Elevator Ropes Market | Covid-19 Impact Analysis

Elevator Ropes Market Insights

Elevator ropes market is likely to witness an impressive CAGR of 3.9% during the forecast period. The prime factor that is contributing to the demand for elevator ropes is the growing high-rise building construction across the globe.

Market Share Analysis

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Elevator Ropes Market Share: By Core Type

Based on the core type, the market is segmented as fiber core and independent wire rope core. The fiber core segment is projected to maintain its dominance over the forecast period owing to the high demand for low to medium loading applications. Flexibility and durability offered by fiber core will also augment the segmental growth over the forecast period.

Elevator Ropes Market Share: By Functionality Type

Based on the functionality type, the market is segmented as traction/hoist, governor, and compensation. The traction/hoist segment accounted for the largest share by functionality type in 2019 and is expected to maintain its dominance owing to growing demand from low to medium rise buildings.

Elevator Ropes Market Share: By Elevator Type

Based on the elevator type, the market is segmented as machine room elevator, machine room less elevator, and hydraulic elevator. The machine room less elevator segment accounted for the largest share by elevator type in 2019 and is expected to maintain its dominance owing to low maintenance cost and low installation cost associated with such elevators. Furthermore, such elevators also occupy comparatively less space and thus, are profitable to builders.

Elevator Ropes Market Share: By Region

In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period. The Asia-Pacific’s market is expected to grow with a lucrative CAGR due to growing construction of high-rise buildings in the region especially in China, India, and Japan.

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Some of the major players of elevator ropes market are-

• BRUGG Lifting AG
• WireCo WorldGroup
• Gustav Wolf GmbH
• Bharat Wire Ropes Limited
• PFEIFER DRAKO Drahtseilwerk GmbH
• Usha Martin
• Tokyo Rope Mfg. Co. Ltd.
• Alps Wire Rope Corporation
• Jiangsu Safety Steel Wire Rope Co., Ltd
• Loos & Co. Inc.

Market Scope & Segmentation

Elevator ropes are an element of elevator system that assists in the movement of elevator cab. Elevator ropes consist of wires, core and strands. Such ropes are available in various dimensions depending on its core type.

The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The elevator ropes market is segmented into the following categories. 

Elevator Ropes Market Size, Share, & Forecast, by Core Type:

• Fiber Core (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Independent Wire Rope Core (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Elevator Ropes Market Size, Share, & Forecast, by Functionality Type:

• Traction/Hoist (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Governor (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Compensation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Elevator Ropes Market Size, Share, & Forecast, by Elevator Type:

• Machine Room Elevator (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Machine Room Less Elevator (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Hydraulic Elevator (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Elevator Ropes Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the 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, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

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 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the elevator types by core type.  

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 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 at [email protected].