Market Overview:
Cable cars & ropeways are aerial lifts that help transport passengers and goods up to mountains and rugged terrains easily. They provide comfortable, safe, and environment-friendly transportation system. Cable cars come in varying designs such as cabins, gondolas, funiculars based on operational needs and location. They have wide applications in transportation, material handling, amusement parks, ski lifts among others. Factors like growing tourist inflow, infrastructure investments, and increasing need for transportation across difficult terrains are fueling the demand for cable cars and ropeway projects globally.
Market key trends:
Cable car & ropeway industry is witnessing strong emergence of futuristic technologies. For instance, growing investments in automation solutions are enabling deployment of driverless cable cars with advanced safety systems. Some key players are focusing on hybrid-electric technologies to integrate battery storage and reduce operating costs. Further, digitization is allowing real-time tracking of cable cars for improved maintenance and rider experience. Also, manufacturers are adopting lightweight composite materials to transports higher loads with minimal energy usage. Sustainable tourism is boosting investments towards developing aerial passenger ropeways connecting scenic spots as low-carbon transit options.
Porter’s Analysis
Threat of new entrants: Low capital requirement and no major intellectual property protection make the industry attractive for new players. However, established players have significant brand recognition and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several established players offering substitutable products.
Bargaining power of suppliers: Suppliers have low bargaining power as raw materials required are commodity products and available from numerous suppliers globally.
Threat of new substitutes: Threat of substitutes is low as cable cars offer a unique mode of transportation for hilly and mountainous regions where other transport means are limited.
Competitive rivalry: High as the industry has several international players competing on the basis of product quality, pricing, technical expertise, and service.
Key Takeaways
The Global Cable Cars & Ropeways Market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period 2023-2030, due to increasing tourism and infrastructure development in mountainous regions.
Regionally, the Asia Pacific cable cars & ropeways market is forecast to grow the fastest during the analysis period. Significant investments by governments in India, China, and Indonesia to develop tourism in hilly areas are driving the regional market. Countries like India are also upgrading their existing cable car infrastructure to improve transportation networks.
Key players operating in the 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). The market leaders are focusing on expanding their global footprint and investing in R&D to develop innovative and automated cable car solutions.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
