• Maintenance

New Installations of elevators and escalators hold a prominent market share, capturing around 52% share in 2025. This dominance owes to rapidly increasing urbanization, along with multiple ongoing & upcoming construction and industrial expansion projects aligned with Saudi Vision 2030, which are continuously leading to increased installations of these systems across the country. More and more new infrastructure projects such as hotels, resorts, shopping malls, office buildings, hospitals, railway networks, airport expansions, etc., are being developed in Saudi Arabia due to the growing number of tourists, migrants, and pilgrims in the Kingdom. Consequently, a rising volume of elevator & escalator installation orders across new buildings is significantly driving the market.

Moreover, on the real estate front, eight new cities are planned, primarily along Saudi Arabia’s western seaboard and the Red Sea coast, with massive investments aimed at delivering new residential units, world-class office spaces, and hospitality infrastructure, further boosting the requirement for vertical transportation solutions.

These aspects indicate that new installations of elevators & escalators are expected to remain high over the coming years, which, in turn, will bode well for the overall growth of the Saudi Arabia Elevator & Escalator Market through 2030, supported by continued high-rise development and mega urban construction projects.

Based on Type:

• Escalators
• Elevators

In terms of product type, elevators dominated the market, accounting for nearly 89% of the total revenue share in 2025. This strong leadership is primarily attributed to their widespread adoption across high-rise residential buildings, commercial complexes, and mixed-use development projects, where vertical mobility is a core infrastructure requirement. The rapid rise in urbanization, vertical construction trends, and large-scale smart city developments has further strengthened elevator demand, especially in metros and high-density zones.

Moreover, elevators typically contribute higher installation value and long-term servicing revenue, making them the most revenue-generating segment. In contrast, other product categories such as escalators and moving walkways remain comparatively limited in deployment, largely restricted to airports, metro stations, shopping malls, and select public infrastructure, thereby capturing a smaller market share.

Saudi Arabia Elevator and Escalator Industry Recent Development:

• August 2025: TK Elevator and Alat, a Saudi Public Investment Fund company, successfully closed a €160 million joint venture to manufacture and provide elevator and escalator solutions in Saudi Arabia and the MENA region. Alat also acquired a 15% stake in TK Elevator, reinforcing its long‑term growth and alignment with Vision 2030’s local manufacturing and economic diversification goals.
• August 2024: Schindler Olayan was awarded the “The Avenues – Riyadh” project, supplying 134 Schindler 5500 elevators, one Schindler 2600 elevator, 150 Schindler 9300 escalators, and eight Schindler 9500 moving walks. All units are cloud‑connected via Schindler ActionBoard, enabling 24/7 monitoring and real‑time performance insights.
• November 2024: KONE secured a contract to modernize King Fahd International Airport in Dammam, providing a suite of people‑flow solutions. The project includes installing 30 KONE MonoSpace® elevators, upgrading 31 KONE EcoMod escalators, 14 KONE EcoMod autowalks, and adding eleven new KONE MonoSpace® elevators, with completion scheduled for Q4 2025.
• August 2024: Otis launched its Gen3 digitally connected elevator in Saudi Arabia. The platform integrates the Otis ONE IoT digital system, using cloud technology, machine learning, and APIs to deliver seamless updates and adaptability for future technological advances.

Gain a Competitive Edge with Our Saudi Arabia Elevator and Escalator Market Report

• Saudi Arabia Elevator and Escalator Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Saudi Arabia Elevator and Escalator Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

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