According to FMI, the China elevator ropes market will be worth US$ 202.2 million in 2022 and will grow at a CAGR of 4.5% between 2022 and 2032, reaching a value of US$ 314.6 million by the end of 2032.
Elevator ropes are in high demand due to the rapid growth of the building and construction industries, as well as the increasing installation of elevators in residential and commercial buildings.
The demand for vertical rise in residential and commercial structures has increased in recent years as a result of global urbanisation and rising population. This will significantly increase demand for elevators and, as a result, elevator ropes during the forecast period.
Similarly, rising government investments in developing and expanding public infrastructure are expected to boost elevator rope sales over the forecast period.
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For making elevator ropes, industry participants adhere to strict guidelines. To ensure maximum customer satisfaction, they produce high-quality, approved items. With the global industry’s increasing demand for elevator ropes, market participants are expected to benefit from lucrative growth opportunities in the future.
Key Takeaways from Market Study
- By core type, fiber core (FC) segment sales are expected to remain dominant during the forecast period and will account for more than 55% by 2032.
- By functionality, the governor segment is anticipated to grow at a CAGR of 5.3% through the forecast period.
- Based on elevator type, the machine room (MR) elevator segment is anticipated to create an absolute dollar opportunity worth US$ 48.7 Mn during the forecast period.
- Mainland China is anticipated to hold more than 90% share of China elevator ropes market and is projected to create an absolute opportunity of US$ 110.4 Mn during the forecast period.
- Hong Kong accounts for more than 3% market share on a value basis in the China Elevator Ropes market.
“The elevator ropes market will benefit from rising urbanization and increasing need for the modernization of existing elevators during the forecast period.” says a Future Market Insights analyst.
Who is Winning?
Among the industry’s key players are Tianjin Goldsun Wire Rope Ltd. (Golik Holdings), Jiangsu Taili Steel Wire Rope Co., LTD, Brugg Lifting, KISWIRE Ltd., Tianjin Huayuan Metal Wire Products Co. and others
The Elevator Ropes market is moderately consolidated, with leading players accounting for more than 40%of the market share. These players are strategically focusing on introducing novel elevator ropes made from innovative light-weight materials. In addition, they are using acquisition and merger activities to complement their revenue growth and attain higher market shares
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the China elevator ropes market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the China elevator ropes market based on core type (fiber core (FC), independent wire rope core (IWRC)), functionality (traction, governor, compensation), elevator type (machine room (MR) elevator, machine room-less (MRL) elevator, hydraulic elevator), across seven major regions.
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Key Segments Covered in Elevator Ropes Industry Analysis
By Core Type:
- Fiber core (FC)
- Independent wire rope core (IWRC)
By Functionality:
- Traction
- Governor
- Compensation
By Elevator Type:
- Machine room (MR) elevator
- Machine room-less (MRL) elevator
- Hydraulic elevator
By Region:
- Mainland China
- Hong Kong
