UAE elevator and escalator market was valued at USD 900 million in 2022 and is projected to reach USD 1445.60 million by 2030, with a rapid CAGR of 6.1% from 2023 to 2030. The construction industry and significant government spending on nationwide infrastructure development are the growth drivers. The growing number of tourists across the UAE has increased the construction of retail outlets, hotels, and structures, driving the requirement for elevator and escalator installations. In addition, there is an increasing significance in innovation and a preference for energy-efficient technologies, which are anticipated to foster the UAE elevator and escalator market size. Furthermore, the rising middle-class population and increased disposable income have increased the demand for premium residential and commercial properties, propelling the demand for elevator and escalator installations.

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The constant production of skyscrapers and investments in infrastructure remain a persistent driver for need across the UAE elevator and escalator market share. Moreover, government initiatives including the Dubai 2040 urban development plan, the Sheikh Zayed Housing Programme, the Dubai Tourism Strategy, and the Energy Strategy 2050 play an important role in infrastructure in the UAE’s objectives for growth. In addition, the growing need for urban mobility and government initiatives focused on encouraging tourism and advancing transportation infrastructure will propel the expansion of railways and metro systems in the UAE. The long-term growth factors of the UAE modernization industry are further driven by the digital economy strategy that integrates emerging technologies such as Cyber Security and AI, while also facilitating the digitization of SMEs. As of 2022, maintenance registers for 67% and modernization for 33% of the UAE elevator and escalator market growth.

The UAE elevator and escalator market forecast has witnessed rapid expansion in its construction and real estate domains, resulting in increased demand for elevators and escalators. For example, Dubai Mall, located in the bustling heart of Downtown Dubai, is renowned as the world’s premier shopping and entertainment hub, drawing over 100 million visitors each year and boasting over 1,200 retail outlets, 200 international dining establishments, and a series of family-oriented entertainment offerings, the mall reliant on different escalators and elevators to cater to its extensive foot traffic, positioning it as one of the globe’s most well-appointed retail complexes. Throughout the third quarter of 2021, the Dubai Land Department documented 2,845 commercial property transactions worth USD 9.2 billion. This led to a 1% increase in transaction volumes from the preceding quarter and a notable 34% leap compared to the corresponding period during the previous year. The UAE elevator and escalator market analysis by organic research stated that the widespread adoption of elevators and escalators has been instrumental in increasing the shopping experience for visitors and facilitating their nobility within the mall.

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Furthermore, the UAE tourism industry is witnessing a significant rise, propelled primarily by the arrival of business, leisure, sports, and religious visitors. Among the UAE’s destinations, Abu Dhabi, and Dubai stand out as the most favored by international travelers. Dubai, with nearly 10 million visitors in the first eight months of 2022, ranked at 4th place among the world’s most prevalent cities, while Abu Dhabi, with over 5 million travelers, held the 94th rank. As the government continues to adopt different initiatives, including the Dubai 2040 urban development plan, the Sheikh Zayed Housing Programme, the Energy Strategy 2050, and the Dubai Tourism Strategy, infrastructure will assume an important role in the expansion objectives of UAE, thereby propelling the advancement of UAE elevator and escalator market trends.

Also, the major players in the UAE elevators and escalators market are increasingly prioritizing the development of sustainable products due to increasing end-user awareness concerning environmental issues. This trend has increased the concept of producing green elevators, incorporating recycled materials, water-soluble paints, and LED lights. Furthermore, producers are discovering substitutes to traditional pulley & rope systems, including magnetic motors, coupled with sustainable standards, hence driving the market expansion. The UAE elevator and escalator market future is projected to witness significant growth, propelled by the growing contribution of the non-oil sector to the GDP. Economic advancements across the country, along with the enforcement of severe localization targets and the adoption of value-added tax, are further propelling the UAE elevator and escalator market growth. Moreover, the projection of forthcoming mega-events including Expo and different government-sponsored initiatives has become important drivers for widespread construction activities in different sub-segments of the UAE economy. These factors collectively indicate an increase in the need for elevators and escalators in the commercial sector in the forecast period.

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