Saudi Arabia Elevator and Escalator Market (2020-2026) | Size, Revenue, Share, Outlook, Trends, Value, Forecast, Growth, Industry, Segmentation & COVID-19 IMPACT

Saudi Arabia Elevator And Escalator Market | Country-Wise Share and Competition Analysis

In the year 2021, China  was the largest exporter in terms of value, followed by Spain. It has registered a growth of 59.2% over the previous year. While Spain registered a decline of -11.65% as compare to the previous year. In the year 2017 China was the largest exporter followed by Spain. In term of Herfindahl Index, which measures the competitiveness of countries exporting, Saudi Arabia has the Herfindahl index of 2114 in 2017 which signifies moderately concentrated also in 2021 it registered a Herfindahl index of  2942 which signifies high concentration in the market.

Saudi Arabia Elevator And Escalator Market - Export Market Opportunities

Topics Covered in the Saudi Arabia Elevator And Escalator Market

Saudi Arabia Elevator And Escalator Market report thoroughly covers the market by types, by services, and by end-user. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Saudi Arabia Elevator And Escalator Market is projected to grow over the coming years. Saudi Arabia Elevator And Escalator Market report is a part of our periodical regional publication Middle East Elevator And Escalator Market outlook report. 6W tracks elevator and escalator market for over 60 countries with individual country-wise market opportunity assessment and publishes with the report titled Global Elevator And Escalator Market outlook report annually.

Latest (2024) Development of the Saudi Arabia Elevator And Escalator Market

Saudi Arabia Elevator And Escalator Market is shaped by the country's ambitious Vision 2030 plan, aimed at diversifying the economy and reducing dependence on oil. The construction boom in major cities like Riyadh and Jeddah, alongside large-scale projects such as the NEOM megacity, is fueling demand for state-of-the-art elevator and escalator systems. There's a notable trend towards integrating digital technologies, including predictive maintenance and IoT-enabled devices, to optimize performance and safety.

Additionally, sustainability is taking center stage, with a growing emphasis on eco-friendly designs and materials in new installations. The market is expected to continue its growth trajectory in the coming years, with a focus on innovative solutions and sustainability.  Overall, these developments reflect a growing awareness and demand for smart, sustainable, and efficient elevator and escalator systems in Saudi Arabia.

Saudi Arabia Elevator And Escalator Market Synopsis

Saudi Arabia Elevator And Escalator Market is expected to project sound revenues during the upcoming years on account of rising penetration towards the establishment of high rise building. Additionally, under Vision-30 the country is trying to diversity its oil sector, developing tourism and corporate sector which further beholds Saudi Arabia Elevator and Escalator market Growth. Increasing development in infrastructure and construction sector is also driving the market growth. Strengthening of travel and tourism sector backed by rising number of hotels adds to the Saudi Arabia Elevator and Escalator Market Share.

According to 6Wresearch, the Saudi Arabia Elevator And Escalator Market is anticipated to grow at a higher growth rate during the 2020-2026. Rising number of offices, multicomplexes and hotels drives the growth of the market. Additionally, the rising ageing population and the need for elevator to carry the heavy material contributes to the Saudi Arabia Elevator and escalator market revenue. Heavy cost associated with the installment of elevator and escalator is still a restraining factor in the growth of the market. The Saudi Arabia elevator and escalator market growth is forecast to evolve, with continuous innovation by key players such as the use of smart technology in escalators and elevators. With a growing urban population, infrastructure investment from both public and private sectors, as well as rising consumer demand for sustainable solutions provides numerous opportunities for the industry.

COVID-19 Impact on the Saudi Arabia Elevator And Escalator Market

The COVID-19 pandemic has had a profound effect on industries across the globe, including the Saudi Arabia elevator and escalator market. To limit the spread of the virus, lockdowns were put into effect, resulting in temporary suspensions of construction projects. Supply chain disruptions further impacted the availability of raw materials for ongoing projects and caused an initial drop in growth. However, as restrictions have been eased in recent times, business operations have resumed to full capacity and the industry is experiencing a gradual improvement.

Key Players in the Saudi Arabia Elevator And Escalator Market

The Saudi Arabia elevator and escalator industry has numerous key players, both local and international. Some of the leading companies in this industry includes;

• Otis Elevator Company
• Schindler Group
• KONE Corporation
• Mitsubishi Electric Corporation
• Hitachi Ltd.
• Fujitec Co. Ltd.
• Hyundai Elevator Co. Ltd.
• Gulf Elevators & Escalators Co. Ltd.
• Al-Futtaim Engineering & Technologies.
  

Market Analysis by Types

Based on type, the elevator segment is expected to dominate during the upcoming years on account of increasing number of corporate offices and shopping malls.

Market Analysis by Services

According to Dhaval, Research Manager, 6Wresearch, the new installation segment is projected to register sound growth in the future years backed by the increasing demand for new construction projects.

Market Analysis by End-User

Based on end-user, the commercial segment is the fastest-growing segment and is expected to grow in the coming years owing to the increasing demand from this sector. 

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2016 to 2019.
• Base Year: 2019
• Forecast Data until 2026.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Saudi Arabia Elevator and Escalator Market Outlook
• Market Size of Saudi Arabia Elevator and Escalator Market, 2019
• Forecast of Saudi Arabia Elevator and Escalator Market, 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Revenues & Volume for the Period 2016 - 2026
• Saudi Arabia Elevator and Escalator Market Trend Evolution
• Saudi Arabia Elevator and Escalator Market Drivers and Challenges
• Saudi Arabia Elevator and Escalator Price Trends
• Saudi Arabia Elevator and Escalator Porter's Five Forces
• Saudi Arabia Elevator and Escalator Industry Life Cycle
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Types for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Elevator for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Escalator for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Moving Walkways for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Services for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Maintenance & Repair for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By New Installation for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Modernization for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By End-User for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Residential for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Commercial for the Period 2016 - 2026
• Historical Data and Forecast of Saudi Arabia Elevator and Escalator Market Revenues & Volume By Public for the Period 2016 - 2026
• Saudi Arabia Elevator and Escalator Import Export Trade Statistics
• Market Opportunity Assessment By Types
• Market Opportunity Assessment By Services
• Market Opportunity Assessment By End-User
• Saudi Arabia Elevator and Escalator Top Companies Market Share
• Saudi Arabia Elevator and Escalator Competitive Benchmarking By Technical and Operational Parameters
• Saudi Arabia Elevator and Escalator Company Profiles
• Saudi Arabia Elevator and Escalator Key Strategic Recommendations

Market Segmentation:

The report provides a detailed analysis of the following market segments:

By Types

• Elevator
• Escalator
• Moving Walkways

By Services

• Maintenance & Repair
• New Installation
• Modernization

By End-User

• Residential
• Commercial
• Public