Saudi Arabia is a top economy in the Middle East. The ongoing expansion of real estate and big infrastructure projects has boosted elevator demand sharply.
This article will provide market insights and strategic advice for elevator foreign trade practitioners. We are examining the current situation of the Saudi elevator market and making an analysis of the competitiveness of the TOP 10 elevator brands.
I. Overview of Market in elevator Saudi Arabia
1.1 Market Scale and Growth Trend
Saudi Arabia elevator market has reached to 450 million USD by 2024. It maintains an annual growth rate of 6-8%.
The main drivers include:
● Faster urban growth: Saudi's "Vision 2030" project pushes for new economic zones. More new buildings are needed.
● Religious tourism fuels hotels: Cities such as Mecca and Medina draw millions of pilgrims annually.It need more elevators for hotels and commercial centers.
● Demand for elevator update: Old residential and commercial buildings require modern elevator upgrades, like Jeddah and Riyadh.
1.2 Market Segmentation
Market in elevator Saudi Arabia is mainly divided into:
● Passenger elevator: 50% share. In high demand for residential buildings and hotels.
● Freight elevator: 25% share. Widely used in industrial zones and shopping malls.
● Escalators/moving walkways: 20% share. Growing demand in airports and shopping centers.
● Villa elevator: 5% share. Gradually emerging in the high-end residential market.
II. Competitive Landscape of Market in elevator Saudi Arabia
The Saudi elevator market is dominated by international brands, but local manufacturers are also on the rise.
Main competitive factors are:
● Price vs. advanced tech: The mid-to-low-end market (like homes and regular commercial buildings) cares a lot about price. But high-end projects (like super tall buildings and fancy hotels) focus more on brand and technology.
● After-sales service: The Saudi market needs a lot of maintenance. Long-term service deals sway customer decisions.
● Local teamwork: Working with Saudi agents or setting up joint ventures boosts bidding power.
III. TOP 10 Brands in Elevator Saudi Arabia
This categorized based on market share and customer recognition:
1. Schindler Elevator (Switzerland)
● Strong point: Popular for high-end commercial jobs. Works closely with big developers like Saudi Bin Laden Group.
● Challenge: High prices face competition from cheaper Chinese brands.
2. Otis Elevator (USA)
● Strong point: Leads globally. Common in Saudi government projects and fancy hotels.
● Challenge: High maintenance costs push some customers to cheaper options.
3. KONE Elevator (Finland)
● Strong point: Leader in energy-saving tech. Performs well in future city projects like NEOM.
● Challenge: Slow deliveries due to limited local production.
4. Thyssenkrupp Elevator (Germany)
● Strong point: Known for luxury elevators and custom solutions. Popular in high-end hotels.
● Challenge: Recent financial problems hurt market trust.
5. Mitsubishi Elevator (Japan)
● Strong point: Leader in ultra-fast elevator tech. Perfect for super tall buildings.
● Challenge: High prices keep it in high-end commercial projects only.
6. Hyundai Elevator (South Korea)
● Strong point: Affordable and growing fast in Saudi homes and mid-range commercial jobs.
● Challenge: Brand not as well-known as European or American names.
7. FUJI Elevator (China)
● Strong point: Very competitive on price. Highly localized in Saudi Arabia. Good for budget projects.
● Challenge: Not recognized in the high-end market despite good value.
8. Canny Elevator (China)
● Strong point: Most advanced among Chinese brands. Gaining ground in Saudi government projects.
● Challenge: After-sales service needs improvement.
9. Al Rubaiyan (Saudi local brand)
● Strong point: Highly localized. Quick maintenance. Fits the "Made in Saudi Arabia" plan.
● Challenge: Depends on imported tech. Weak in high-end projects.
10. Toshiba Elevator (Japan)
● Strong point: Known for reliability and comfort. Good for high-end homes and hospitals.
● Challenge: Small market share and not enough marketing.
IV. Key Indicators of Brand Competitiveness
4.1 Price Competitiveness
● Premium Brands (like Otis and Schindler):
They charge the most, but customers pay extra for their strong brand names.
● Mid-tier Brands (like Mitsubishi and FUJI):
They offer good value for money, suitable for both commercial and residential projects.
● Budget Brands (like Canny and Toshiba):
They have clear price benefits but need to gain trust in the high-end market.
4.2 Tech Strengths
● Energy-saving tech: KONE and Schindler are ahead.
● Ultra-fast elevators: Mitsubishi and Otis lead.
● Smart elevators (IoT, AI monitoring): Chinese brands like FUJI are closing the gap.
4.3 After-sales Service and Localization
● International brands: Rely on global networks but face high costs for local maintenance teams.
● Chinese brands: Provide quick support through local agents and offer comprehensive technical assistance.
● Saudi local brands: Fastest maintenance response but limited technical reserves.
V. Future Market Opportunity and Challenge
5.1 Opportunities
● NEOM and Red Sea projects: Require a large number of high-end, smart elevator solutions.
● Building Upgrades: Government programs to update old buildings are increasing the need for new elevators.
● "Made in Saudi Arabia" Policy: This policy promotes local manufacturing, giving Chinese brands a chance to set up joint ventures in the country.
5.2 Challenges
● Price battles: More competition from Chinese brands is cutting into profits.
● Supply chain issues: Shortages of parts worldwide could slow down deliveries.
VI. Conclusion and Recommendations
Market in elevator Saudi Arabia holds significant potential but is fiercely competitive. International brands continue to dominate the high-end market, while Chinese brands are rising with cost-effectiveness and localization strategies.
Here are some simple tips for foreign trade workers:
● High-end market: Team up with Schindler, Otis, and others to offer tailored solutions.
● Mid-range market: Push brands like Hyundai and Mitsubishi, focusing on good value.
● Economy market: Suggest Chinese brands such as FUJI, and improve services through local partners.
Market in elevator Saudi Arabia still in a growth phase, and brands that establish an early presence will secure a larger market share.
FUJI elevator company started in 1987 and has 35+ years making elevators. It's a top elevator manufacturer in China, with quality solutions for your needs.