According to Future Market Insights (FMI), China’s elevator ropes market was valued at USD 206.4 million in 2023 and is projected to grow at a CAGR of 4.5%, reaching USD 320.5 million by 2032.
The market’s growth is largely driven by the rapid expansion of the construction industry and the increasing installation of elevators in both residential and commercial buildings. Rising urbanization and population growth have led to a greater need for vertical structures, boosting the demand for elevators and elevator ropes.
Moreover, increased government investments in public infrastructure development are expected to further stimulate elevator rope sales. Industry players are focused on producing high-quality, certified elevator ropes to meet strict standards and ensure customer satisfaction, positioning themselves to benefit from significant growth opportunities in the years ahead.
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.
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.
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
Report Preview: https://www.futuremarketinsights.com/reports/china-elevator-ropes-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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