Global Elevator Wire Rope Market to Reach Robust Growth Through 2031 – New Report by Reed Intelligence Base Year / Forecast Year & CAGR The global elevator wire rope market is forecast to grow at a compound annual growth rate (CAGR) of 4.7% over the period 2023-2031. Key Highlights The largest region in the global elevator wire rope market is Asia-Pacific (APAC), benefiting from rapid urbanization and large-scale infrastructure development. The fastest-growing region is also Asia-Pacific, driven by booming demand for elevators in high-rise residential and commercial buildings across countries such as China and India. By type segmentation, Steel Core remains the largest segment. The other type, Fiber Core, is gaining traction reflecting rising interest in flexible and cost-efficient wire rope solutions in certain applications. By application, Traction Elevators hold the largest share of demand globally. For more info- https://reedintelligence.com/market-analysis/global-elevator-wire-rope-market Market Dynamics The global elevator wire rope market is being driven primarily by rapid urbanization, increasing infrastructure spending, and a surge in high-rise building construction worldwide. As cities expand vertically and demand for efficient vertical transportation systems rises, the need for reliable, durable wire ropes escalates, boosting market growth. However, the market also faces restraints such as regulatory and safety compliance requirements, supply chain fluctuations, and competitive pressure among manufacturers. These challenges can hamper growth, especially for lower-cost solutions that may compromise on quality or compliance. On the opportunity front, there is growing demand for new-generation elevators including advanced traction systems, machine-room-less (MRL) elevators, and energy-efficient lifts. This drives adoption of modern wire rope solutions (e.g. fiber-core or improved steel-core ropes), presenting manufacturers with opportunities to innovate, expand product portfolios, and penetrate emerging markets. Top Market Players Some of the leading companies operating in the global elevator wire rope market include: Gustav Wolf Bekaert Wirerope Works Pfeifer Drako KISWIRE CERTEX Usha Martin Segmentation & Regional Analysis By Type: Steel Core; Fiber Core By Application: Traction Elevators; Hydraulic Elevators By Region: North America; Europe; Asia-Pacific (APAC); Middle East & Africa (LAMEA); Latin America About the Report The report titled Global Elevator Wire Rope Market Size, Share and Trends Analysis by Type, by Application and by Region (2023–2031) by Reed Intelligence provides a comprehensive analysis of the global elevator wire rope market. It covers market size and forecast, segmentation by type and application, regional dynamics, competitive landscape, key trends, market drivers, restraints, opportunities, and profiles of leading companies in the industry.