Elevator Wire Rope Market Growth Analysis | 2021-2026

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.

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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.

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).

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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)

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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?

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 [email protected].