During 2014-17, Saudi Arabia elevator and escalator market has registered high installation as a result of completion of ongoing construction projects in the country. However, book order volume witnessed a plummet in demand owing to deteriorating economic conditions, primarily due to slump in oil prices. During this period, major government spending was cut down, resulting in halt in several construction projects in the country. Further in 2017, change in the government taxation policy for the import of goods had resulted in an increase in prices of the imported products.
According to 6Wresearch, Saudi Arabia Elevator and Escalator Market is expected to grow at a CAGR of 4.9% during 2018-24. Healthy growth is anticipated during the forecast period on the back reviving oil prices, expected increase in government spending, construction of new hotels and shopping mall projects and increasing inflow of FDI in the construction and retail sectors.
According to Ravi Bhandari, Research Manager, Research and Consulting, 6Wresearch, elevators segment accounted for major share of market revenues. Growing acceptance of elevators in the residential sector and increase in height of buildings has propelled the demand for elevators in Saudi Arabia; machine room less elevators are more in demand in the country.
"Additionally, under Vision 2030, Saudi Arabia government passed a plan to invest in the infrastructural development projects and to allow FDI in commercial and retail sectors, resulting in major expansion of infrastructure. With the expansion of infrastructure in the country, vertical transportation system in Saudi Arabia would be largely installed," Ravi further added.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Commercial vertical which include transportation and retail segments, accounted for major market share in the overall market. Saudi Arabia is registering significant infrastructural development activities in the commercial sector. Increasing construction activities in residential vertical, would further stimulate the market growth during the forecast period.
Further, the central and western regions accounted for majority of the revenue share in Saudi Arabia elevators and escalators market attributed to key construction projects in the commercial, hospitality and retail sectors," Shefali concluded.
Some of the key players in Saudi Arabia elevator and escalator market include- Kone Corporation, Mitsubishi Electric, Otis Elevator, Schindler, ThyssenKrupp, and Hyundai Elevators.
"Saudi Arabia Elevator and escalator Market (2018-2024)" provides in-depth analysis with 63 figures and 10 tables covered in more than 110 pages. The report estimates and forecast the overall Saudi Arabia elevator and escalator market by revenues, types, regions, services and verticals such as residential, commercial, and industrial. The report also offer insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.