The 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.

Market Overview:

Cable cars and ropeways are transportation systems used to transport people, goods, and materials. Cable cars use wheeled cable cars operating suspended from cables connected to towers, whereas ropeways use gondolas or cabins transporting goods and people attached to steel ropes. Cable cars and ropeways provide scenic views and help improve connectivity in mountainous regions, beaches, tourist spots, and cities. They offer efficient transportation and reduce traffic congestion.

Market key trends:

The global cable cars and ropeways market is expected to witness significant growth owing to increased adoption in tourism industry. Tourist spots and mountainous regions are increasingly using cable cars and ropeways as an essential part of their transportation infrastructure to provide visitors scenic views and connect various destinations. This prevents traffic congestion and improves accessibility. Rising tourist visits, expanding tourism infrastructure, and government initiatives to promote cable cars and ropeways in public transport are some key factors driving the adoption of these systems globally.

Porter’s Analysis

Threat of new entrants: The capital required to establish a new cable car network is high and requires various regulatory clearances, reducing the threat of new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of close substitutes like funicular railways and hiking trails.

Bargaining power of suppliers: The suppliers of key components like cabins, cables and infrastructure equipment have low to moderate bargaining power due to availability of multiple global suppliers.

Threat of new substitutes: Substitutes like funicular railways, hiking trails and mountain buses pose low threat as cable cars provide unique scenic experience during mountain transportation.

Competitive rivalry: Established players focus on expanding network and fleet size to increase operational efficiencies.

SWOT Analysis

Strength: Cable cars provide efficient, eco-friendly and cost-effective transportation for mountain areas. They offer mesmerizing panoramic views during rides.

Weakness: High initial investment and continual maintenance costs. Disruptions due to adverse weather conditions.

Opportunity: Growing tourism and need for sustainable transportation are driving new project investments globally. Rise of cable-car supported leisure and amusement parks.

Threats: Stringent safety regulations increase compliance costs. Traffic congestion and emissions from substitute modes pose environmental threats.

Key Takeaways

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 need for sustainable transportation solutions in mountainous regions. Europe dominates the market currently with major networks in Switzerland, Italy and France attracting huge tourist traffic. The Asia Pacific region is expected to witness fastest growth due to ongoing and upcoming projects across China, India and Japan.

Key players operating in the cable cars & ropeways market are Doppelmayr/Garaventa Group, Leitner Group, POMA Group, MND Group, Bartholet Maschinenbau AG, Nippon Cable Co., Ltd., Damodar Ropeways & Infra Ltd., Bullwheel International Cable Car Corp. Established players are investing in technical advancements like hybrid and battery powered systems to reduce operational costs and emissions. They are also expanding to new markets through partnerships with local operators.

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https://www.newswirestats.com/cable-cars-ropeways-market-size-share-growth-outlook-2023/