A belted elevator system (10) includes a hoistway (14) and an elevator car (12) suspended in the hoistway (14) via a suspension member (16) and drivable along the hoistway (14). The suspension member (16) is routed over a plurality of sheaves (18). A sheave (18) of the plurality of sheaves includes a shaft (36) defining a central axis of the sheave (18), the sheave (18) rotatable about the central axis. A sheave outer member (38) is operably connected to the shaft (36) and rotatable about the central axis. The sheave outer member (38) includes a sheave outer surface (44) interactive with the suspension member (16). The sheave outer member (38) is formed from a molded plastic material.