Saudi Arabia Elevator and Escalator Market by New Installations is Set to Reach 19.98 Thousand Units by 2030 - Exclusive Research Report by Arizton

According to Arizton's latest research report, Saudi Arabia elevator and escalator market [https://www.arizton.com/market-reports/saudi-arabia-elevator-and-escalator-market] is growing at a CAGR of 4% during 2024-2030.

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Report Summary

Market Size by New Installations (2030): 19.98 Thousand Units

Market Size by New Installations (2024): 15.79Thousand Units

CAGR - New Installations (2024-2030): 4%

Market Size by Installed Base (2030): 295.82Thousand Units

Market Size by Modernization (2030): USD 268.30 Million

Historic Year: 2021-2023

Base Year: 2024

Forecast Year: 2025-2030

Saudi Arabia's Elevator & Escalator Market Rises with Vision 2030-Led Urban Growth

Saudi Arabia's elevator and escalator market is set for strong growth, with new installations projected to reach nearly 20,000 units by 2030, driven by a steady CAGR of 4%. This growth is fueled by rapid urbanization, large-scale infrastructure development, and the government's ambitious Vision 2030 initiative aimed at diversifying the economy beyond oil.

Public investment exceeding $300 billion into transport, utilities, and megaprojects like NEOM, the Riyadh Metro, and airport expansions is significantly boosting construction activity. Major cities such as Riyadh, Jeddah, Makkah, and Madinah account for over 80% of elevator demand due to their dense urban development and ongoing housing projects.

The Sakani housing program, aimed at boosting homeownership to 70% by 2030, along with rising demand for both affordable and luxury residences, is creating further opportunities in the vertical transportation sector. Additionally, the booming tourism industry-attracting billions in private investment and aiming to welcome 150 million tourists annually-adds momentum to infrastructure growth, especially with global events like the 2030 World Expo and 2034 FIFA World Cup on the horizon.

Despite challenges such as inflation, rising construction costs, and skilled labor shortages, the sector remains resilient, with sustained investment in smart cities and urban transformation expected to support long-term market expansion.

Urban Growth Accelerates Elevator & Escalator Demand in Saudi Arabia

Saudi Arabia's rapid urbanization and population growth are driving a surge in construction, particularly in housing and infrastructure. As more people move to cities, the demand for modern living spaces and public services continues to grow, putting pressure on the construction industry to expand quickly.

Riyadh, the capital, is undergoing a major transformation, evolving into a sprawling metropolis with a high population density. In response to urban challenges, the city is developing a comprehensive metro system to enhance connectivity and support its growing population. Alongside this, there is a noticeable shift from traditional villas to apartment living, driven by changing lifestyles and affordability.

Other major cities like Jeddah, Makkah, Madinah, and Dammam are also experiencing rapid development, further fueling the need for vertical transportation solutions. As cities continue to rise and grow denser, the demand for elevators and escalators is expected to increase significantly across the Kingdom.

Recent Developments in the Saudi Arabia Elevator and Escalator Market

* 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.
* 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.
* In December 2024, KONE announced the launch of its High-Rise MiniSpaceTM DX elevator. The elevator comes with KONE UltraRope Registered , which is 80% lighter than traditional steel rope and three times more durable.

Riyadh's Rapid Growth Fuels Demand for Vertical Transportation Solutions

Riyadh is emerging as one of the fastest-growing cities globally, with its population expected to rise significantly over the next decade. This urban boom is prompting substantial government investment in mega infrastructure projects to support the city's expanding population.

Alongside this growth, Riyadh is becoming a major data center hub in the Middle East, driven by rising demand for AI infrastructure, positioning itself alongside regional tech leaders like Abu Dhabi and Dubai. The city's real estate sector is also surging, with office rents climbing sharply reflecting increased economic activity fueled by both public and private sector momentum.

As commercial and non-residential developments accelerate, the demand for elevators and escalators is set to grow, making vertical transportation a critical component of Riyadh's urban and economic transformation.

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Key Vendors

* Otis
* KONE
* TK Elevator
* Schindler
* Mitsubishi Electric
* Hitachi
* Hyundai Elevator
* Fujitec
* Toshiba Elevator and Building Systems Corporation (TELC)
* Sigma Elevator
* Orona
* KLEEMAN
* Gulf Elevators and Escalators Company (GEEC)
* Alpha Lifts

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

Key Questions Answered in the Report:

How big is the Saudi Arabia elevator and escalator market?

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

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

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

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

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