Elevator Wire Rope Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application, Product Type

Elevator Wire Rope Market Overview

The global elevator wire rope market is poised for significant growth from 2025 to 2030, driven by increasing urbanization, infrastructure development, and the rising demand for high-rise buildings. Elevator wire ropes are critical components in elevator systems, ensuring safety, durability, and smooth operation. The market is segmented by product type, process, application, end-use, and region, with key players such as Metro Wire Rope, Pfeifer, and Alps Wire Rope leading the industry.

Market Size and Growth

The elevator wire rope market was valued at approximately $1.2 billion in 2025 and is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2025 to 2030, reaching an estimated $1.6 billion by the end of the forecast period. This growth is attributed to the increasing adoption of traction and hydraulic elevators in residential, commercial, and industrial sectors.

Market Share & Trends Analysis

By Product Type

• Steel Core Wire Rope: Holds the largest market share, accounting for 65%-70% of the total market in 2025. Steel core ropes are preferred for their high strength and durability, making them ideal for heavy-duty applications.
• Fiber Core Wire Rope: Accounts for 30%-35% of the market. Fiber core ropes are lightweight and flexible, making them suitable for less demanding applications.

By Application

• Traction Elevators: Dominates the market with a share of 60%-65%. Traction elevators are widely used in high-rise buildings due to their efficiency and speed.
• Hydraulic Elevators: Holds a share of 25%-30%. These elevators are commonly used in low-rise buildings and are known for their smooth operation.
• Others: Accounts for 5%-10%, including specialized applications in industrial and marine sectors.

By End-Use

• Residential: Represents 40%-45% of the market, driven by the growing demand for high-rise apartments and condominiums.
• Commercial: Accounts for 35%-40%, with increasing investments in office buildings, shopping malls, and hotels.
• Industrial: Holds a share of 15%-20%, primarily in manufacturing facilities and warehouses.

By Region

• Asia-Pacific: Leads the market with a share of 45%-50%, driven by rapid urbanization in countries like China and India.
• North America: Accounts for 20%-25%, with significant demand from the commercial and residential sectors.
• Europe: Holds a share of 15%-20%, supported by infrastructure modernization and stringent safety regulations.
• Rest of the World: Represents 5%-10%, with growing opportunities in emerging markets.

Key Players

The elevator wire rope market is highly competitive, with key players focusing on product innovation, strategic partnerships, and mergers & acquisitions to strengthen their market position. Major companies include:

• Metro Wire Rope
• Pfeifer
• Alps Wire Rope
• Wirerope Works
• Usha Martin
• Bethlehem Wire Rope
• IPH
• Tokyo Rope
• Wuxi Universal
• Jiangsu Safety
• Tianjin Goldsun
• Jiangsu Shenwang
• Guizhou Wire Rope
• Xiangtan Iron & Steel

Market News on Policy and Companies

Recent developments in the elevator wire rope market include:

• Regulatory Changes: Governments worldwide are implementing stricter safety standards for elevator systems, driving demand for high-quality wire ropes. For instance, the European Union introduced new regulations in 2025 mandating the use of corrosion-resistant materials in elevator ropes.
• Technological Advancements: Companies like Metro Wire Rope and Pfeifer are investing in R&D to develop advanced wire ropes with enhanced durability and load-bearing capacity. In 2025, Metro Wire Rope launched a new line of fiber core ropes with a 10%-15% higher tensile strength.
• Strategic Partnerships: In 2025, Usha Martin partnered with a leading elevator manufacturer to supply customized wire ropes for high-speed elevators, aiming to capture a larger market share in the commercial sector.

Segment Forecasts (2025-2030)

By Product Type

• Steel Core Wire Rope: Expected to grow at a CAGR of 4.8%-5.5%, driven by demand from the construction and mining industries.
• Fiber Core Wire Rope: Projected to grow at a CAGR of 5.0%-5.7%, supported by increasing adoption in residential and light commercial applications.

By Application

• Traction Elevators: Anticipated to grow at a CAGR of 5.2%-5.9%, fueled by the construction of high-rise buildings in urban areas.
• Hydraulic Elevators: Expected to grow at a CAGR of 4.5%-5.0%, with steady demand from low-rise buildings and retrofitting projects.

By Region

• Asia-Pacific: Forecasted to grow at a CAGR of 5.5%-6.0%, driven by rapid urbanization and infrastructure development in China and India.
• North America: Expected to grow at a CAGR of 4.5%-5.0%, supported by investments in commercial real estate and smart buildings.
• Europe: Projected to grow at a CAGR of 4.0%-4.5%, with a focus on modernizing aging infrastructure.

Conclusion

The global elevator wire rope market is set for steady growth from 2025 to 2030, driven by increasing demand for safe and efficient elevator systems across residential, commercial, and industrial sectors. Key players are focusing on innovation and strategic partnerships to capitalize on emerging opportunities, while regulatory changes and technological advancements are shaping the future of the industry. With a projected CAGR of 5.2%, the market offers significant potential for stakeholders across the value chain.