July 14, 2024
Cable Cars & Ropeways Market

The Cable Cars & Ropeways Market is Estimated To Witness High Growth Owing To Growing Tourism and Transportation Needs

Market Overview:

Cable car and ropeway systems are efficient transportation modes used for mass passenger transportation in mountainous regions, tourism applications and more. They comprise of cabins suspended and hauled by steel cables. Cable cars find extensive applications in transportation across hilly areas, amusement applications in theme parks and connectivity over rivers, valleys for tourism ventures. Growing demand for adventure tourism and need for efficient transportation in hilly areas are major factors expected to drive growth of cable cars & ropeways market over the forecast period.

Market Dynamics:

Growing demand for transportation and tourism activities in mountainous regions is a key driver expected to positively impact growth of the cable cars & ropeways market over the forecast period. Mountainous regions have limited vehicular access and cable cars provide efficient transportation for both passengers and cargo. Moreover, ease of connectivity across valleys and rivers using cable cars is boosting their adoption for tourism purposes. Furthermore, increasing investments in mountain region infrastructure development projects involving cable car network expansions will continue driving market growth through 2030. Also, ongoing government initiatives to promote tourism and growing popularity of adventure sports are further fueling the need for reliable cable car solutions globally.

Segment Analysis

The Global Cable Cars & Ropeways Market is dominated by the chairlifts & gondolas segment. This segment accounts for more than 60% of the total market share owing to its ability to transport more number of people per cycle compared to cable cars. Chairlifts & gondolas can carry 4-8 people per chair and have a high passenger handling capacity of 2000-3000 people per hour. This makes it a preferred choice for transport in ski resorts and tourist destinations which see high footfall.

PEST Analysis

Political: Regulations regarding transportation safety and environmental protection have been strengthened in various countries, pushing the demand for energy efficient cable cars.
Economic: Growing tourism and real estate industries in hills stations have boosted infrastructure development, propelling the cable cars market.
Social: Increasing recreational activities like skiing and adventure sports have amplified the need for reliable transportation in hilly terrains.
Technological: Advancements in material science and automation have enhanced cable car mobility, capacity, stability and operational efficiency. Features like remote monitoring and collision avoidance are gaining traction.

Key Takeaways

The global Cable Cars & Ropeways market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing tourism and real estate development in hilly areas.
Regional analysis: Europe is the largest and fastest growing regional market for cable cars & ropeways market. Countries like Switzerland, Austria, Italy, France and Germany have extensive networks of cable cars owing to ample snowfall and popularity of skiing sports in the Alps.

Key players operating in the Cable Cars & Ropeways market are Damodar Ropeways & Infra Ltd., MND Group, Doppelmayr/?Garaventa Group, Conveyor & Ropeway Services Pvt. Ltd., Leitner S.p.A, Nippon Cable Co., Ltd., POMA Group, and Bartholet Maschinenbau AG (BMF).
Key players related content: Key players like Doppelmayr/?Garaventa Group and POMA Group are focusing on expanding their global footprint through partnerships with local players in high growth regions. Damodar Ropeways & Infra Ltd is dominating the Indian market.
Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it