Elevator Ropes Market Report

Market Insights

Elevator rope, also known as elevator wire rope, is made up of wires, strands, and a core made of ?ber or steel. It is a vital part of an elevator system as it helps in the elevator cab movement. Exponential growth in the infrastructure industry is driving the growth of building & construction activities, which, in turn, is escalating the demand for elevator ropes. The global rise in urbanization and population has fuelled the construction of residential and commercial structures, which is expected to further boost the demand for elevators including their ropes, in the coming years.

The primary restraint for the ropes market will be the shift toward the adoption of ropeless elevators. Elevator ropes are more prone to damage from vibrations because of their low-damping properties. The unquestionable advantage of ropeless elevators requiring less space will also play a significant role in the change of market trend, diluting the penetration of elevator ropes in the market.

The rapid spread of COVID-19 in 2020, crippled the world economy, and almost every industry suffered significant losses. Along with the construction industry, the market for elevator ropes also witnessed a decline. However, the market made a strong comeback in 2021 and experienced healthy growth of about 5.3%. Overall, the elevator ropes market is estimated to grow at a steady CAGR of 5.0%, during the forecast period to reach a value of US$ 706 Million in 2027.

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Segments' Analysis

Based on the application type, the market is bifurcated into hoist, compensating rope, governor, and control (door closing rope). Among these application types, hoist dominates the market. Hoist is made of high-strength material as it is attached to the elevator cab and counterweights. Growing population and rapid urbanization have increased the demand for low- to medium-rise buildings, making hoist the dominant application over the forecast period.

Based on the core type, the market is segmented into fiber core and independent wire rope core. Fiber core ropes hold a larger share of the market and are also expected to witness higher growth during the forecast period. Fiber core offers greater flexibility and durability than independent wire rope core. Increasing demand for low to medium-rise buildings is likely to act as the major growth driver for the segment.

In terms of regions, Asia-Pacific is expected to remain the largest market for elevator ropes during the forecast period. In addition, the region is likely to witness the highest growth in the coming years. Developing economies, such as China and India, are experiencing substantial growth in construction activities, which, in turn, is acting as the growth driver for the elevator ropes market. North America and Europe are also likely to offer healthy growth opportunities over the forecast period.

Key Players

The following are some of the key players in the elevator ropes market:

• Alps Wire Rope Corporation
• Bridon-Bekaert (The Ropes Group)
• BRUGG Lifting AG
• Gustav Wolf GmbH
• Jiangsu Safety Steel Wire Rope Co., Ltd.
• KISWIRE LTD.
• Loos & Co. Inc.
• PFEIFER DRAKO Drahtseilwerk GmbH
• Santini Funi Srl
• Usha Martin

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s elevator ropes market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The elevator ropes market is segmented into the following categories:

Elevator Ropes Market, by Application Type

• Hoist (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Compensating Rope (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Governor (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Control (Door Closing Rope) (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Elevator Ropes Market, by Core Type

• Fiber Core (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Independent Wire Rope Core (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Elevator Ropes Market, by Elevator Type

• Machine Room Elevator (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Machine Room Less Elevator (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Hydraulic Elevator (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Elevator Ropes Market, by End-User Type

• OE (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Elevator Ropes Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com