The global cable cars & ropeways market is estimated to be valued at US$3,667.2 million in 2019 and is expected to exhibit a CAGR of 11.90% over the forecast period of 2019-2027, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

The cable cars & ropeways market primarily includes the transportation systems that utilize cable-driven mechanisms for moving people and/or goods. These systems have wide-ranging applications in various industries such as tourism, ski resorts, amusement parks, and transportation of goods in hilly or mountainous regions. Cable cars and ropeways provide a unique and thrilling experience to tourists while offering convenient and reliable transportation solutions in difficult terrains. The market is characterized by the presence of both aerial ropeways and funiculars, which cater to different transportation needs.

B) Market Dynamics:

The cable cars & ropeways market is driven by two significant factors—increasing tourism activities and technological advancements.

Driver 1: Increasing Tourism Activities:

With the rise in disposable income and a growing desire for unique travel experiences, the global tourism industry has witnessed significant growth in recent years. Tourists are increasingly seeking adventure and are willing to explore offbeat destinations. Cable cars and ropeways offer a thrilling experience to tourists while providing easy access to scenic locations, thereby driving the demand for cable cars & ropeways.

For example, the Jungfrau region in Switzerland attracts millions of tourists each year due to its panoramic views. The region has an extensive network of cable cars and ropeways, providing breathtaking views of the Swiss Alps and making it a popular tourist attraction.

Driver 2: Technological Advancements:

Advancements in technology have revolutionized the cable cars & ropeways industry. Manufacturers are incorporating innovative engineering techniques, such as automatic tensioning systems, remote monitoring systems, and energy-efficient components, to enhance the safety, efficiency, and overall experience of cable car systems.

For instance, Doppelmayr/Garaventa Group, one of the key players in the market, introduced the world's first 3S (tri-cable gondola) system, which combines the advantages of both gondolas and aerial ropeways. This system provides high passenger capacity, enhanced stability, and increased flexibility in various weather conditions.

C) Segment Analysis:

The cable cars segment dominates the Cable Cars & Ropeways Market in terms of revenue, owing to their widespread use in tourist destinations and ski resorts. Cable cars not only provide a scenic experience but also serve as an efficient mode of transportation in difficult terrains. Moreover, the growing popularity of adventure sports, such as paragliding and zip-lining, has further increased the demand for cable cars.

D) PEST Analysis:

Political: The political stability and favorable government regulations in tourist destinations play a crucial role in the growth of the cable cars & ropeways market.

Economic: The economic development of countries and the rise in disposable income of individuals have a direct impact on the demand for cable cars & ropeways.

Social: The increasing preference for unique travel experiences and adventure tourism is driving the growth of the market.

Technological: Technological advancements in the cable cars & ropeways industry, such as the development of energy-efficient systems and remote monitoring, are enhancing the overall efficiency and safety of the systems.

E) Key Takeaways:

1.       The global cable cars & ropeways market is expected to witness high growth, exhibiting a CAGR of 11.90% over the forecast period, due to increasing tourism activities and technological advancements.

2.       The Asia Pacific region is expected to be the fastest-growing and dominating region in the market, attributed to the presence of popular tourist destinations, such as the Himalayan region and Japan's ski resorts.

3.       Key players operating in the global cable cars & ropeways market include Damodar Ropeways & Infra Ltd., MND Group, Doppelmayr/Garaventa Group, Conveyor & Ropeway Services Pvt. Ltd., Leitner S.p.A, Nippon Cable Co., Ltd., POMA Group, and Bartholet Maschinenbau AG (BMF).