Middle East & Africa Elevator & Escalator Market Outlook, 2027

The Middle East & Africa Elevator and Escalator markets are anticipated to gain momentum during the upcoming years owing to rising disposable income. The application of elevators and escalators is gaining traction in the Middle East and African countries on account of growing demand from the commercial and residential sectors. During the forecast period, Africa's demand for elevators and escalators will be driven by the expansion of infrastructure in retail, hospitality, commercial offices, healthcare, and residential apartments. In the Middle East, residential applications and increasing acceptance of high-speed elevators are driving the growth of the market. The growing construction sector is likely to drive the Middle East and Africa's elevator and escalator market growth. The surging population along with the increasing penetration of consumers towards the adoption of a comfortable lifestyle triggers the potential growth of the market. As per the finding of the report-Middle East & Africa Elevator & Escalator Market Outlook, 2027 by Bonafide Research, the region held nearly USD 7 billion in 2021. The region continues to rely on imported components to meet market demand, with some local lift companies identifying hurdles on the road to developing the manufacturing capacity of domestic small-and medium-sized enterprises. The market is expected to grow at an anticipated rate of over 7% through the forecast period. The new installation segment is the key revenue generator in the overall Middle East & Africa elevators and escalators market share as urbanization and infrastructural development continue to play an important role in the region. As major Middle East and African countries seek to diversify their economies by focusing on domains such as tourism and manufacturing, the new installation segment is predicted to undergo significant growth over the coming years as well.

The commercial and residential segments are expected to grow in the future due to the expected increase in urbanization across all major countries, which would boost the Middle East & Africa elevator and escalator market revenues. Additionally, major hotel chains are expanding their presence across several countries, and large-scale government infrastructure development projects, such as airport expansions, metro expansions, and the development of other social infrastructure, are also strengthening the construction sector in the region. These factors would translate into an increase in demand for elevators and escalators in the Middle East and African countries in the near future. The government is spending more on the infrastructure of elevators and escalators in areas such as hospitality, healthcare, and retail in residential apartments. It will lead to an increase in the demand for elevators and escalators during the forecast period. In the Middle East and Africa, residential areas use high-speed elevators. There are many projects running for infrastructure development projects such as metro expansions and airport expansions. According to research, the elevator and escalator markets will grow during the forecast period. The increasing number of tourists has been playing a major role in the construction of new infrastructure, with a high share of the elevator market of over 60%, which exhibits a decline in the market share. The upcoming projects, as well as the ongoing projects of infrastructure construction such as commercial centers like malls, hotels, etc., and non-commercial residences, are the major driving factors for the market. By value, the Middle East & Africa region is dominated by Saudi Arabia, which held a share of more than 18% in 2021. The booming construction sector, the increasing number of high-rise building projects, and rapid infrastructure development are the key factors driving Saudi Arabia. The UAE elevator and escalator markets are anticipated to record substantial growth on the back of increasing non-oil sector contribution to the GDP, improving economic conditions of the country, implementation of strict localization targets and value-added tax. The Northern region of the UAE, which includes emirates such as Dubai and Sharjah, captured the highest market share, while the Southern region, including Abu Dhabi, is expected to witness significant growth over the coming years. Major players operating in Saudi Arabia's elevator & escalator market include Otis Elevator Company Saudi Arabia Ltd., Schindler Olayan Elevators Co., Ltd., ThyssenKrupp Elevator Saudi Ltd., Mitsubishi Electric Saudi Ltd., Gulf Elevator & Escalator Company Ltd., Khaled Juffali Elevator & Escalator Co., KONE Saudi Arabia, Orona Elevator Co., KSA, Fujitec Saudi Arabia Co., Ltd., Hyundai Elevator Saudi Arabia, among others.

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Manmayi Raval

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COVID-19 Impacts: Countries that rely on exporting extractives are likely to be hard-hit by COVID-19, with growth falling by up to seven percentage points in oil-exporting countries and by over eight percentage points in metal exporters. The booming construction industry in the region heralds a good opportunity for companies that manufacture elevators and escalators. Major Companies Present In the Market Fujitec Corporation Limited, Hitachi Group, Hyundai Elevator Corporation Limited, Kleemann Hellas, Kone Corporation, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Group, Sigma Elevator Company, Stannah Lifts Holdings Limited, Thyssenkrupp AG, Toshiba Elevator And Building System Corporation Considered In the Report • Geography: Middle East & Africa • Historical year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecasted year: 2027

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Countries covered: • UAE • Saudi Arabia • Qatar • South Africa Aspects Covered In the Report • Market Size By Value for the historic time period (2016-2021) • Market Size By Value for the forecast time period (2022-2027) • Market Share by Type (Elevator, Escalator & Moving Walkways) • Market Share by Service (New Installation, Maintenance & Repair, Modernization ) • Market Share by End Users (Residential, Commercial & Others) • Market Share by Country The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.