Elevators Flat Cables Market Report 2025

This Elevators Flat Cables Market report delivers an in-depth analysis of the market’s key characteristics, including size, growth potential, and segmentation. It provides a detailed breakdown of the market across major regions and leading countries, highlighting historical data and future growth projections. The report also examines the competitive landscape, market share insights, emerging trends, and strategic developments shaping the market.

The elevators flat cables market size has grown strongly in recent years. It will grow from $2.28 billion in 2024 to $2.42 billion in 2025 at a compound annual growth rate (CAGR) of 5.8%. The growth during the historical period can be attributed to factors such as rapid urbanization, an increase in residential and commercial infrastructure, growing awareness of safety regulations, the expansion of metropolitan areas, and the rise of smart elevators.

The elevators flat cables market size is expected to see strong growth in the next few years. It will grow to $3.0 billion in 2029 at a compound annual growth rate (CAGR) of 5.6%. The growth during the forecast period can be attributed to factors such as the increasing development of smart cities, a rise in the number of high-rise buildings, growing investments in renewable energy sources, expansion of e-commerce logistics centers, and heightened awareness of environmental sustainability. Key trends expected during this period include advancements in fire-resistant cable technology, the development of lightweight flat cables, integration of advanced communication systems, improvements in cable insulation technology, and the creation of high-capacity flat cables.

The growth of residential buildings is expected to drive the expansion of the elevators flat cables market. Residential buildings, which include single-family homes, multi-family units, apartments, and condominiums, are on the rise due to factors such as population growth, urbanization, and an expanding middle class with more disposable income looking to own homes. Elevators flat cables play a crucial role in improving the efficiency, safety, and durability of vertical transportation in these buildings. They ensure seamless power and data transmission, reduce wear and tear due to their flexible, space-saving design, and support reliable operation in modern smart elevator systems. For example, in February 2025, the United States Census Bureau reported that the seasonally adjusted annual rate of privately owned housing completions in January 2025 reached 1,651,000, marking a 7.6% increase from December 2024 and a 9.8% rise from January 2024. This growth in residential buildings is directly fueling the demand for elevator flat cables.

Companies in the elevators flat cables market are focusing on innovations such as flat-belt technology, which enhances the performance and efficiency of elevator systems. Flat-belt technology uses flexible, reinforced flat belts to replace traditional ropes, offering a lighter, more efficient means of vertical transportation. This technology minimizes elevator system size, enhances energy efficiency, reduces noise, and provides a smoother ride. Flat belts in elevator systems allow for efficient power and signal transmission, while accommodating the dynamic movements of the elevators. For instance, in August 2024, Otis Elevator Company (Thailand) Limited introduced the Gen3 Digitally Connected Elevator during the "Platform for Possibility" event in Bangkok. This elevator, designed with flat-belt technology, operates more efficiently and quietly, offering a smoother ride. It also includes the Otis ONE IoT digital platform for continuous monitoring of equipment health and performance, enabling proactive maintenance and minimizing downtime.

In July 2024, Prysmian SpA, an Italy-based company specializing in electrical cables and systems, acquired Encore Wire Corporation for $4.2 billion. This acquisition strengthens Prysmian’s position in the North American market by broadening its product portfolio, optimizing distribution, and enhancing its geographical presence. It also supports advancements in electrification, digital transformation, and energy infrastructure. Encore Wire Corporation, a US-based manufacturer of electrical wire and cable, including elevator cables, plays a key role in this expansion.

Major players 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.

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 elevators flat cables report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the elevators flat cables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Elevator flat cables are specialized flexible electrical cables with a flat design, crafted to endure continuous movement and bending within elevator systems. They ensure reliable power transmission, signal communication, and control operations, while also optimizing space and minimizing wear and tear. These cables are primarily used in elevator and lift systems, providing seamless power supply, data transmission, and control signal communication between the cabin and the control panel, ensuring smooth operation, enhanced safety, and long-term durability in high-movement environments.

The primary insulation materials used in elevator flat cables include polyvinyl chloride (PVC), rubber, polyurethane, and others. PVC cables are durable, flexible, and flame-resistant, making them an ideal choice for elevator flat cables. They ensure safety, reliability, and longevity in vertical transportation systems. These cables are classified by their voltage ratings into low voltage (below 500V), medium voltage (500V to 1000V), and high voltage (above 1000V), with applications spanning residential, commercial, and industrial sectors.

The elevators flat cables market research report is one of a series of new reports that provides elevators flat cables market statistics, including elevators flat cables industry global market size, regional shares, competitors with a elevators flat cables market share, detailed elevators flat cables market segments, market trends and opportunities, and any further data you may need to thrive in the elevators flat cables industry. This elevator flat cables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The elevators flat cables market consists of sales of shielded cables, flame-retardant cables, halogen-free cables, Teflon-insulated cables, fire-resistant cables, high-flexibility cables, low-smoke zero-halogen (LSZH) cables, and oil-resistant cables. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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