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  • Elevator Wire Rope Market Growth Analysis | 2021-2026

    Elevator Wire Rope Market Growth Analysis | 2021-2026

    Elevator Wire Rope Market Growth Analysis | 2021-2026
    Report code - SR1164 Delivery - 2 Weeks
    Elevator Wire Rope Market Size, Share, Trends, Dynamics, Forecast, Market Insights, & See more...

    Market Insights

    The elevator wire rope market was estimated at USD XX million in 2020 and is likely to grow at a CAGR of X% during 2021-2026 to reach USD XX million in 2026.

    Elevator-Wire-Rope-Market-Insights

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    What are Elevator Wire Ropes?

    Elevator wire ropes are highly engineered and made of steel with other composites. Steel wire rope comprises wires, strands, and a core that is made of steel of fibre. The core provides support and maintains the position of outer strands during operation. Based on functionality, elevator wire ropes can be categorized as traction/hoist, governor, and compensation.

    COVID-19 Impact

    Covid-19 outbreak impacted the growth of the elevator wire rope market negatively for a short period of time. The spread of coronavirus led to the enforcement of lockdown to curb the spread of the virus. This led to travel restrictions and supply chain disruptions, which affected the product supply.

    Elevator Wire Rope Market Highlights

    Market Size in 2026

    USD XX Million

    Market Size in 2020

    USD XX Million

    Market Growth (2021-2026)

    CAGR of XX%

    Base Year of Study

    2020

    Trend Period

    2015-2019

    Forecast Period

    2021-2026

    Key Players

    Key players operating in the Elevator Wire Rope market are-

    • Brugg Drahtseil AG (Switzerland),
    • Gustav Wolf GmbH (Germany),
    • Pfeifer Drako Ltd (UK),
    • Usha Martin Ltd. (India),
    • Tianjin Goldsun Wire Rope Ltd (China),
    • Alps Wire Rope Corporation (The U.S),
    • Bharat Wire Ropes (India),
    • Bethlehem Wire Rope (The U.S),
    • Messilot Wire Rope Works (Israel),
    • China Fengxiang Hardware Limited (China),
    • Santini Funi Srl (Italy), and
    • TOHO-RONGKEE NANTONG WIRE ROPE (China)

    Market Dynamics

    The growth of the elevator wire rope market is primarily driven by widespread product use in various end-use industries such as construction, oil & gas, and mining.

    • A growing construction industry with rising investment in both residential and commercial construction activities is likely to drive market growth at a significant rate during the review period.
    • In addition to this, rising demand for advanced elevator wire rope is likely to create lucrative opportunities for the players operating in the global market in the coming years.

    Segment's Analysis

    Application Trends

    By application, the elevator wire rope market has been bifurcated into traction elevators and hydraulic elevators.

    • The traction elevators segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period.
    • The segment growth can be attributed to increasing product demand in the major end-use industries.

    Regional Trends

    By region, the market in Asia-Pacific accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period.

    • The regional growth can be attributed to expanding industrialization and growing urbanization in the developing countries particularly China and India.
    • The market in North America is expected to be driven by strong presence of the key market players such as Alps Wire Rope Corporation (The U.S), and Bethlehem Wire Rope (The U.S).

    Elevator-Wire-Rope-Market-Regional-Analysis

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    Critical Questions Answered in the Report

    • What are the key trends in the market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the market?
    • What are the key strategies adopted by the major vendors to lead in the Elevator Wire Rope market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering a period of 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 Wire Rope Market is segmented into the following categories:

    By Core Type

    • Fiber Core (FC)
    • Independent Wire Rope Core (IWRC)

    By Functionality Type

    • Traction/Hoist
    • Governor
    • Compensation

    By Application Type

    • Traction Elevators
    • Hydraulic Elevators

    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)

    Elevator-Wire-Rope-Market-Segmentation

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    Target Audience

    Here is the list of the group of customers that the Elevator Wire Rope market hopes to have the greatest opportunity to convert-

    • Elevator wire rope distributors
    • Elevator wire rope suppliers
    • Elevator wire rope manufacturers
    • Logistics organizations
    • Government bodies

    Report Features

    This report provides 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 dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the global market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Elevator Wire Rope Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Report Customization Option

    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)

    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 sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The elevator ropes market is estimated to grow at a healthy CAGR of 5.0% over the next five years to reach a value of US$ 706 Million in 2027. Exponential growth in the infrastructure industry is driving the growth of building & construction activities, which, in turn, is escalating the elevator ropes market. The global rise in urbanization and population has fuelled the construction of residential and commercial structures, which is expected to boost the demand for elevators and so is elevator ropes.

    BRUGG Lifting, Gustav Wolf, Bridon-Bekaert, and Usha Martin are some of the key players in the market.

    Asia-Pacific is estimated to be dominant in the elevator ropes market in the coming years. The major reason for the regions dominance is the explosive increase in the construction industry in developing countries such as China and India.

    Hoist ropes are likely to maintain their dominance in the market in the next five years, as they are among the primary components used in elevators.