The GCC elevator and escalator market is experiencing a significant upward trend, with new installations jumping from 7.9 thousand units in 2023 to an anticipated 10.9 thousand units by 2029. This robust growth, featuring a CAGR of 4.60%, is propelled by rapid urbanization, smart city projects, special economic trade zones, and government initiatives aimed at attracting global trade and business.
- Saudi Arabia's Special Economic Zones (SEZs): The recent launch of four new SEZs in Saudi Arabia, focusing on advanced manufacturing, cloud computing, and medical technology, is a major driver. These include KAEC SEZ, Jazan SEZ, Ras Al Khair SEZ, and a Cloud Computing SEZ at KACST. Offering incentives like tax reductions and exemptions, these SEZs are expected to stimulate construction and infrastructure projects, thereby boosting the elevator and escalator market.
- Tourism Initiatives in GCC: The introduction of a common tourist visa among GCC nations (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE) is fostering regional tourism and economic cooperation, creating additional demand for elevators and escalators in the hospitality and commercial sectors.
- Qatar's Sports Infrastructure: Qatar's role as the host of the 2024 U23 Asian Cup and other major sporting events is triggering extensive infrastructural developments, thereby accelerating the market for elevators and escalators.
Regulatory and Safety Standards:
- Saudi Arabia's Elevator Certification: SASO's mandate in 2018 for all new elevators in residential and commercial buildings to be certified by civil defense authorities, along with a focus on international safety standards, is reshaping the market landscape.
- Crackdown on Unlicensed Firms: The Directorate-General of Fire Services (DGFS) has been active in shutting down unlicensed elevator firms, ensuring compliance and safety in installations and maintenance.Download free sample report @ https://www.arizton.com/market-reports/gcc-elevator-and-escalator-market
Real Estate and Urban Development:
- Saudi Arabia's Real Estate Transaction Tax (RETT): The reduction of VAT in Saudi Arabia to boost real estate activity is increasing the demand for elevators in the residential sector.
- Kuwait's Private Housing Expansion: Kuwait's extensive use of land for private housing, with further expansion planned, is indicative of a growing market for residential elevators.
- Bahrain's Housing Projects: New housing initiatives, including the development of thousands of housing units, are set to further stimulate elevator demand.
Infrastructure and Industrial Growth:
- Qatar's 2050 Transport Plan: This ambitious plan, involving significant investments in infrastructure projects, is poised to increase the demand for elevators and escalators.
- Saudi Arabia's Support for Industrial SMEs: Programs assisting industrial projects are expected to expand the industrial base, indirectly benefiting the elevator market.
- Kuwait's Mubarak Port Development: The construction of new ports and redevelopment of existing ones is another factor contributing to market growth.
- Dominant Players:
奥的斯
,
迅达
,
TK Elevator
, and
通力
lead the market, collectively holding a 61% share. These companies are investing in localizing component manufacturing, tapping into the growing demand in the GCC, and potential export opportunities to the #MENA region.
The GCC elevator and escalator market outlook is positive, buoyed by multi-faceted developments across urbanization, real estate, tourism, and infrastructural projects, paving the way for a thriving market landscape.
Absolutely thrilled to see the GCC taking such innovative strides in tourism and infrastructure! ???? As Helen Keller once said, "Alone we can do so little; together we can do so much." This initiative not only paves the way for regional growth but also supports unity and collaboration. #TogetherWeAchieveMore #InnovationInTourism