Saudi Arabia Elevator & Escalator Market Size & Growth Forecast 2025-2030 Featuring Key Vendors - Otis, KONE, TK Elevator, Schindler, Mitsubishi, Hitachi, Hyundai, and Fujitec - ResearchAndMarkets.com

The "Saudi Arabia Elevator & Escalator Market Size & Growth Forecast 2025-2030" report has been added to ResearchAndMarkets.com's offering.

The Saudi Arabia Elevator & Escalator Market was sized at 15,795 units in 2024, and is projected to reach 19,985 units by 2030, rising at a CAGR of 4.00%.

Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group, and Kone Corporation are the top manufacturers in the Saudi Arabia elevator and escalator market.

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.

MARKET DRIVERS & OPPORTUNITIES

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

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.

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.

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

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.

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

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.

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

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.

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

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%.

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.

KEY HIGHLIGHTS

• The Kingdom's elevator market by installed base is expected to reach 194.9 thousand units by 2030.
• 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.
• The machine room-less traction segment accounted for the largest market share due to its high popularity.
• The Kingdom's installed base escalators market is expected to reach 100.8 units by 2030.
• Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing retail projects in the pipeline.
• The parallel escalators segment accounted for the largest market share in 2024 due to the high construction of commercial buildings.
• The modernization market in the Saudi Arabia elevator and escalator market is expected to reach USD 268.30 million by 2030.
• 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.
• 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.

RECENT DEVELOPMENTS

• 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 MiniSpace^TM DX elevator. The elevator comes with KONE UltraRope, which is 80% lighter than traditional steel rope and three times more durable.
• In September 2024, KONE announced its New 2025-2030 Strategy Rise, which went into effect on January 1st, 2025.

Elevator Market Segmentation

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

Product Type

• Parallel
• Multi Parallel
• Walkway
• Crisscross

End-User

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

Key Vendors

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

Other Prominent Vendors

• Toshiba Elevator and Building Systems Corporation (TELC)
• Sigma Elevator
• Orona
• KLEEMAN
• Gulf Elevators and Escalators Company (GEEC)
• Alpha Lifts

Key Attributes:

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