Kingdom of Saudi Arabia… A REGION WORTH INVESTING IN Lift your business up the world
The global smart elevator market to grow at a CAGR (compound annual growth rate) of 14.56% during the period 2017-2021 is estimated to be around 750,000 – 800,000 units per annum. With Kingdom of Saudi Arabia currently blooming amongst the most potential markets in the entire Middle-East Asia region, it stands as one of the largest elevator & escalator market in the world. Since the VISION 2020-QUALITY OF LIFE activated, it is expected to grow at a fast pace from 2018. Triggered by the fast-economic growth, urbanization and high disposable income, the elevator and escalator market has been on a growth trajectory over the past several years since its related to construction site also. As also the government declared several biggest projects such as NEOM which is known as the world’s most ambitious project. Currently, only the public sector has more than 45 construction projects excluding the private sector. Private sector growth is also being encouraged in the kingdom, which is expected to launch a 72 billion program to support construction. It is also the key component to Kingdom’s VISION 2030 economic transformation plan. Evolution of expectations and concepts of our home, as well as work and lifestyle spaces, will always influence the growth of the industry.