Market Definition
Earlier, elevators and escalators were just a symbol of luxury, but now they have become crucial to ensure enhanced accessibility. They are now found in almost every facility — schools, colleges, corporate offices, malls, residences, etc. As technologies are becoming affordable and high-rise buildings are now increasingly common, especially across Saudi Arabia, more & more elevators and escalators are being installed across the country, i.e., instigating manufacturers to expand their production & distribution capacities in order to cater to the burgeoning end-user requirements.
Market Insights
The Saudi Arabia Elevator and Escalator Market is expected to grow at less than 5% CAGR during the forecast period, i.e., 2023-28. Most of 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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 5% |
| Region Covered | Central, East, West, South |
| Key Companies Profiled | Thyssenkrupp Elevator Saudi Arabia, Otis Elevator, Hyundai Elevator, Toshiba Elevator and Building Systems Corporation, Hitachi Elevator, Kone Middle East LLC, Fujitec CoLtd, Schindler |
| Unit Denominations | USD Million/Billion |
With rising urbanization & industrialization, alongside the mounting influx of tourists, migrants, & pilgrims in Saudi Arabia, more and more corporate offices, hotels, resorts, hospitals, malls, etc., 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.
Market Segmentation
Based on Type:
Of both, Elevators hold the larger share of the Saudi Arabia Elevator and Escalator Market. It owes to the increasing establishment of industries, residential buildings, hotels, corporate offices, retail malls, etc., in the country, i.e., driving the demand for elevators. Besides, massive investments in integrating elevators with digital tools, mobility solutions, & operational excellence, and technologies like the IoT, virtual reality, predictive cloud maintenance, artificial intelligence, etc., in order to enhance customer experience, accelerate business productivity, & increase employee engagement are stimulating the demand for smart elevators in Saudi Arabia. Moreover, the emergence of cable-free lifts entwined with growing consumer inclination toward living a comfortable life is further amplifying the elevator installations across residential spaces for enhanced mobility, advanced security, & high energy efficiency, thereby fueling the overall growth of the Saudi Arabia Elevator and Escalator Market.
Based on Services:
Here, new installations of elevators and escalators hold a prominent market share. It owes to increasing urbanization, as well as various ongoing & existing construction & industrial expansion projects in line with Saudi Vision 2030, which are leading to the increasing installations of these machines across the country. More and more new infrastructures for hotels, resorts, shopping malls, office buildings, hospitals, railway networks, airport expansions, etc., are being constructed in Saudi Arabia owing to the growing number of tourists, migrants, & pilgrims in the country. Consequently, numerous new elevator & escalator installation orders in place are driving the industry.
These aspects clearly indicate that various new installations of elevators & escalators are expected in the coming years, which, consequently, will bode well for the overall growth of the Saudi Arabia Elevator & Escalator Market through 2028.
Based on End-User:
Amongst all, commercial & residential sectors are projected to acquire a significant share of the Saudi Arabia Elevator and Escalator Market during 2023-28. It owes primarily to numerous infrastructural development projects associated with hotels, retail outlets, malls, corporate offices, residential buildings, etc., in the country, backed mainly by increasing greenfield investments and the active focus of the government on economic diversification.
In addition, the expanding presence of the leading hotel chains, airport & metro expansions, the booming tourism sector, as well as increased government funding in the development of hospitality, healthcare, retail, & residential sectors are other crucial aspects promulgating the market growth across the commercial sector. Moreover, the increasing number of high-rise buildings and, consequently, rapidly increasing adoption of high-speed elevators in residential spaces further projects lucrative prospects for the Saudi Arabia Elevator and Escalator Market during 2023-28.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Saudi Arabia Elevator and Escalator Market is projected to grow at less than 5% CAGR during 2023-28.
A. Various ongoing & upcoming commercial & residential development projects on account of rapid industrialization & urbanization are likely to drive the Saudi Arabia Elevator and Escalator Market during 2023-28.
A. Thyssenkrupp Elevator Saudi Arabia, Otis Elevator, Hyundai Elevator, Toshiba Elevator & Building Systems Corporation, Hitachi Elevator, Kone Middle East LLC, Fujitec Co. Ltd., and Schindler are the key companies participating in the Saudi Arabia Elevator and Escalator Market.
A. Commercial & Residential sectors would continue generating remunerative opportunities for the leading players in the Saudi Arabia Elevator and Escalator Market through 2028.
