According to a recent study entitled ‘Saudi Arabia Elevator and Escalator Market Analysis, 2020’, available with Market Study Report LLC, the Saudi Arabia elevator and escalator market is projected to record a yearly growth rate of 5% over 2020-2025.
Favourable government initiatives, in particular the Saudi Vision 2030 which aims to reduce the economy’s dependency on oil by aligning focus towards other sectors such as healthcare, tourism, and business and trade hubs, serves as a major growth driver for the Saudi Arabia elevator and escalator industry. Moreover, an increasing number of residential tower projects is positively impacting the business outlook in the nation, claims the study.
Increasing government initiatives for infrastructure development, in line with growing establishment of residential buildings, corporate offices, hotels, and retail malls will augment the demand for elevators in the coming years.
Speaking of the end-user spectrum, both residential and commercial segments secured a considerable portion of the Saudi Arabia elevator and escalator market share in 2019 and will accrue significant gains in the upcoming years. Growth of the construction sector owing to rising greenfield investments are stimulating the demand for elevators and escalators across commercial and residential sectors.
Key player impacting the Saudi Arabia elevator and escalator market dynamics are Schindler Group, Fujitec Co., Ltd., Kone Middle East LLC, Hitachi, Toshiba Elevator and Building Systems Corp., Hyundai Elevator, Otis Elevator Co., and Thyssenkrupp Elevator Saudi Arabia. These companies are increasingly launching new products to improve their foothold in the nation.
