by The global cable cars and ropeways market offer cable transportation for both tourism and public transport. Cable cars are used for transportation in hilly and mountainous terrains while ropeways are employed to transport goods, raw materials, and passengers over valleys and rivers. Some key products associated with the market include aerial tramways, chairlifts, funiculars, and cable cars. These cable propelled modes of transportation are being increasingly adopted by ski resorts, mountain areas, parks, and tourist destinations to enhance accessibility.
The global cable cars and ropeways market is estimated to be valued at US$ 4.5 bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The cable cars and ropeways market is expected to flourish due to rising tourism in mountainous regions and developing nations. As mentioned in the heading, increasing tourism is one of the key drivers of growth for this market. More tourists are visiting hilly areas, national parks, and mountains for adventure and leisure activities. This has augmented the demand for cable cars and ropeways for comfortable transportation in tough terrains. Tourism boards across countries are investing in installing aerial lifts, funiculars and chairlifts to enhance accessibility to scenic spots and promote regional tourism. Further, ropeways are also being used extensively for logistics and movement of goods across rivers, valleys and territories divided by geographical barriers. They offer a cost-effective mode of material haulage compared to roads which improves productivity for industries located near such terrains. The market is projected to witness steady growth over the forecast period led by rising investments in tourism and industrial projects utilizing ropeway technology.
Segment Analysis
Cable Cars & Ropeways Market is dominated by the tourism and transportation segment. This segment accounts for over 60% of the total market share owing to the growing use of cable cars and ropeways to reach hilly and mountainous terrains for tourism purposes. Cable cars & ropeways provide easy access to remote areas and help enhance the tourism experience which is driving the demand in this segment.
PEST Analysis
Political: The government policies promoting tourism and developments in hilly areas are positively impacting the growth of the cable cars & ropeways market. Some governments also provide subsidies for installation of new cableway projects.
Economic: Rising disposable incomes and improving economic conditions globally are increasing tourism activities which is fueling the cable cars & ropeways market. strong economic growth in developing countries also contributes to market growth.
Social: Changing lifestyle and preference of people for adventure tourism is driving the adoption of cable cars & ropeways. Rising health consciousness is also encouraging people to take up hiking and trekking in hilly areas.
Technological: Advancements in cable car designs with increased safety features are augmenting their usage. Technologies like GPS tracking and remote monitoring also help ensure smooth operations.
Key Takeaways
The Global Cable Cars & Ropeways Market Size is expected to witness high growth during the forecast period 2023 to 2030. The tourism and transportation segment dominates owing to extensive usage of cable cars for tourism in mountainous regions.
Regionally, Asia Pacific captures a major share and is expected to grow at the fastest pace due to initiatives by countries such as India to promote tourism through cable car projects.
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 PVT, Damodar Ropeways & Infra. Limited.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
