by Cable cars and ropeways are an efficient mode of transportation for tourists and commuters seeking to travel uphill or in hilly areas. cable cars provide scenic views, thanks to their elevation while ensuring safety and comfort of passengers. They are widely used in ski resorts, national parks, tourist attractions, and urban transit systems.
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 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The surging tourism industry has been a key growth driver for the cable cars & ropeways market. Many countries and regions globally have been investing heavily in developing their tourism infrastructure to attract more tourists. Cable cars and ropeways offer unique experiences to tourists and are increasingly being installed in places of natural beauty and tourist attractions. Their usage provides access to places that are otherwise difficult to reach. This in turn is promoting tourism and boosting revenues of local economies. As international tourist arrivals continue to rise in the coming years on the back of improving global economic conditions, the demand for cable cars and ropeways is also expected to increase significantly. Manufacturers are thus poised to benefit from the exponential growth of the tourism industry worldwide over the next decade.
SWOT Analysis
Strength: Cable cars & ropeways provide an efficient mode of public transportation for hilly areas. They require less infrastructure compared to roads.
Weakness: High initial investment is required to set up the infrastructure. Cable cars & ropeways are susceptible to weather conditions like heavy snowfall and high winds.
Opportunity: Growing tourism industries in mountainous regions are boosting the demand for cable cars and ropeways for sightseeing. Governments are investing in developing transportation networks in hilly areas.
Threats: Stricter safety regulations raise the operating costs. Emerging alternative transportation solutions like funicular railways.
Key Takeaways
The Global Cable Cars & Ropeways Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for cable cars & ropeways is projected to reach US$ 4.5 Mn by 2024, growing at a CAGR of around 23% during the forecast period.
Regional analysis: Europe dominates the global cable cars & ropeways market currently. Countries like Switzerland, France, and Italy have extensive networks of cable cars for transportation as well as tourism. The growing adventure tourism and winter sports industries in the European Alps are driving the regional market growth. Asia Pacific is expected to be the fastest growing regional market for cable cars & ropeways between 2023 and 2030 due to rising investments in cable car projects for transportation and tourism in mountainous countries like India, China, and Indonesia.
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. These players are focusing on expanding their product offerings and geographical presence through collaborations and mergers & acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
