Saudi Arabia Elevator and Escalator Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-30
The Saudi Arabia Elevator and Escalator Market is estimated to grow at a CAGR of around 7.5% during the forecast period, i.e., 2024-30. 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.
Markntel Advisor’s Saudi Arabia Elevator and Escalator Market Insights report provides the current and forecast market analysis, individual leading companies’ market shares, challenges, Saudi Arabia Elevator and Escalator Market drivers, barriers, Saudi Arabia Elevator and Escalator Market Trends, and Key Players in Saudi Arabia Elevator and Escalator Market.
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Saudi Arabia Elevator and Escalator Market Dynamics: 2024-2030
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 public & private investments served as a prominent factor driving the demand for elevators and escalators in Saudi Arabia. According to Trade.gov, Saudi Arabia represents around 60% of the GCC nations’ healthcare spending, and the country’s government continues to place a high focus on the industry. The investments are dominantly made to attract both domestic and foreign patients, thereby fostering medical tourism from countries like the US and Canada.
Moreover, the Saudi government’s ambitious investment plan of around USD 66 billion to bolster the healthcare industry by 2030 would further propel construction activities in this sector. As a result, the burgeoning healthcare sector, supported by both public-private partnerships and government investments, is set to drive the demand for elevators and escalators in Saudi Arabia for improved building infrastructure in the foreseeable future.
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Saudi Arabia Elevator and Escalator Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
- By Type
- Elevator- Market Size & Forecast 2019-2030, (Thousand Tons)
- Escalator- Market Size & Forecast 2019-2030, (Thousand Tons)
- By Service
- New Installation- Market Size & Forecast 2019-2030, (Thousand Tons)
- Modernization- Market Size & Forecast 2019-2030, (Thousand Tons)
- Maintenance- Market Size & Forecast 2019-2030, (Thousand Tons)
- By End User
- Residential- Market Size & Forecast 2019-2030, (Thousand Tons)
- Commercial- Market Size & Forecast 2019-2030, (Thousand Tons)
- Retail- Market Size & Forecast 2019-2030, (Thousand Tons)
- Healthcare- Market Size & Forecast 2019-2030, (Thousand Tons)
- Hospitality- Market Size & Forecast 2019-2030, (Thousand Tons)
- Government & Transportation- Market Size & Forecast 2019-2030, (Thousand Tons)
- Others- Market Size & Forecast 2019-2030, (Thousand Tons)
- Industrial- Market Size & Forecast 2019-2030, (Thousand Tons)
- By Region
- East
- West
- South
- Central
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Top Companies Operating in the Saudi Arabia Elevator and Escalator Market:
- Thyssenkrupp Elevator Saudi Arabia
- Otis Elevator Company Saudi Arabia Limited
- Hyundai Elevator
- Toshiba Elevator and Building Systems Corporation
- Hitachi Elevator
- Kone Middle East LLC
- Fujitec Saudi Arabia Co. Ltd.
- Schindler Olayan Elevator Co. Ltd.
- Mitsubishi Electric Saudi Ltd.
- Gulf Elevators and Escalators Co.
- Others
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