PREBOOK THIS REPORT - SAVE 10%

GCC Elevator and Escalator Market - Size & Growth Forecast 2024-2029

TO BE PUBLISHED : Mar 2024 | Pages : 148

Up to $500 off Prebook this report

THE GCC ELEVATOR AND ESCALATOR MARKET SIZE WAS VALUED AT 24.2 THOUSAND UNITS IN 2023 AND IS EXPECTED TO REACH 32.7 THOUSAND UNITS BY 2029, GROWING AT A CAGR OF 5.10% FROM 2023-2029

GCC Elevator and Escalator Market Size (Volume)

  • Installation Base
  • New Installation Type
  • Modernization (In Million)
  • Maintenance (In Million)

GCC Elevator Market Size (Volume)

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

GCC Escalator Market Size by Volume

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

GCC Elevator and Escalator Size, Share, & Trends Analysis Report by

Elevator Market Segmentation

  • Machine Type:Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others (Climbing Elevators and Industrial Elevators)
  • Carriage Type:Passenger and Freight
  • Capacity:2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above 
  • End-User:Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)

Escalator Market Segmentation

  • Product Type:Parallel, Multi Parallel, Walkway, and Crisscross
  • End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast for 2024-2029

Prebook Tag
Licence Types What are these?
10 % OFF

Save 10% on this report.
Discount already applied

GET ACTIONABLE INSIGHTS ON HOW COVID-19 IS IMPACTING YOUR BUSINESS
Enquire Now Download Free Sample

Most Exhaustive Report

icon-pages

148 Pages

icon-table

29 Tables

icon-chart

71 Charts

icon-region

01 Regions

icon-country

06 Countries

icon-company

27 Companies

icon-market

6 Market Segment

GCC ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE BY NEW INSTALLATIONS (2029) 32.7 Thousand Units
MARKET SIZE BY NEW INSTALLATIONS (2023) 24.2 Thousand Units
CAGR (2023-2029) 5.10%
MARKET SIZE BY INSTALLED BASE (2029) 388.5 Thousand Units
MARKET SIZE BY MODERNIZATION (2023) USD 1.47 Billion
HISTORIC YEAR 2019-2022
BASE YEAR 2023
FORECAST YEAR 2024-2029
SEGMENTATION BY CARRIAGE TYPE Passenger and Freight
SEGMENTATION BY CAPACITY 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
SEGMENTATION BY END-USER Commercial, Residential, Industrial, and Others
SEGMENTATION BY TYPE Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
KEY VENDORS Otis, TK Elevator, Schindler, KONE, Mitsubishi Electric, Fujitec, Hyundai Elevator, and Hitachi

MARKET OUTLOOK

The GCC elevator and escalator market by new installations accounted for 24.2 thousand units in 2023 and is expected to reach 32.7 thousand units by 2029, growing at a CAGR of 5.10% during the forecast period. Rapid urbanization, smart city developments, special economic trade zones, and government initiatives to attract foreign conglomerates for trade & business demand are driving the elevator and escalator market.

KEY HIGHLIGHTS

  • Saudi Arabia has recently launched four new special economic zones (SEZs) to promote growth in key sectors such as advanced manufacturing, cloud computing, and medical technology. These SEZs include the King Abdullah Economic City (KAEC) SEZ, Jazan SEZ, Ras Al Khair SEZ, and a Cloud Computing SEZ located in King Abdulaziz City for Science and Technology (KACST). Saudi Arabia's Special Economic Zones (SEZs) aim to attract businesses with tax reductions, exemptions, and regulations for foreign talent. These strategic locations cover sectors like logistics, shipbuilding, and food. Aligned with the Saudi Vision 2030, these SEZs are expected to boost construction projects and infrastructure development, further supporting the growth of the GCC elevator and escalator market.
  • The Oman Over Time Museum in the Wilayat of Manah hosted the eighth gathering of tourism ministers from the Gulf Cooperation Council (GCC) nations. The GCC common tourist visa, shared among member countries such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and The United Arab Emirates (UAE), facilitates streamlined entry for visitors. This initiative encourages cross-border tourism, allowing travelers holding a GCC tourist visa to explore multiple regional countries. A common tourist visa simplifies travel logistics and enhances the experience for individuals exploring the diverse attractions of the Gulf nations and promoting tourism, cultural exchange, and economic cooperation.
  • The upcoming 2024 U23 Asian Cup, scheduled to be hosted by Qatar, is anticipated to stimulate the advancement of diverse infrastructure projects nationwide. Moreover, Qatar has bid to host the 2027 Asian Cup and has already been granted the rights to host the 2030 Asian Games. This wave of events is set to catalyze the construction of several high-rise buildings, thereby projecting to act as a catalyst for the GCC elevator and escalator market growth.
  • Saudi Arabian Standards, Metrology And Quality Organization (SASO), in March 2018, announced that all the new elevators in residential and commercial buildings should be certified by the civil defense authority. Maintenance companies will evaluate existing installations. It is informed that all elevators should meet international standards. According to SASO, the main factor for elevator malfunctioning was engineering offices were unable to look into construction companies to ensure safety standards. About 55 authorizations are provided to companies, of which 22 are specially for maintenance companies.
  • The Directorate-General of Fire Services (DGFS) shut down 15 unlicensed elevator installation and maintenance companies in November 2021. The DGFS urged the public to verify the fire department's authorization before hiring such firms. The DGFS also stated that people who want to install and maintain electric elevators should check the company's fire department approval, which is available on the DGFS website or at the force’s license department.

Rising Urban Population in Metropolises to Witness a Hike in Elevator Demand

  • In October 2020, the Real Estate Transaction Tax (RETT) was introduced in Saudi Arabia, reducing VAT from 15% to 5% to boost residential and commercial real estate activity and increase home ownership, driving the demand for the residential segment.
  • Kuwait used 99.45 million square meters of land for private housing in 2022, with an average of 480 square meters per land. It expects to use more than 100 million square meters in 2023, as it plans to build more cities for housing the Public Authority for Housing Welfare (PAHW). Kuwait had only 20 percent of its private housing land vacant in 2022, which is very low compared to other Gulf countries, which had 35 to 40 percent of their land vacant.
  • Private housing areas constitute 78% of the Kuwait Metropolitan Area (KMA). The Public Authority for Housing Welfare (PAHW) has plans to provide an additional 35,600 housing plots nationwide by 2025.
  • Bahrain is addressing rising housing demand through new projects, with the Minister of Housing and Urban Planning announcing the bidding launch for 771 housing units and apartments as of Q1 2023. The initiative includes 131 housing units and 360 apartments in Salman Town and 280 housing units in Khalifa Town. The project involves three land plots for development, part of the government land development rights program in collaboration with the private sector. The first phase targets 19,000 housing units with a USD 2.6 billion investment.

Increased Infrastructure, Industrial, and Transport Sector Investments to Surge in New Installations in the GCC Elevator And Escalator Market

  • Qatar's ambitious 2050 Transport Plan is poised to impact various sectors significantly. The plan allocates 22 new projects in 2023, with an estimated expenditure of USD 2.7 billion. These projects are expected to drive the demand for elevators and escalators, especially within the context of the increasing construction and infrastructure landscape in Qatar.
  • A program to assist 15 industrial projects by Saudi entrepreneurs in the first quarter of 2023 has been announced by the Ministry of Industry and Mineral Resources. They will receive the program's direction, instruction, and solutions to overcome obstacles and achieve long-term growth. The program fits into the Kingdom's objective to expand the competitiveness of SMEs and diversify its industrial base.
  • Jordan's magnesium oxide facility will be expanded for USD 70 million, according to Manaseer Group. Once finished, the plant will export its 270,000 tons of annual manufacturing capacity to the UAE. It will provide its product to Emirates Global Aluminium. The planned start date for production is 2024.
  • Kuwait is building a new Mubarak Port to become a major trade hub in the region. Kuwait Port Authority (KPA), in March 2023, launched the first phase of the Shuwaikh Port Redevelopment Project for USD 160 million. The project's scope includes redevelopment and rehabilitation of the docks of the 1.3 km-long Shuwaikh port and maintenance work for the western dock of the port and the suspended part of dock 8.

VENDOR LANDSCAPE

  • Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the GCC elevator and escalator market, with a share of 61%.
  • The relatively basic technology necessary for manufacturing elevator components such as cabin/doors, guide rails, and installation, together with easy access to raw materials, presents a highly scalable investment opportunity with potential for localization along the value chain. They are localizing component manufacturing, such as controls and motors, to fulfill the demand of existing elevator manufacturers in the GCC, with the possibility of exporting to neighboring MENA markets.

Frequently Asked Questions

How big is the GCC elevator and escalator market?

The GCC elevator and escalator market size by new installations accounted for 24.2 thousand units in 2023 and is expected to reach 32.7 thousand units by 2029.

What will be the growth rate of the GCC elevator and escalator market?

The GCC elevator and escalator market share by new installations is expected to grow at a CAGR of 5.10% during the forecast period.

What is the number of installed bases in the GCC elevator and escalator market in 2023?

The number of installed bases in the GCC elevator and escalator market accounts for approximately 327.9 thousand units in 2023.

What factors drive the maintenance segment in the GCC elevator and escalator market?

The maintenance segment in the GCC elevator and escalator industry is propelled by the growing number of aging installed bases, high demand for performance, eco-efficiency, reliability, & safety, and new maintenance technologies.

What are the key GCC elevator and escalator market players?

The key players in the GCC elevator and escalator market are Otis, TK Elevator, Schindler, KONE, Mitsubishi Electric, Fujitec, Hyundai Elevator, and Hitachi.

Download Free Sample

The GCC elevator and escalator market size by new installations was estimated at 24.2 thousand units in 2023 and is expected to reach 32.7 thousand units by 2029, growing at a CAGR of 5.10% during the forecast period.

The following factors are likely to contribute to the growth of the GCC elevator and escalator market during the forecast period:

  • Gaining Momentum of Digitization in Elevator and Escalator Industry
  • Digitization Aids in the Optimization of Elevator Performance
  • Booming Growth and Strategic Investments In GCC To Create Demand for Vertical Transportation Market
  • The Increased HNWI in GCC To Create Demand for Luxury Elevators
  • Influence of Green Transition On Industry

Base Year: 2023

Forecast Year: 2024-2029

The report considers the present GCC elevator & escalator market scenario and market dynamics from 2024 to 2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of the GCC elevator & escalator market.

Key Vendors

  • Otis
  • TK Elevator
  • Schindler
  • KONE
  • Mitsubishi Electric
  • Fujitec
  • Hyundai Elevator
  • Hitachi

Other Prominent Vendors

  • Delmon United
  • Atlas Elevator
  • AL-Modayan Elevators
  • Marafie Elevators & Escalators
  • Hosting Elevator
  • Ahmadiah Contracting & Trading Co.
  • Sigma Elevator
  • Orona
  • Kleemann
  • United Elevators
  • Toshiba Elevator and Building Systems Corporation
  • Alfa Elevator Co. LLC
  • Sodimas Elevator Company
  • Almuftah Group
  • Bayern Systems
  • Gulf Elevators & Escalators Company (GEEC)
  • Johnson Lifts and Escalators
  • Europe Elevators
  • BEC Group

Elevator Market Segmentation by

Machine Type

  • Hydraulic and Pneumatic
  • Machine Room Traction
  • Machine Room Less Traction
  • Others 
    • Climbing
    • Elevators
    • Industrial Elevators

Carriage Type

  • Passenger
  • Freight 

Capacity

  • 2-15 Persons
  • 16-24 Persons
  • 25-33 Persons
  • 34 Persons and Above 

End-User

  • Commercial
  • Residential
  • Industrial
  • Others 
    • Public Transit
    • Institutional
    • Infrastructural

Escalator Market Segmentation by

Product Type

  • Parallel
  • Multi Parallel
  • Walkway
  • Crisscross

End-User

  • Public Transit
  • Commercial
  • Others
    • Institutional Sector
    • Infrastructure
    • Industrial

For more details, please reach us at enquiry@arizton.com

For more details, please reach us at enquiry@arizton.com

Select a license type that suits your business needs

single-user Single User Licence
$3150.00
  • Report accessible by one user only
  • Free 10% or 3 days of customization
  • Free post-sale service assistance
  • Continuous support through email
Best Value Tag
5-user 5 User Licence
$3600.00
  • Report accessible by 5 users within the organization
  • Free 15% or 4.5 days of customization
  • Free post-sale service assistance
  • Continuous support through email and telephone
  • Free analyst hour
  • Free Upgrade: If an updated report published within 180 days of purchase, you will get the revised report free of charge
corporate.png Corporate Licence
$4500.00
  • Free Datasheet worth $1500
  • Report accessible by the entire organization
  • Free 20% or 6 days of customization
  • Free post-sale service assistance
  • Continuous support through email and telephone
  • Direct access to lead analysts
  • Free analyst hour
  • Free Upgrade: If an updated report published within 180 days of purchase, you will get the revised report free of charge
datasheet.png Datasheet Licence
$1800.00
  • Report accessible by 1 user only
  • Free 15% or 32 hours of customization
  • Free post-sale service assistance
  • Direct access to lead analysts

Our Clients

Prebook Tag
Licence Types What are these?
10 % OFF

Save 10% on this report.
Discount already applied

Interested in data center portfolio for this report?
Click here

Our Clients Speak

erick

"The report by Arizton was spot on. It not only gave us insight into the pro audio market, we used it to raise funds for our company. The data proved (to the VC we pitched to) that the market was large enough for our company to not only survive but also grow."

Erik Young
CEO, Co-founder
Audink Inc., DBA Audios
SPEAK WITH OUR ANALYST

Want to know more about the report or any specific requirement?

Click to Email +1-312-235-2040

Want to Customize the Report?

Click Here

Why Arizton?

  • 100% Customer Satisfaction
  • 24x7 availability – we are always there when you need us
  • 200+ Fortune 500 Companies trust Arizton's report
  • 80% of our reports are exclusive and first in the industry
  • 100% more data and analysis
  • 1000+ reports published till date