The Cable Cars & Ropeways market is estimated to be valued at US$ 4.5 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cable cars & ropeways market consists of aerial lift systems that use rotating steel cables to pull transport vehicles or people along tracks between terminals. Cable cars and ropeways are commonly used for public transportation in mountains and tourist destinations for recreational purposes and sightseeing. They provide efficient and convenient transport over steep terrain and obstacles where construction of roads, railways, or any other surface transportation infrastructure may not be feasible.
Market Dynamics:
Growing demand from tourism industry for sightseeing and recreational activities is expected to remain a key growth driver for cable cars & ropeways market over the forecast period. Tourism is one of the major application area for cable cars and ropeways as they provide panoramic views and easy access to scenic destinations in mountains and hilly areas. According to United Nations World Tourism Organization (UNWTO), international tourist arrivals grew by 4% in 2019 to reach 1.5 billion globally. Such robust growth in tourism is posing strong demand for cable car transportation systems. In addition, initiatives towards development of smart cities and urban transportation infrastructure in developing economies are also augmenting the growth of cable cars & ropeways market. However, high initial investment cost for installation and operations of cable cars & ropeways systems poses challenges for widespread adoption.
SWOT Analysis
Strength: Cable cars are environment friendly, cost effective, and energy efficient mode of transportation for hilly areas. Cable cars require lesser space compared to roads and have higher passenger carrying capacity. Cable cars have automated operations without requiring operators at each station.
Weakness: High initial investment is required for installing cable car infrastructure. Cable cars are susceptible to weather conditions like high winds and need regular maintenance.
Opportunity: Growing tourism and real estate development in hilly regions is promoting the construction of new cable car projects. Advances in cable car technology is enhancing safety, reliability and reducing costs.
Threats: Changing weather patterns due to climate change can damage cable car infrastructure and disrupt operations. Strict safety regulations increase compliance costs.
Key Takeaways
The Global Cable Cars & Ropeways Market Share is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing tourism and real estate development in hilly regions. The market size for 2023 is US$ 4.5 Mn.
Regional analysis Western Europe dominates the cable cars & ropeways market currently, owing to presence of major ski resorts and tourism hotspots in the Alps. The Asia Pacific region is expected to grow the fastest, driven by ongoing investments in cable car infrastructure by China, India and Indonesia to boost tourism and connectivity.
Key players operating in the Cable Cars & Ropeways market are Doppelmayr/Garaventa Group, Leitner Group, POMA Group, MND Group, Bartholet Maschinenbau AG, Nippon Cable, CONVEYOR & ROPEWAY SERVICES, Damodar Ropeways & Infra. Doppelmayr held the largest market share in 2022 due to its wide product portfolio and large number of installed cable car systems worldwide.
Get More Insights Here
