The global cable cars and ropeways market is anticipated to grow at an impressive rate of 10.6% CAGR from 2022 to 2032, reaching a market value of US$ 11.5 million. Scaling up from an estimated value of US$ 4.21 Mn in 2022, the cable cars and ropeways market is fueled by the escalating tourist activity all over the world.
Aerial lifts called cable cars and ropeways utilise a third rope or cable for proper propulsion in addition to one or two fixed ropes or cables to support the conveying vehicle. These cars employ a straightforward, potent, and reasonably priced technology. Particularly in hilly and mountainous places, areas near rivers, areas covered in snow, uneven terrain, etc., cable cars and ropeways are an efficient, economical, and convenient mode of transportation.
Also, developing technology has made it possible to introduce steel cables and electric motors that maximise efficiency. As a result, cable cars and ropeways have been widely adopted in a number of regions that offer tourist and adventure attractions as well as places with mining resources.
The market is steadily becoming into a favoured mode of transportation in tourist and winter regions thanks to developing trends in cable cars and ropeways. Opportunities in urban transportation are also starting to show up gradually. Also, during the course of the forecast period, the market is anticipated to rise due to the rapidly developing technology and numerous advantages connected with cable cars and ropeways.
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“Rising adoption of latest technology coupled with rapidly expanding tourism industries are stimulating the sales of cable cars and ropeways in the global market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Strict safety regulations and high power consumption may hamper market prospects.
- North America to account for 18.4% of the overall market share in 2022.
- Europe will undergo considerable target market growth over the forecast period.
- Start-up ecosystem in the market will likely introduce new and enhanced products into the market.
Competitive Landscape
Doppelmayr Garaventa Group, Vergokan, Kreischberg: Cableways, Dubrovnik cable cars, Kropivnik Cableways Pvt. Ltd., Damodar ropeways, and Bullwheel international cable car corp among others, are some of the major players in the cable cars and ropeways market that are profiled in the full version of the report.
In a fairly competitive market, major players are concentrating on market expansion strategies like mergers, acquisitions, partnerships, and agreements. These businesses also vie for the government tenders to gain a competitive edge.
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More Insights into the Cable Cars and Ropeways Market Report
In its latest report, FMI offers an unbiased analysis of the global cable cars and ropeways market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on industry (tourism, material handling, public transportation, mining industries), sales channels (OEM (Original Equipment Manufacturer), aftermarket), type (fixed grip installations, drag lifts, fixed grip chairlifts, pulsed gondola ropeways, detachable installations, detachable chairlifts, mono cable detachable gondola lifts, telemix: combined detachable chairlift and gondola lift, bicable (2S) & tricable (3S) gondola lifts, aerial tramway, funicular), and region.
According to the latest FMI reports, based on region, the cable cars and ropeways market in North America is expected to present considerable growth over the assessment period. The region is expected to account for 18.4% of the overall market share. This growth can be attributed to usage of cable cars and ropeways in urban transportation as well as their application in multiple mountaineering and hiking spaces. Advancing tourist areas are also supplementing this growth.
In Europe, the cable cars and ropeways market is expected to present healthy growth over the forecast period. The region currently holds 25.2 % of the global market share. Booming tourism sector along with an intensely dynamic demography seem to bolster the regional market growth over the projected period.
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Cable Cars And Ropeways Market Key segments
By Industry:
- Tourism
- Material handling
- Public transportation
- Mining industries
By Sales Channel:
- OEM (Original Equipment Manufacturer)
- Aftermarket
By Type:
- Fixed grip installations
- Drag lifts
- Fixed grip chairlifts
- Pulsed gondola ropeways
- Detachable installations
- Detachable chairlifts
- Mono cable detachable gondola lifts
- Telemix: combined detachable chairlift and gondola lift
- Bicable (2S) & Tricable (3S) Gondola lifts
- Aerial tramway
- Funicular
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