The China elevator ropes market is anticipated to reach a valuation of US$ 314.6 Million by the end of 2032, growing at a CAGR of 4.5% between 2022 and 2032 from an estimated 202.2 US$ million in 2022.
Elevator rope demand is being driven by the building and construction industry’s rapid expansion as well as the growing installation of lifts in both residential and commercial buildings.
It has been noted that due to population growth and global urbanisation, residential and commercial structures now require more vertical rise than they did a few years ago. As a result, during the forecast period, there will be a significant increase in demand for lifts and, consequently, lift ropes.
Similarly, increasing investments by government in developing and expanding public infrastructure is expected to boost elevator rope sales during the forecast period.
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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 5.3% through the forecast period.
- Based on elevator type, the machine room (MR) elevator segment is anticipated to create an absolute dollar opportunity worth US$ 48.7Million 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 Million 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.
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
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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 to 2021) and forecast statistics for the period from 2022to 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.
Key Segments Covered in Elevator Ropes Industry Analysis
By Core Type:
- Fiber core (FC)
- Independent wire rope core (IWRC)
By Functionality:
- Traction
- Governor
- Compensation
By Elevator Type:
- Machine room (MR) elevator
- Machine room-less (MRL) elevator
- Hydraulic elevator
By Region:
- Mainland China
- Hong Kong
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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