A recent research report by MarkNtel Advisors reveals that the Saudi Arabia Elevator and Escalator Market is set to register around 5% CAGR during 2023-28. The growing participation of the government in diversifying the economy away from oil & gas exports, substantial investments in the development of industries like the healthcare, retail, building & construction, tourism, IT & telecom, etc., in line with Saudi Vision 2030, rising urbanization & industrialization, and the mounting influx of tourists, migrants, & pilgrims are the prime aspects projected to drive the market over the coming years, as the country is witnessing various ongoing & upcoming infrastructural, commercial, & residential development projects, i.e., stimulating the installation of various elevators & escalators.
More & more hotels, corporate offices, hospitals, resorts, malls, etc., are being developed in Saudi Arabia, along with rapidly growing smart city construction activities. Several ongoing industrial expansion projects, increased government support for housing developments, and the ever-evolving influx of FDI (Foreign Direct Investments) are other notable aspects creating new avenues for the leading companies operating in the Elevator & Escalator Market of Saudi Arabia to generate significant revenue in the future.
Commercial & Residential Sectors of Saudi Arabia to Continue Dominating the Elevator & Escalator Industry
Various ongoing infrastructural development projects associated with hotels, retail outlets, malls, corporate offices, residential buildings, etc., in Saudi Arabia, mainly due to ever-increasing greenfield investments and the active government focus on diversifying the economy away from the oil & gas sector, are the prime aspects projected to drive the elevator & escalator market in the country over the coming years. Moreover, the rapidly surging adoption of high-speed elevators in residential spaces, the increasing presence of leading hotels chains, the flourishing tourism industry, and massive government investments in the development of hospitality, healthcare, retail, & residential sectors are other crucial aspects spurring growth in the elevator & escalator market across Saudi Arabia.
The key companies operating in the Saudi Arabia Elevator and Escalator Market include Thyssenkrupp Elevator Saudi Arabia, Otis Elevator, Hyundai Elevator, Toshiba Elevator and Building Systems Corporation, Hitachi Elevator, Kone Middle East LLC, Fujitec CoLtd, and Schindler.
Key Questions Answered in the Research Report:
- What are the current and future trends of the Saudi Arabia Elevator and Escalator Market?
- How has the industry been evolving in terms of end-user demand & application areas?
- How has the competition been shaping across various countries, followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Saudi Arabia Elevator and Escalator Market?
- What is customer orientation, purchase behavior, and expectations from the key companies in the Saudi Arabia Elevator and Escalator Market?
- By Type (Elevator, Escalator)
- By Service (New Installation, Modernization, Maintenance)
- By End Users (Residential, Commercial, Retail, Health Care, Hospitality, Government & Transportation)
- By Region (East, West, South, Central)