<img src="https://ml.globenewswire.com/Resource/Download/908fb457-7f8e-4a08-9081-5565e3dfb3d7?size=2" nborder="0" align="left" hspace="5" vspace="5" title="22157.jpg" alt="Company Logo"/>Saudi Arabia's elevator and escalator market is set for growth, with new installations expected to rise at a CAGR of 3.73% from 2025 to 2031. The integration of artificial intelligence (AI) is transforming the industry, enhancing safety and efficiency. Rising urbanization and large-scale infrastructure projects like Neom are major growth drivers, while increasing tourism bolsters demand. However, the market faces challenges from skilled labor shortages and rising construction costs. Leading vendors include Otis, KONE, and Schindler. This expansion aligns with Saudi Arabia’s Vision 2030, positioning the market for significant development.<div style="float:right;padding:0 0 15px 20px;margin:15px 0 20px 20px;width:300px">
 Saudi Arabian Elevator and Escalator Market
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 <img src="https://ml.globenewswire.com/Resource/Download/5bb309bd-66f6-41a9-bff5-639938eed37e" title="Saudi Arabian Elevator and Escalator Market" alt="Saudi Arabian Elevator and Escalator Market" />
 <figcaption>Saudi Arabian Elevator and Escalator Market</figcaption>
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</div>Dublin, May 14, 2026 (GLOBE NEWSWIRE) -- The <a href="https://www.researchandmarkets.com/reports/6075798/saudi-arabia-elevator-escalator-market-size-and?utm_source=GNE&amp;utm_medium=PressRelease&amp;utm_code=h47wnf&amp;utm_campaign=2252277+-+Saudi+Arabia+Elevator+and+Escalator+Market+Size+%26+Growth+Forecast+Report+2026-2031+Featuring+Key+Vendors+-+Otis%2c+KONE%2c+TK+Elevator%2c+Schindler%2c+Mitsubishi%2c+Hyundai%2c+Hitachi%2c+Fujitec&amp;utm_exec=chdomspi" rel="nofollow" target="_blank" title="Saudi Arabia Elevator and Escalator Market - Size &amp; Growth Forecast 2026-2031">"Saudi Arabia Elevator and Escalator Market - Size &amp; Growth Forecast 2026-2031"</a> report has been added to ResearchAndMarkets.com's offering. The Saudi Arabia elevator and escalator market size by new installations is expected to grow at a CAGR of 3.73% from 2025 to 2031. Otis Worldwide Corporation, KONE Corporation, Mitsubishi Electric Corporation, Schindler Group, &amp; Hitachi Ltd., constitute the top five vendors in Saudi Arabia elevator and escalator market. Collectively, these companies account for an estimated around 75% of total market value, highlighting a moderate to high concentrated competitive structure. SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET OPPORTUNITY Integration of AI in the Elevators and Escalators Industry <ul><li>The integration of artificial intelligence (AI) in elevators and escalators in Saudi Arabia reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and the overall user experience in both public and private transportation systems</li><li>AI monitors real-time data from sensors installed in elevators and escalators to predict and prevent potential malfunctions, reducing downtime and improving equipment reliability. Companies such as KONE and Otis have already implemented AI-based predictive maintenance globally, including in Saudi Arabia.</li><li>Elevator manufacturers are integrating IoT connectivity, AI-driven predictive maintenance, destination control systems, and energy management features, which is leading to higher average selling prices and increased customer retention on service contracts.</li><li>Overall, these technological innovations are driving the Saudi Arabia elevator market toward greater efficiency, sustainability, and service excellence.</li></ul> Urbanization and Population Growth in the Kingdom <ul><li>The population growth and urbanization in Saudi Arabia are significant drivers of the construction market. By 2025, the population reached approximately 36 million people, with 83% of this population living in urban areas. This urbanization requires extensive development in housing, infrastructure, and utilities.</li><li>According to the Saudi General Authority for Statistics (GaStat), over 2.6 million new housing units will be needed by 2030, putting immense pressure on the construction industry to expand rapidly to meet this demand. The growth of urban areas also increases the need for roads, transportation, and public services infrastructure.</li><li>Riyadh, the capital and largest city of Saudi Arabia, is undergoing massive urban transformation. The city's population has grown significantly, increasing from 111,000 in 1950 to over 7.8 million by 2024.</li><li>This shift is essential for accommodating the projected population growth in Riyadh, which is expected to exceed nine million by 2035. Other cities, such as Makkah, Madinah, Dammam, and Jeddah, are also experiencing urbanization, which is likely to drive the demand for elevators and escalators in the coming years.</li></ul> SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET DRIVERS Surge in Infrastructure Projects to Drive Demand <ul><li>The construction sector in Saudi Arabia is one of the fastest-growing industries, alongside energy, manufacturing, logistics, and power generation, with many projects in the pipeline. In 2025, this sector experienced significant growth, adding 3,800 new licenses in just one year, bringing the total to 8,900.</li><li>As Saudi Arabia moves towards achieving its Vision 2030 goals, the construction sector is expected to play a crucial role in economic growth. Vision 2030 aims to diversify the economy through major infrastructure projects, including the construction of Neom, a $500 billion megacity, and other ambitious developments such as The Line.</li><li>The government also emphasized that the non-oil sector is projected to grow significantly, which is likely to increase the demand for elevators and escalators during the forecast period.</li></ul> Tourism, Hospitality &amp; Religious Infrastructure <ul><li>The growing demand for elevators and escalators in Saudi Arabia is largely driven by the resurgence of the tourism industry, which has fueled the development of hotels. In 2025, the hospitality sector experienced significant growth, with the Kingdom welcoming approximately 30 million inbound tourists, up from 27.4 million in 2023.</li><li>Tourism is a significant driver of demand for escalators in airports, hotels, transit hubs, and infrastructure in holy cities. In 2025, Saudi Arabia welcomed approximately 122 million visitors, marking a 5% increase compared to 2024. Under Vision 2030, the country aims to accommodate 30 million annual Umrah pilgrims by 2030. Religious tourism alone generates about USD 12 billion each year, accounting for nearly 20% of the non-oil economy.</li><li>Ongoing infrastructure developments in the Kingdom are expected to make the country an even more appealing travel destination. Consequently, the increased development of hotels across Riyadh, Jeddah, and Madinah is projected to create a rising demand for elevators throughout the forecast period.</li></ul> Robust Growth in the Development of Ports <ul><li>As part of its economic diversification strategy to reduce dependence on oil, Saudi Arabia is making significant investments in the development of industrial zones, logistics hubs, and manufacturing facilities. This expansion is driving the demand for vertical transportation (VT) solutions, including freight elevators and industrial escalators, to support the Kingdom's growing industrial landscape.</li><li>In feb 2025, the Saudi Authority for Industrial Cities and Technology Zones (MODON), in collaboration with the National Center for Privatization and Public-Private Partnerships (NCP), announced the opening of an Expression of Interest (EOI) for the development of a logistics zone in the Dammam 2nd Industrial City.</li><li>Furthermore, Saudi Arabia attracted foreign investments in its industrial sector in 2025. For example, TrinaTracker announced plans to establish a new manufacturing facility in the 3rd Industrial City in Jeddah, which is anticipated to further boost the demand for freight elevators and escalators.</li></ul> INDUSTRY RESTRAINTS Skilled Labor Shortage <ul><li>Saudi Arabia's elevator and escalator market is facing a critical shortage of skilled labor, emerging as one of the most significant structural challenges under the Kingdom's ambitious Vision 2030 construction pipeline.</li><li>Rapid expansion of giga projects such as NEOM, Red Sea, and Diriyah has sharply increased demand for technical workers, while supply remains constrained. Industry and government-linked estimates indicate a substantial gap in skilled construction workers, with hundreds of thousands needed by 2030 to meet project timelines trained technicians. Additionally, this shortage could result in project delays and increased costs, ultimately impacting market demand in the coming years.</li><li>The impact spans the entire value chain. Installation timelines are increasingly delayed due to limited availability of trained technicians, directly affecting project delivery schedules.</li><li>The skilled labor shortage will continue to constrain growth and operational efficiency in Saudi Arabia's elevator and escalator market.</li></ul> Rising Construction Costs <ul><li>The construction costs in Saudi Arabia are projected to rise by 5% to 7% in 2025 due to supply chain disruptions and a growing labor shortage, particularly in high-demand sectors such as renewable energy, digital infrastructure, and housing.</li><li>The ongoing crisis in the Red Sea has significantly impacted maritime supply chains, resulting in substantial increases in construction material costs in Saudi Arabia. In 2025, Riyadh-based Jadwa Investment estimated that these disruptions have caused construction material prices to rise by 25% to 50%.</li><li>Small and medium-sized companies struggle with these high costs, forcing developers to prioritize cost-cutting measures. As a result, many are postponing or scaling down the installation of vertical transportation systems.</li></ul> SAUDI ARABIA ELEVATOR AND ESCALATOR MARKET SEGMENTATION INSIGHTS <ul><li>Machine-room-less (MRL) elevators accounted for one of the largest shares of the elevator market among the different machine types (hydraulic, pneumatic, machine room traction and others), representing major market share in total installations in 2025. The segment is expected to witness steady growth over the forecast period, with new installations expanding at a CAGR of 4.02%.</li><li>In the carriage type segment, passenger elevators accounted for the largest share of the market in 2025. This dominance is primarily attributed to the high demand for vertical transportation in residential, commercial, and mixed-use buildings, where passenger mobility remains the primary requirement.</li><li>In the elevator end-user segment, residential elevators recorded the largest Saudi Arabia elevator and escalator market share in terms of volume of new installations in 2025. This dominance is primarily driven by the rapid development of high-rise residential buildings, apartment complexes, and urban housing projects, particularly in densely populated urban areas where vertical transportation is essential.</li><li>In the product type segment, parallel escalators recorded the largest volume of new installations in 2025. The segment is also expected to experience the highest incremental growth during the 2025-2031 period, expanding at a CAGR of 2.73%.</li><li>By the escalator end-user segment, commercial escalators recorded the largest volume of new installations in 2025. They are widely used across shopping malls, department stores, airports and transit hubs, hotels, convention centers, office towers, and integrated mixed-use projects</li></ul> KEY QUESTIONS ANSWERED <ul><li>What will be the growth rate of the Saudi Arabia elevator and escalator market?</li><li>How big is the Saudi Arabia elevator and escalator market?</li><li>What are the key opportunities in the Saudi Arabia elevator and escalator market?</li><li>What are the key Saudi Arabia elevator and escalator market players?</li><li>What is the number of installed bases in the Saudi Arabia elevator and escalator market in 2031?</li></ul> Key Attributes: <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Report Attribute</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">Details</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">No. of Pages</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">126</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Forecast Period</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">2025 - 2031</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Estimated Market Value in 2025</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">11987 Units</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Forecasted Market Value by 2031</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">14930 Units</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Compound Annual Growth Rate</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">3.7%</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; ">Regions Covered</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; ">Saudi Arabia</td></tr></table> VENDOR LANDSCAPE Key Vendors <ul><li>Otis</li><li>KONE</li><li>TK Elevator</li><li>Schindler</li><li>Mitsubishi Electric</li><li>Hyundai Elevator</li><li>Hitachi</li><li>Fujitec</li></ul> Other Prominent Vendors <ul><li>Toshiba Elevator &amp; Building Systems Corporation</li><li>Orana</li><li>KLEEMANN</li><li>Gulf Elevators &amp; Escalators Company</li><li>Alfa Lifts</li><li>SEC Elevator Co., Ltd</li></ul> Elevator Market Segmentation Machine Type <ul><li>Hydraulic and Pneumatic</li><li>Machine Room Traction</li><li>Machine Room Less Traction</li><li>Others</li><li>Climbing</li><li>Elevators</li><li>Industrial Elevators</li></ul> Carriage Type <ul><li>Passenger</li><li>Freight</li></ul> Capacity <ul><li>2-15 Persons</li><li>16-24 Persons</li><li>25-33 Persons</li><li>34 Persons and Above</li></ul> End-User <ul><li>Commercial</li><li>Residential</li><li>Industrial</li><li>Others</li><li>Public Transit</li><li>Institutional</li><li>Infrastructural</li></ul> Escalator Market Segmentation Product Type <ul><li>Parallel</li><li>Multi Parallel</li><li>Walkway</li><li>Crisscross</li></ul> End-User <ul><li>Public Transit</li><li>Commercial</li><li>Others</li><li>Institutional Sector</li><li>Infrastructure</li><li>Industrial</li></ul> <img alt="" height="400" src="//www.researchandmarkets.com/content-images/2494/2494014/1/saudi-arabian-elevator-and-escalator-market.png" width="600" /> For more information about this report visit <a href="https://www.researchandmarkets.com/reports/6075798/saudi-arabia-elevator-escalator-market-size-and?utm_source=GNE&amp;utm_medium=PressRelease&amp;utm_code=h47wnf&amp;utm_campaign=2252277+-+Saudi+Arabia+Elevator+and+Escalator+Market+Size+%26+Growth+Forecast+Report+2026-2031+Featuring+Key+Vendors+-+Otis%2c+KONE%2c+TK+Elevator%2c+Schindler%2c+Mitsubishi%2c+Hyundai%2c+Hitachi%2c+Fujitec&amp;utm_exec=chdomspi" rel="nofollow" target="_blank" title="">https://www.researchandmarkets.com/r/60kbjs</a> About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. 
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Saudi Arabia Elevator and Escalator Market Size & Growth Forecast Report 2026-2031 Featuring Key Vendors - Otis, KONE, TK Elevator, Schindler, Mitsubishi, Hyundai, Hitachi, Fujitec

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