June 17, 2024

The Cable Cars & Ropeways Market is Estimated to Witness High Growth Owing to Rising Tourism

Cable cars and ropeways provide transportation services to hilly and mountainous regions for both skiing enthusiasts and sightseeing purposes. These systems aid in connecting cable car stations located at different elevations through steel cables and accompanying haul ropes. They offer panoramic views of landscapes while facilitating easy access to remote areas. Common applications include transportation at ski resorts, tourist attractions like mountains and hills, and industrial purposes such as mining and logging operations.

The global cable cars and ropeways market is estimated to be valued at US$ 5.19 Bn in 2023 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 Dynamics:
Various countries worldwide are investing heavily in developing infrastructure for tourism, which involves cable car projects for transportation in hilly regions. For instance, cable cars provide scenic rides to tourists visiting hilly areas in countries like Canada, Switzerland, Italy, India, Brazil, and South Africa. Furthermore, cable cars are vital for providing easy access to sites of religious importance located on hills and mountains. Rapid urbanization has also fueled the construction of cable car systems for public commute over congested roads in cities located in hilly regions or between islands. However, high initial investment costs associated with cable car projects could hinder the market growth during the forecast period.

SWOT Analysis
Strength: Cable cars & ropeways provide scenic transport across hilly and mountainous terrains easily accessible compared to roads. They have low maintenance cost and require less investment compared to roads. Cable cars offer unique traveling experience and are ideal for tourists and sight-seeing.

Weakness: Cable cars rely heavily on tourism and are highly susceptible to seasonal changes. They require high initial investment for installation and have limited capacity compared to other modes of transport.

Opportunity: Growing mountain tourism and increasing attraction towards adventure sports are driving the growth of cable cars market globally. Developing regions in Asia Pacific and Latin America offer huge untapped market opportunities. Technologies such as IoT and automation can enhance safety, monitoring and maintenance of cable cars.

Threats: Cable cars face stringent safety regulations requiring high standards. Adverse weather conditions can disrupt operations and maintenance works are challenging in rugged terrains. Substitution threat from aerial ropeways and funicular railway systems poses competition.

Key Takeaways
The Global Cable Cars & Ropeways Market Size  is expected to witness high growth over the forecast period driven by booming tourism industry globally.

The Asia Pacific region dominates the market currently and is expected to maintain its leading position during the forecast period owing to major untapped opportunities in developing countries such as India and China. Increasing affluence, growth of adventure sports, and investments in infrastructure development are some factors fueling the regional market.

Key players operating in the cable cars & ropeways market are Addex Therapeutics Ltd., Affectis Pharmaceuticals AG, Genzyme Corp, Lead Discovery Center GmbH, Pharnext SA, Acceleron Pharma, MedDay Pharmaceuticals, Bristol-Myers-Squibb Company, Inflectis Bio Science Health Company, Helixmith Co., Ltd., and Neurogene Inc. Local players especially from China and India also have sizable presence catering to their large domestic markets.

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