The cable cars and ropeways market is anticipated to reach a forecast market value of USD 12.9 million by 2033, while it expands its space in the global market at an average CAGR of 11.2% (2023 to 2033). The market currently holds a market value of USD 4.5 million.
The increased demand for cable cars and ropeways can be attributed to the higher tourist activity globally. Especially after the second wave of covid-19 spread, countries are now focusing on building and reshaping tourist attractions and making them a more friendly new world order post-pandemic.
The new technology integrates with zipping and ropeway projects, making it easy and quick to travel from one end to another, which is likely to fuel the sales of cable cars and ropeways.
| Report Attribute | Details |
|---|---|
| Cable Cars and Ropeways Market Value (2023) | USD 4.5 million |
| Cable Cars and Ropeways Market Anticipated Value (2033) | USD 12.9 million |
| Cable Cars and Ropeways Market Projected Growth Rate (2023 to 2033) | 11.2% |
The cable cars and ropeways market report state that the discovery of newer tourist locations, especially the mountain terrain, develops the infrastructure for quicker travel.
Descending from a hill through roads or hiking takes a large amount of time, while a cable car makes the travel time shorter and adds thrill to the journey. The thrill and adventure get added as the wagon swings and passes through the beautiful valley, enhancing the scenic beauty of these places and fueling the sales of cable cars and ropeways.
Another trend that fuels the demand for cable cars and ropeways is the modification of these tourist hubs. Maintenance, constant audits, and easy connectivity push the tourist authorities to adopt these cable cars. The higher consumption of electricity is countered by its environmentally friendly means of transportation.
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A cable car, ropeway, or aerial tram can be defined as a type of aerial lift that uses one or two fixed (uniform and stationary) ropes or cables for supporting the transporting vehicles, trolleys, trams, pallets, etc., and a third moving rope or cable for proper propulsion. The growth in demand for cable cars and ropeways is attributed to certain trends that are explained below:
Easy on the pocket, convenient, and quick:
The cable car is a simple, cost-effective, and powerful technology. Relatively easy and quick to set up and construct, operate, and disassemble again, fueling the overall demand for cable cars and ropeways.
It has been the most effective form of transportation for goods and people in the past; it has also been a very important means of transportation across hills and cliffs, such as rivers, snow-covered areas, mountains, unequal terrain lands, etc. For instance, a new ropeway project has been initiated in Sabrimala, India, as 10 acres of land in Chinnakanal in the Idukki district for compensatory afforestation in lieu of 10.25 acres of forest land to be utilized for the project.
The advent of the latest technology:
The common materials used for the construction of cable cars and ropeways earlier were wood/fiber, but steel has emerged as a common choice. The advancement of technology has allowed the introduction of electric motors and steel cables which provide increased efficiency. The various industry sectors where cable trays are used include mining, urban transportation, tourism industry, and material handling equipment industries.
Drivers:
Emerging trends in the cable cars and ropeways market define that cable cars and ropeways industries have emerged as the preferred choice in tourism and winter regions. But the transformation of urban public transport has not yielded the same rewards. It is definitely true that the cable cars and ropeway market have witnessed an increase in sales to the urban industries, but there is still a debate that cable cars and ropeways are underutilized in the urban transportation industry due to performance and cost constraints and the relatively unending demands and solutions for transportation sectors worldwide.
Restraints:
In tourism and winter regions, cable cars and ropeways have served well and are the only desirable options that can be used. But the cable cars and ropeway market has remained insignificant when the urban transportation industry is considered. This is particularly due to various obstacles such as small market size, new technologies, public sectors, various customer expectations, and many more.
Another factor restraining the growth of the market is the strict safety norms and regulations, as cable cars and ropeways operate under critical conditions, and hence the designing and manufacturing of such transport vehicles are done under the strict supervision of safety officers to avoid mishaps. Moreover, the cable car and ropeway market is expected to witness moderate growth in demand owing to the steady growth of the material handling industry across the globe.
Opportunities:
New local players threaten established market players by offering systems at relatively low prices, thus, effectively increasing their market share. This is likely to effectuate intense competition amongst small and large manufacturers and may compel market players to enhance the technology and offer better cost-effective cable cars and ropeways.
High demand is expected for cable cars and ropeways in the near future, owing to high advantages and benefits, as the technology is evolving significantly, albeit at a slow rate. Consumption increases through the propagation of cable over a large route that needs a high-power source. Hence, key companies are able to generate several opportunities through reduced power consumption.
| Country | The United States |
|---|---|
| Market Share % (2023) | 15.1% |
According to the cable cars and ropeway market outlook, the market in North America is anticipated to exhibit a notable market share in 2023 since cable cars, and ropeways in the mountaineering and hiking spaces are expanding their market space.
Many cable cars and ropeways are in operation in the United States, Algeria, Spain, China, and Brazil for urban transportation. Urban cities have started to realize the potential for cable cars and ropeways as a solution to mobility needs, thus boosting the growth of the cable cars and ropeway market.
| Attribute | Details |
|---|---|
| Germany’s Market Share % (2023) | 8.4% |
| The United Kingdom’s Forecast CAGR (2023 to 2033) | 10% |
The cable cars and ropeways market survey explains that Europe is forecast to be a fruitful market for the cable cars and ropeways market players during the projected timeframe.
The factor behind the growth is the many tourist attractions in the region, along with extremely dynamic demography. Significant demand for cable cars and ropeways is generated from alpine countries, which include Austria, France, Germany, Italy, Liechtenstein, Monaco, Slovenia, and Switzerland, where people experience bitter cold weather and heavy snow. Most of the developing countries in the Asia Pacific have also started using cable cars and ropeways in winter, and tourism regions.
The start-up dynamics for the cable cars and ropeways market as new players get included in the market ecosystem. Singapore, India, and other Asia Pacific countries are putting efforts into enriching their cable cars and ropeways businesses. This includes the manufacturing, production, and distribution of these Aerial Tramways.
However, government bodies like National Disaster Relief Force (NDRF) have begun their nationwide survey of passenger cable cars and ropeway systems. This enables Indian start-ups to experiment more and produce technologically advanced cable cars.
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The competitors in the global cable cars and ropeways market are adopting a variety of strategies to strengthen their position in the market. Acquisitions, partnerships, and agreements are some of the most adopted strategies. Companies and start-ups focus on government tenders to enhance technology in order to have more sales.
Recent Mergers and Product Launch:
Other market players:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 11.2% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Industry, Sales Channel, Type, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; The Asia Pacific excluding Japan; Japan; The Middle East and Africa |
| Key Countries Profiled | The United States of America, Canada, Brazil, Argentina, Germany, The United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC Countries, South Africa |
| Key Companies Profiled | Doppelmayr Garaventa Group; Vergokan; Kreischberg Cableways; Dubrovnik cable cars; Kropivnik Cableways Pvt. Ltd.; Damodar ropeways; Bullwheel international cable car corp |
| Customization | Available Upon Request |
The market is valued at USD 4.5 million in 2023.
The market is forecast to capture a CAGR of 11.2% through 2023.
Doppelmayr Garaventa Group and Vergokan are the leading market manufacturers.
Increasing tourist activities around the globe to boost the market prospects.
The United States is likely to generate a market share of 15.1% in 2023.
| Estimated Market Share in 2023 | USD 46,131.2 million |
|---|---|
| Forecasted Market Size by 2033 | USD 84,186.2 million |
| Projected Market Growth Rate from 2023 to 2033 | 6.2% CAGR |
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Cable Cars and Ropeways Market
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