The global 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.
Cable cars and ropeways provide an environment friendly mode of transportation for both passengers and goods in hilly areas. They offer comfort, convenience and safety for transport over long distances with steep slopes.
Market key trends:
The adoption of green transportation solutions is one of the major trends witnessed in the cable cars & ropeways market. Governments across various countries are encouraging the deployment of cable cars for urban passenger transportation to reduce road congestion and carbon emissions from private vehicles. Initiatives to replace conventional transportation systems with cable cars in cities located in hilly areas are expected to drive the market growth over the forecast period.
Strength: Cable Cars & Ropeways provide efficient transport solution in mountainous regions and hilly areas. They require less space for infrastructure development as compared to roads.
Weakness: High initial investment requirement for development of cable car infrastructure. Cable cars are also susceptible to weather conditions like high winds.
Opportunity: Increasing tourism in hilly areas and mountains across the world is driving the demand for cable cars and ropeways. Growing focus on eco-friendly transport solutions also provides growth opportunities.
Threats: Emergence of alternative transport modes like helicopters and electric vehicles poses threat to cable car market. Climate change leading to unpredictable weather can disrupt operations.
The Global Cable Cars & Ropeways Market Share is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing tourism and focus on eco-friendly transport solutions. The market size for 2023 is estimated to be US$ 4.5 Mn.
The Asia Pacific region is expected to dominate the global cable cars & ropeways market owing to presence of mountainous regions in countries like India, China, Indonesia and growing tourism. Countries in Europe such as Switzerland, Italy and Austria are also major markets for cable cars due to presence of Alps mountain range.
Key players operating in the Cable Cars & Ropeways market are Doppelmayr Garaventa Group, Leitner S.p.A., POMA Group, MND Group, Bartholet Maschinenbau AG, Nippon Cable Co., Ltd., Damodar Ropeways & Infra Ltd., Bullwheel International Cable Car Corp.