Press release
Emerging Trends to Drive Elevators Flat Cables Market Growth at 5.4% CAGR Through 2029
Elevators Flat Cables Market Size
Elevators Flat Cables Market Size Growth Forecast: What to Expect by 2025?
The market size of elevators flat cables has seen a robust growth lately. The market, which valued $2.28 billion in 2024, is expected to reach $2.4 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. Factors contributing to this growth during the historic period include swift urban development, an increase in residential and commercial infrastructure, heightened consciousness of safety norms, the expansion of urban areas, and the advent of intelligent elevators.
How Will the Elevators Flat Cables Market Size Evolve and Grow by 2029?
Projected robust expansion is expected for the elevators flat cables market in the forthcoming years, reaching a total worth of $2.96 billion in 2029 with a compound annual growth rate (CAGR) of 5.4%. The surge within the forecast period can be credited to factors such as the rise in smart city initiatives, escalation in the construction of high-rise buildings, augmented investments into renewable energy resources, expansion of e-commerce logistical hubs, and an increased cognizance regarding environmental sustainability. Key trends expected within the forecast phase encompass improvements in fire-resistant cable technology, the inception of lightweight flat cables, the incorporation of sophisticated communication systems, pioneering breakthroughs in cable insulation technology, and the creation of high-capacity flat cables.
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What Drivers Are Propelling the Growth of Elevators Flat Cables Market Forward?
The surge in residential constructions is anticipated to stimulate the elevator flat cables market's expansion in the future. Buildings meant primarily for human habitation, such as single-family residences, multi-family units, apartments, and condos, are referred to as residential buildings. Rising population, urbanization, and an expanding middle class with more disposable income seeking to own homes are driving this increase. Elevator flat cables improve the efficiency, safety, and longevity of vertical transport in residential buildings, allowing for uninterrupted power and data transmission. They also reduce wear and tear due to their flexible, space-saving design and ensure dependable operation for modern smart elevator systems. For example, in February 2025, the United States Census Bureau announced that the seasonally adjusted annual rate of privately-owned housing completions in January 2025 was 1,651,000. This is an increase of 7.6% from the revised December estimate of 1,534,000 and a 9.8% increase compared to January 2024's figure of 1,504,000. Thus, the surge in residential constructions is driving the elevator flat cables market's growth.
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What Are the Key Trends Driving Elevators Flat Cables Market Growth?
Key players in the elevators flat cables market are placing a substantial focus on technological breakthroughs such as flat-belt technology. This development uses lighter, more adaptable materials that reduce the size of elevator systems, optimizes energy use, and guarantees more seamless rides. The flat-belt technology replaces traditional ropes with flexible, fortified flat belts in elevators, thereby presenting a lighter and more effective method for vertical transportation. Moreover, it curtails noise and boosts ride convenience. This innovation is applied in elevators flat cables to offer a light and adaptable alternative to standard cables, thereby enabling proficient power and signal transmission and accommodating the variable movements of elevator systems. For instance, Otis Elevator Company (Thailand) Limited launched the Gen3 Digitally Connected Elevator in August 2024. This was during the Platform for Possibility event held in Bangkok and signified a major progression in elevator technology to bolster the growth of smart cities in that region. The Gen3 elevator incorporates flat-belt technology, resulting in lighter and more efficient operations, consequently offering a smoother and quieter ride. It comes equipped with the Otis ONE IoT digital platform, which provides round-the-clock monitoring of equipment health and performance, making proactive maintenance possible and keeping downtime to a minimum.
What Are the Key Segments in the Elevators Flat Cables Market?
The elevators flat cables market covered in this report is segmented -
1) By Insulation Materials: Polyvinyl Chloride (PVC) Cables, Rubber Cables, Polyurethane Cables, Other Insulation Materials
2) By Voltage Rating: Low Voltage (Below 500V), Medium Voltage (500V To 1000V), High Voltage (Above 1000V)
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Polyvinyl Chloride (PVC) Cables: Flame-Retardant PVC Cables, Low-Smoke Zero-Halogen (LSZH) PVC Cables, High-Flexibility PVC Cables, UV-Resistant PVC Cables
2) By Rubber Cables: Natural Rubber Insulated Cables, Ethylene Propylene Rubber (EPR) Cables, Silicone Rubber Cables, Neoprene Rubber Cables
3) By Polyurethane (PUR) Cables: Abrasion-Resistant Polyurethane Cables, Oil-Resistant Polyurethane Cables, Chemical-Resistant Polyurethane Cables, High-Flexibility Polyurethane Cables
4) By Other Insulation Materials: Thermoplastic Elastomer (TPE) Cables, Fluoropolymer (PTFE, FEP) Cables, Cross-Linked Polyethylene (XLPE) Cables, Hybrid Insulation Cables
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Who Are the Key Players Shaping the Elevators Flat Cables Market's Competitive Landscape?
Major companies operating in the elevators flat cables market are Siemens AG, Toshiba Corporation, Prysmian S.p.A., Leoni AG, Polycab India Limited, Lapp Holding AG, Datwyler IT Infra GmbH, RR Kabel Ltd., Finolex Cables Limited, Wieland Electric GmbH, Nexans S.A., Ultracab Wires Pvt. Ltd., Rolliflex Cables Pvt. Ltd., Reliant Industries, Pevi Cables Pvt. Ltd., Norden Communication Technologies, Changshun Cable Group Co. Ltd., Flexon Cables, Xcell Industries, Angel Wire & Cable Industries
What Geographic Markets Are Powering Growth in the Elevators Flat Cables Market?
Asia-Pacific was the largest region in the elevators flat cables market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the elevators flat cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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