May 28, 2024

Cable Cars & Ropeways Market is Estimated to Witness High Growth Owing to Opportunity for Sustainable Mountain Tourism

Cable cars and ropeways are transport systems that operate suspended in air through the use of pulleys and cables. They are used for transporting people and goods across gaps that are difficult to be crossed by roads such as steep slopes, highlands, mountains and valleys. Moreover, they are convenient, reliable and eco-friendly modes of transportation. Cable cars and ropeways provide spectacular bird’s-eye views from a safe and hassle-free way, thereby promoting tourism in natural destinations.

The global cable cars & ropeways market is estimated to be valued at US$ 5.19 billion in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Cable cars and ropeways provide access to sites that cannot be reached by conventional means of transportation such as roads or rail networks. They offer a unique way for tourists to safely visit pristine natural landscapes and mountainous regions while minimizing the carbon footprint. As concerns over climate change and environmental protection increase, cable cars and ropeways are being increasingly preferred over vehicular traffic for promoting tourism in fragile mountain ecosystems. The advent of technology such as hybrid cable cars is also contributing to sustainable tourism development. Growing awareness about eco-friendly transportation coupled with rising tourism in scenic mountains and hills across the globe will continue to drive the demand for cable cars and ropeways over the forecast period.

Porter’s Analysis
Threat of new entrants: The cable cars & ropeways industry requires high initial investments in machinery, infrastructure and licenses which acts as a barrier for new players.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players operating in the market offering substitutable products/services.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers for components such as cables, cars, motors etc.

Threat of new substitutes: There is low threat from new substitutes as cable cars & ropeways have proven safety, reliability and are suitable for transport in hilly areas.

Competitive rivalry: Intense as players compete based on product quality, features, pricing and service.

SWOT Analysis
Strength: Established technology, proven track record of safety, suitable mode of transport for hilly areas.
Weakness: High initial investments, dependency on weather conditions, require periodic maintenance.
Opportunity: Growing tourism and real estate sector in hilly areas, new projects for developing ski resorts.
Threats: Natural calamities like earthquake, fires can damage infrastructure.

Key Takeaways
The Global Cable Cars & Ropeways Market Size  is expected to witness high growth.

Regional analysis reveals Europe dominates currently due to presence of Alps and has witnessed highest installation of cable cars for tourism. The Asia Pacific region is expected to grow at fastest pace attributed to ongoing infrastructure projects in India, Indonesia, Japan and developments in tourism sector.

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.

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