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 & ropeways are transportation installation used to transport people and goods from one place to another. It consists of one or more passenger cars suspended and pulled by cable. It is widely used for transportation in hilly areas, ski resorts and mountainous regions. Cable cars provide an eco-friendly transportation solution over mountainous areas where construction of roads is difficult. Cable cars offers panoramic view of the surrounding landscape and is an attraction for tourists. Automation and digitization of cable cars offer improved safety, reliability and efficiency of transportation.
Market key trends:
One of the key trends in the cable cars & ropeway market is growing focus on automation. Integration of technologies such as IoT, AI, predictive maintenance and remote monitoring is helping automate cable car operations. Automation is helping reduce downtime, optimize operational cost and improve rider experience and safety. Data collected through IoT sensors can help predict maintenance needs and prevent failures. Automated cable cars with features such as automated berthing and controlled starts and stops offer higher throughput while reducing waiting times. This is expected to boost the growth of cable cars & ropeways market over the forecast period.
Threat of new entrants: The global cable cars & ropeways market poses low threat from new entrants due to high initial capital investment required for installation of cable cars & ropeway infrastructure.
Bargaining power of buyers: The bargaining power of buyers is low in the global cable cars & ropeways market due to less availability of substitutes.
Bargaining power of suppliers: Limited availability of raw material suppliers creates moderate bargaining power of suppliers in the global cable cars & ropeways market.
Threat of new substitutes: Low threat from substitutes as cable cars and ropeways offer convenient and cost-effective transportation over difficult terrains and are irreplaceable.
Competitive rivalry: High in the global market due to presence of numerous regional and international players.
The Global Cable Cars & Ropeways Market Share is expected to witness high growth, exhibiting 11% CAGR over the forecast period, due to increasing demand for eco-friendly transportation solutions.
Regional analysis: The Asia Pacific region is expected to dominate the global cable cars & ropeways market over the forecast period. Countries such as China, India are witnessing growth in tourism and expanding urban transportation infrastructure which is fueling the cable cars & ropeways market in the region.
Key players: 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. LTD.