Saudi Arabia Elevator and Escalator Market Size & Growth Forecast 2025-2030

THE SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET SIZE BY NEW INSTALLATIONS WAS VALUED AT 15.79 THOUSAND UNITS IN 2024 AND IS EXPECTED TO REACH 19.98 THOUSAND UNITS BY 2030, GROWING AT A CAGR OF 4.00% FROM 2024-2030

Saudi Arabia Elevator and Escalator Report

Saudi Arabia Elevator and Escalator Size, Share, Industry Analysis Report by Elevator Market Segmentation(Machine Type, Carriage Type, Capacity, End-User), Escalator Market Segmentation, (Product Type, End-User), Company Profile 2030

114 pages

14 tables

48 charts

1 region

01 countries

14 company

06 segments

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Saudi Arabia Elevator and Escalator Market Size & Growth Forecast 2025-2030

THE SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET SIZE BY NEW INSTALLATIONS WAS VALUED AT 15.79 THOUSAND UNITS IN 2024 AND IS EXPECTED TO REACH 19.98 THOUSAND UNITS BY 2030, GROWING AT A CAGR OF 4.00% FROM 2024-2030

Saudi Arabia Elevator and Escalator Market Size (Volume)

  1. Installation Base
  2. New Installation Type
  3. Modernization (In Million)
  4. Maintenance (In Million)

Saudi Arabia Elevator Market Size (Volume)

  1. Installation Base
  2. New Installation Type
  3. Modernization & Maintenance (In Million)

Saudi Arabia Escalator Market Size by Volume

  1. Installation Base
  2. New Installation Type
  3. Modernization & Maintenance (In Million)

Saudi Arabia Elevator and Escalator Size, Share, & Trends Analysis Report by

Elevator Market Segmentation

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

Escalator Market Segmentation

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

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Industry Size, Sales, and Growth Forecast for 2025-2030

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SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
MARKET SIZE BY NEW INSTALLATIONS (2030)19.98 Thousand Units
MARKET SIZE BY NEW INSTALLATIONS (2024)15.79 Thousand Units
CAGR - NEW INSTALLATIONS (2024-2030)4.00%
MARKET SIZE BY INSTALLED BASE (2030)295.82 Thousand Units
MARKET SIZE BY MODERNIZATION (2030)USD 268.30 Million
HISTORIC YEAR2021-2023
BASE YEAR2024
FORECAST YEAR2025-2030
SEGMENTATION BY CARRIAGE TYPEPassenger and Freight
SEGMENTATION BY CAPACITY2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
SEGMENTATION BY END-USERCommercial, Residential, Industrial, and Others
SEGMENTATION BY MACHINE TYPEHydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
KEY VENDORSOtis, KONE, TK Elevator, Schindler, Mitsubishi Electric, Hitachi, Hyundai Elevator, and Fujitec
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SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET SIZE & OVERVIEW

The Saudi Arabia elevator and escalator market size by new installations accounted for 15.79 thousand units in 2024 and is expected to reach 19.98 thousand units by 2030, growing at a CAGR of 4.00% during the forecast period.

Increasing demand for high-rise structures and the government's focus on infrastructure in key economic cities have propelled the country’s elevator business to new heights. One of the primary drivers for the Saudi Arabia elevator and escalator market is the country’s rapid urbanization and infrastructure development. This has led to a surge in the construction of high-rise buildings, both residential and commercial, which requires efficient vertical transportation solutions like elevators and escalators. However, inflationary pressures, increasing construction & material costs, and skilled labor shortages are a few challenges faced by the Saudi Arabian Kingdom’s economy. This can hamper the elevators & escalators market in the country. Despite the ongoing challenges, the country is projected to witness strong growth in its construction sector, fuelled by increased infrastructure spending.

Recent Developments in the Saudi Arabia Elevator and Escalator Market

  1. In August 2024, Schindler Olayan announced it to provide 134 Schindler 5500 elevators (including 45 passenger elevators, and 89 service elevators), one Schindler 2600 elevator, 150 Schindler 9300 escalators, and eight Schindler 9500 moving walks to phase one of the new multi-purpose project The Avenues – Riyadh in the Saudi Arabian capital. ​
  2. In 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, NEXIEZ-Fit’, which is an elevator that combines superior cost performance with carefully selected specifications.
  3. In December 2024, KONE announced the launch of its High-Rise MiniSpaceTM DX elevator. The elevator comes with KONE UltraRope®, which is 80% lighter than traditional steel rope and three times more durable.
  4. In September 2024, KONE announced its New 2025-2030 Strategy Rise, which went into effect on January 1st, 2025.

KEY HIGHLIGHTS

  1. The Kingdom’s elevator market by installed base is expected to reach 194.9 thousand units by 2030.
  2. Elevators used in the residential sector accounted for the largest share in 2024, despite low purchasing power due to high interest rates. The market is set to recover in 2025 pertaining to high government expenditure on construction projects.
  3. The machine room-less traction segment accounted for the largest market share due to its high popularity.
  4. The Kingdom’s installed base escalators market is expected to reach 100.8 units by 2030.
  5. Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing retail projects in the pipeline.
  6. The parallel escalators segment accounted for the largest market share in 2024 due to the high construction of commercial buildings.
  7. The modernization market in the Saudi Arabia elevator and escalator market is expected to reach USD 268.30 million by 2030.
  8. According to Saudi Arabia’s Ministry of Tourism, the number of licensed hospitality facilities in Makkah reached 1,030 by the end of 2024, recording a surge of 80% compared to the previous year. Makkah and Madinah have 17,646 and 20,079 rooms, respectively, in various stages of development.
  9. Additionally, Vision 2030’s Giga projects, including Diriyah Gate, the Red Sea Project, and Qiddiya, are reshaping Saudi’s hospitality landscape and propelling the demand for passenger elevators in the Saudi Arabia elevator and escalator market.

MARKET DRIVERS & OPPORTUNITIES

Integration of Artificial Intelligence (AI) to Create Future Opportunities in the Saudi Arabia Elevator and Escalator Market

  1. The integration of Artificial Intelligence in the Saudi Arabia elevator and escalator market reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems.
  2. In August 2024, Otis launched its Gen3 digitally connected elevator, focusing on enhancing vertical transportation through advanced digitization and connectivity. This innovative platform integrates the Otis ONE IoT digital system, which uses cloud technology, machine learning, and APIs to provide seamless updates and adaptability for future advances.
  3. In addition, to this development, Schindler’s Robotic Installation System for Elevators (Schindler R.I.S.E) is being deployed in Saudi Arabia, which enables quality and speed of elevator installations, emphasizing the country’s commitment to adopting cutting-edge technologies in its infrastructure projects under Saudi Arabia’s Vision 2030.

Urbanization And Population Growth in The Kingdom 

  1. Saudi Arabia's population growth and urbanization are key drivers of the construction market. By 2024, the population is expected to reach approximately 36 million people, with 83% living in urban areas. This urbanization requires extensive development in housing, infrastructure, and utilities.
  2. According to the Saudi General Authority for Statistics (GaStat), over 2.6 million new housing units are needed by 2030, putting pressure on the construction industry to expand rapidly to meet the demand. The urban expansion also increases the need for roads, transport, and public services infrastructure.

Saudi Arabia’s Increased Investments in Public Infrastructure and Real Estate Sector

  1. Saudi Arabia’s construction sector is one of the fastest-growing sectors among others (energy, manufacturing, logistics, and power generation), having a huge number of projects in the pipeline. In 2024, Saudi Arabia’s construction sector saw significant growth, with 3,800 new licenses added in just one year to bring the total to 8,900.
  2. As Saudi Arabia progresses towards its Vision 2030 goals, the construction sector will remain key to economic growth. Saudi Arabia's Vision 2030 aims to diversify its economy through major infrastructure projects. This plan includes the construction of Neom, a USD 500 billion megacity, and other ambitious developments such as The Line. The Vision 2030 goals are projected to support the Saudi Arabia elevator and escalator market growth during the forecast period.

Growth in the Tourism and Hospitality Industry

The Saudi Arabia elevator and escalator market growth is driven by the resurgence of the nation’s tourism industry, which has propelled the development of hotels. Saudi Arabia's hospitality industry recorded significant growth in 2024 with the Kingdom recording approximately 30 million bound tourists in 2024, compared to 27.4 million in 2023. In addition, in March 2025, the tourism government stated Saudi Arabia’s sports boom which has drawn 2.5 million tourists over the past four years, emphasizing the Kingdom’s push to diversify its economy and expand its tourism sector.

INDUSTRY RESTRAINTS

Skilled Labor Shortage and Regulatory Challenge

  1. Saudi Arabia’s ambitious Vision 2030 infrastructure projects face significant challenges due to a severe shortage of skilled labor, particularly in the installation and maintenance of elevators and escalators. With a projected deficit of 663,000 skilled workforce by 2030, the construction sector is grappling with project delays, increased costs, and possible safety concerns arising from inadequate servicing. Such factors are projected to hamper the growth of the Saudi Arabia elevator and escalator market.
  2. The aging population is further fueling the issue of skilled labor shortage. In 2024, in the Kingdom, the aging trend was recorded at a higher rate. The General Authority for Statistics in 2024 indicated that seniors constitute approximately 1.3 million individuals, accounting for 5% of the total population and projections suggest that by 2050, this number will surge to over 10 million people aged 60 or older.

High Construction Cost in Saudi Arabia

  1. The ongoing Red Sea crisis has significantly disrupted maritime supply chains, leading to substantial increases in construction material costs in Saudi Arabia. In 2024, Riyadh-based Jadwa Investment estimated that these disruptions have caused construction material prices to rise by 25-50%.
  2. Furthermore, in 2024, the International Construction Market Survey (ICMS) 2024 report revealed that rising demand in the Kingdom is pushing up construction costs. As of 2024, Riyadh topped the list as the region’s most expensive city to build in, with an average cost of USD 2,593 per meter square.

SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET’S VENDOR LANDSCAPE

  1. Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group, and Kone Corporation are the top manufacturers in the Saudi Arabia elevator and escalator market.
  2. Other prominent players in the Saudi Arabia elevator and escalator market are Hitachi Ltd., Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Toshiba Elevator and Building Systems Corporation (TELC), Sigma Elevator, Orona, Gulf Elevators & Escalators Company (GEEC), Alfa Lifts and others. These leading players continuously innovate to provide state-of-the-art technology, ensuring safety, efficiency, and sustainability.
  3. In 2024, KONE introduced the High-Rise MiniSpace™ DX elevator. This advanced elevator is designed to serve buildings exceeding 60 floors, offering enhanced energy efficiency, customization options, and sustainability features.
  4. Otis continues strong execution on its UpLift program and is increasing expected run-rate savings to USD 200 million by the second half of 2025.

SNAPSHOT

The Saudi Arabia elevator and escalator market size by new installations was estimated at 15.79 thousand units in 2024 and is expected to reach 19.98 thousand units by 2030, growing at a CAGR of 4.00% during the forecast period.

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

  1. Saudi Arabia’s Increased Investments in the Public Infrastructure and Real Estate Sector
  2. Robust Growth in the Development of Ports
  3. Growth in the Tourism and Hospitality Market

Base Year: 2024

Forecast Year: 2025-2030

The report considers the present Saudi Arabia elevator and escalator market scenario and market dynamics from 2025 to 2030. 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 Saudi Arabia elevator & escalator industry.

Key Vendors

  1. Otis
  2. KONE
  3. TK Elevator
  4. Schindler
  5. Mitsubishi Electric
  6. Hitachi
  7. Hyundai Elevator
  8. Fujitec

Other Prominent Vendors

  1. Toshiba Elevator and Building Systems Corporation (TELC)
  2. Sigma Elevator
  3. Orona
  4. KLEEMAN
  5. Gulf Elevators and Escalators Company (GEEC)
  6. Alpha Lifts

Elevator Market Segmentation by

Machine Type

  1. Hydraulic and Pneumatic
  2. Machine Room Traction
  3. Machine Room Less Traction
  4. Others 
  5. Climbing
  6. Elevators
  7. Industrial Elevators

Carriage Type

  1. Passenger
  2. Freight 

Capacity

  1. 2-15 Persons
  2. 16-24 Persons
  3. 25-33 Persons
  4. 34 Persons and Above 

End-User

  1. Commercial
  2. Residential
  3. Industrial
  4. Others 
  5. Public Transit
  6. Institutional
  7. Infrastructural

Escalator Market Segmentation by

Product Type

  1. Parallel
  2. Multi Parallel
  3. Walkway
  4. Crisscross

End-User

  1. Public Transit
  2. Commercial
  3. Others
  4. Institutional Sector
  5. Infrastructure
  6. Industrial

SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET FAQ's

How big is the Saudi Arabia elevator and escalator market?

The Saudi Arabia elevator and escalator market size by new installations accounted for 15.79 thousand units in 2024 and is expected to reach 19.98 thousand units by 2030.

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

The Saudi Arabia elevator and escalator market share by new installations is expected to grow at a CAGR of 4.00% during the forecast period.

What is the number of installed bases in the Saudi Arabia elevator and escalator market in 2024?

The number of installed bases in the Saudi Arabia elevator and escalator market accounts for approximately 191.48 thousand units in 2024.

What are the key opportunities in the Saudi Arabia elevator and escalator market?

Integration of artificial intelligence (AI) and urbanization and population growth in the Kingdom are key opportunities in the Saudi Arabia elevator and escalator market.

What are the key Saudi Arabia elevator and escalator market players?

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

1) SAUDI ARABIA ELEVATOR & ESCALATOR INSTALLED BASE BY VOLUME 2021-2030 (UNITS)

2) SAUDI ARABIA ELEVATOR & ESCALATOR NEW INSTALLATIONS BY VOLUME 2021-2030 (UNITS)

3) MARKET SHARE 2024: MAINTENANCE

4) MARKET SHARE 2024: MODERNIZATION

5) SAUDI ARABIA ELEVATORS & ESCALATORS INSTALLED BASE: VOLUME (UNITS IN THOUSANDS)

6) SAUDI ARABIA ELEVATORS & ESCALATORS NEW INSTALLATIONS: VOLUME (UNITS IN THOUSANDS)

7) ELEVATORS, INSTALLED BASE, VOLUME (UNITS IN TH)

8) ELEVATORS, NEW INSTALLATIONS, VOLUME (UNITS)

9) ELEVATORS: MAINTENANCE & MODERNIZATION, VALUE ($ MILLION)

10) ELEVATORS: MAINTENANCE & MODERNIZATION, 2024 (%)

11) ESCALATORS, INSTALLED BASE, VOLUME (UNITS)

12) ESCALATORS, NEW INSTALLATIONS, VOLUME (UNITS)

13) ESCALATORS: MAINTENANCE & MODERNIZATION, VALUE ($ MILLION)

14) ESCALATORS: MAINTENANCE & MODERNIZATION, 2024 (%)

15) ELEVATORS, INSTALLED BASE, AND NEW INSTALLATIONS (UNITS)

16) ELEVATORS, NEW INSTALLATIONS (UNITS)

17) HYDRAULIC & PNEUMATIC ELEVATORS INSTALLED BASE AND NEW INSTALLATIONS (UNITS)

18) MACHINE ROOM LESS TRACTION ELEVATORS INSTALLED BASE AND NEW INSTALLATIONS (UNITS)

19) MACHINE ROOM TRACTION ELEVATORS INSTALLED BASE AND NEW INSTALLATIONS (UNITS)

20) OTHER MACHINE ELEVATORS INSTALLED BASE AND NEW INSTALLATION (UNITS)

21) INSTALLED BASE AND NEW INSTALLATIONS OF PASSENGER ELEVATORS (UNITS)

22) INSTALLED BASE AND NEW INSTALLATIONS OF FREIGHT ELEVATORS (UNITS)

23) INSTALLED BASE AND NEW INSTALLATIONS OF 2–15 PERSONS ELEVATORS (UNITS)

24) INSTALLED BASE AND NEW INSTALLATIONS OF 16-24 PERSONS ELEVATORS (UNITS)

25) INSTALLED BASE AND NEW INSTALLATIONS OF 25-33 PERSONS ELEVATORS (UNITS)

26) INSTALLED BASE AND NEW INSTALLATIONS OF 34 PERSONS AND ABOVE ELEVATORS (UNITS)

27) INSTALLED BASE AND NEW INSTALLATIONS OF COMMERCIAL ELEVATORS (UNITS)

28) INSTALLED BASE AND NEW INSTALLATIONS OF RESIDENTIAL ELEVATORS (UNITS)

29) INSTALLED BASE AND NEW INSTALLATIONS OF INDUSTRIAL ELEVATORS (UNITS)

30) INSTALLED BASE AND NEW INSTALLATIONS OF OTHER END-USER ELEVATORS (UNITS)

31) INSTALLED BASE AND NEW INSTALLATIONS OF ESCALATORS (UNITS)

32) NEW INSTALLATIONS OF ESCALATORS (UNITS)

33) INSTALLED BASE AND NEW INSTALLATIONS OF PARALLEL ESCALATORS (UNITS)

34) INSTALLED BASE AND NEW INSTALLATIONS OF MULTI PARALLEL ESCALATORS (UNITS)

35) INSTALLED BASE AND NEW INSTALLATIONS OF MOVING WALKWAY ESCALATORS (UNITS)

36) INSTALLED BASE AND NEW INSTALLATIONS OF CRISSCROSS ESCALATORS (UNITS)

37) INSTALLED BASE AND NEW INSTALLATIONS OF PUBLIC TRANSIT ESCALATORS (UNITS)

38) INSTALLED BASE AND NEW INSTALLATIONS OF COMMERCIAL ESCALATORS (UNITS)

39) INSTALLED BASE AND NEW INSTALLATIONS OF OTHER END USER ESCALATORS (UNITS)

40) SAUDI ARABIA ELEVATORS & ESCALATORS MAINTENANCE MARKET ($ MN)

41) SAUDI ARABIA ELEVATORS & ESCALATORS MODERNIZATION MARKET ($ MN)

42) OTIS: TOTAL SALES 2020-2024 ($ BILLION)

43) KONE: TOTAL SALES BY SEGMENT 2024 (% SHARE)

44) TK ELEVATOR: REVENUE 2021-2024 ($ BILLION)

45) SCHINDLER: TOTAL SALES 2020-2024 ($ BILLION)

46) HITACHI LTD.: TOTAL REVENUE BY SEGMENT 2023 (%)

47) HYUNDAI ELEVATOR: TOTAL SALES 2022-2023 ($BILLION)

48) FUJITEC: NET SALES 2021-2023 ($ BILLION)


LIST OF TABLES


1) NUMBER OF TALL BUILDINGS BY COUNTRIES AS OF 2024

2) KEY BUILDING PROJECTS DRIVING THE DEMAND IN SAUDI ARABIA

3) ELEVATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024–2030

4) ELEVATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024–2030

5) ELEVATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024–2030

6) MAJOR UPCOMING NEW HOTELS IN SAUDI ARABIA

7) ELEVATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024–2030

8) ESCALATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024–2030

9) MAJOR UPCOMING MIXED-USE BUILDINGS IN SAUDI ARABIA

10) MAJOR UPCOMING STADIUMS IN SAUDI ARABIA

11) ESCALATOR: NEW INSTALLATIONS, TOTAL INCREMENTAL OPPORTUNITIES, 2024–2030

12) MAJOR UPCOMING PUBLIC TRANSIT PROJECTS AS OF 2024

13) INTEGRATION OF ARTIFICIAL INTELLIGENCE (Market Opportunities)

14) LIST OF ABBREVIATIONS

1. Market Scope

2. Executive Summary

3. Introduction

3.1. Market Overview

3.1.1. Market Snapshot of Elevators

3.1.2. Market Snapshot of Escalators

4. Elevators Market in Saudi Arabia

4.1. Market Overview

4.1.1. Growth in Sky-Scrappers

4.1.2. Key Infrastructure Projects Under Construction

4.1.3. Product Life Cycle of Elevators (Age of Elevators)

4.1.4. Elevators Market Size: New Installation & Installed Base

4.2. Market Segmentation: Elevators

4.2.1. By Machine

4.2.2. By Carriage Type

4.2.3. By Capacity

4.2.4. By End-users

5. Escalator Market in Saudi Arabia

5.1. Elevators Market Size: New Installation & Installed Base

5.2. Market Segmentation: Escalator

4.2.1. Product

4.2.2. End-user

6. Elevators and Escalators Market – By Service (Maintenance & Modernization)

6.1. Maintenance Market

6.2. Modernization Market

7. Geographic Analysis

8. Market Dynamics – Market Opportunities, Drivers & Restraints

9. Technological Development

10. Competitive Landscape

10.1.1 Elevator & Escalators Market Share

10.1.2 Prominent Vendors

10.1.3 Other Prominent Vendors

11. Report Summary

11.1.1 Quantitative Summary

11.1.2 List of Abbreviation

12. Appendix (Definition, Inclusions & Exclusions)

121.1 Research Methodology

12.1.2 Market Definition & Scope

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Frequently Asked Questions

How big is the Saudi Arabia elevator and escalator market?

The Saudi Arabia elevator and escalator market size by new installations accounted for 15.79 thousand units in 2024 and is expected to reach 19.98 thousand units by 2030.

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

The Saudi Arabia elevator and escalator market share by new installations is expected to grow at a CAGR of 4.00% during the forecast period.

What is the number of installed bases in the Saudi Arabia elevator and escalator market in 2024?

The number of installed bases in the Saudi Arabia elevator and escalator market accounts for approximately 191.48 thousand units in 2024.

What are the key opportunities in the Saudi Arabia elevator and escalator market?

Integration of artificial intelligence (AI) and urbanization and population growth in the Kingdom are key opportunities in the Saudi Arabia elevator and escalator market.

What are the key Saudi Arabia elevator and escalator market players?

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