Elevator Ropes Market Analysis | 2022-2027

Market Insights

The elevator ropes market is estimated to grow at a steady CAGR of 5.0% during 2022-2027 to reach a value of USD 706 million in 2027.

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Market Dynamics

Introduction

Elevator ropes are crucial components in elevator systems, responsible for lifting and supporting the cabin's movement within a shaft. Typically made from high-strength steel wires, these ropes provide durability, flexibility, and resistance to wear and fatigue. They are designed to withstand heavy loads while ensuring smooth and efficient vertical transportation. Elevator ropes are used in traction and hydraulic elevators, with specialized coatings or lubrication enhancing their lifespan and performance. As urbanization and high-rise constructions increase, advancements in elevator rope technology focus on improved safety, reduced maintenance, and enhanced energy efficiency, making them integral to modern building infrastructure.

Market Drivers

Urbanization and Infrastructure Development

Elevator ropes are critical in construction, with demand rising due to global urbanization and infrastructure growth. Increasing urban density drives vertical expansion in residential buildings, necessitating reliable elevator ropes. Industrial growth further boosts demand for ropes as manufacturing plants require elevators to transport materials across multi-story facilities.

Growing No. of High-Rise Buildings and Skyscrapers

With the growing no. of high-rise buildings and skyscrapers globally, the need for reliable and high-speed elevator systems is also increasing. For instance, according to TheTowerInfo, as of 2025, there are 17 supertall skyscrapers taller than 300 m in New York, and this no. is predicted to reach close to 30 supertall buildings by the end of 2030. Thus, increasing no. of high-rise buildings not just in New York, but across the globe, fosters the demand for high-quality ropes in elevators to ensure safe and smooth operations.

Market Opportunities

Technological Advancements in Elevators Ropes

Advances in technology have led to the usage of advanced composite materials in elevator ropes to enhance strength, flexibility, durability, and efficiency. For instance, Kone Ultrarope, a hoisting rope that is 80% lighter than conventional steel rope and can reduce energy consumption by 15% in high-rise elevators, leading to an 11% reduction in the carbon footprint. Additionally, Kone Ultrarope facilitates easy maintenance compared to conventional steel ropes as it has properties like rust and wear resistance. Thus, technological advancements have made elevator ropes more efficient and sustainable, which in turn fosters the growth of this market.

Segment Analysis

By Application Type

"The hoist segment dominate the market during the forecast period".

• The market is bifurcated into the hoist, compensating rope, governor, and control (door closing rope).
• Among these application types, hoist dominates the market. The 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 hoists the dominant application over the forecast period.

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By Core Type

"Fiber core ropes hold a larger share of the market and are also expected to witness higher growth during the forecast period".

• The market is segmented into fiber core and independent wire rope core.
• 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.

Regional Analysis

"Asia-Pacific is expected to remain the largest market for elevator ropes during the forecast period".

• 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.

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Key Players

The following are 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

Note: The above list does not necessarily include all the top players in the market.

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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 market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. 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:

By Application Type 

• Hoist
• Compensating Rope
• Governor
• Control (Door Closing Rope)

By Core Type 

• Fiber Core
• Independent Wire Rope Core

By Elevator Type

• Machine Room Elevator
• Machine Room Less Elevator
• Hydraulic Elevator

By End-User Type 

• OE 
• Aftermarket

By Region

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

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 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.

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