Elevator Ropes Market In China Are Projected To Grow At A CAGR Of 4.5% Between 2022 And 2032

As per FMI, the elevator ropes market in China is estimated to be valued at US$ 202.2 Mn in 2022 and is further expected to grow at a CAGR of 4.5% between 2022 and 2032, reaching a valuation of US$ 314.6 Mn by the end of 2032.

Rapid growth of building and construction industry coupled with increasing installation of elevators in residential and commercial buildings is driving demand for elevator ropes in the market.

It has been observed that over the past few years the requirement for vertical rise in residential and commercial structures has increased due to global urbanization and rising population. This will significantly boost the need for elevators and, consequently, elevator ropes during the forecast period.

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Similarly, increasing investments by government in developing and expanding public infrastructure is expected to boost elevator rope sales during the forecast period.

The industry participants follow tight guidelines for making elevator ropes. They produce high-quality, approved items to ensure optimal customer satisfaction. With the increasing demand for elevator ropes in the global industry, market participants are expected to benefit from lucrative growth prospects in the future.

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 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$ 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.

"The elevator ropes market will benefit from rising urbanization and increasing need for the modernization of existing elevators during the forecast period." says a Future Market Insights analyst.

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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

Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of the China elevator ropes market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the China elevator ropes market based on core type (fiber core (FC), independent wire rope core (IWRC)), functionality (traction, governor, compensation), elevator type (machine room (MR) elevator, machine room-less (MRL) elevator, hydraulic elevator), across seven major regions.

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About FMI -The Industrial Automation division of FMI offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial and special purpose machinery across manufacturing sector and distinctive analysis about installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustain, grow and identify new revenue prospects.

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This release was published on openPR.