According to Arizton’s latest research report, 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
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
Elevator Market Segmentation by
Machine Type
Carriage Type
Capacity
End-User
Escalator Market Segmentation by
Product Type
Key Questions Answered in the Report:
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