Cable cars and ropeways offer transportation solutions for rugged terrains, hilly areas and tourist destinations that are otherwise difficult to access. Cable cars are fixed grip transportation systems that consist of cabins suspended and hauled by wire ropes for transporting people. Ropeways, on the other hand, include aerial tramways, funiculars and conveyors that offer carriage transportation and are commonly utilized for cargo, material and people movement in mountainous regions. The global cable car and ropeways industry has witnessed increased adoption across tourism and transport sectors in recent years. Cable cars provide scenic aerial views and open-top riding experiences that attract tourists worldwide to mountain destinations. They also help decongest road traffic in hilly areas and ease transportation of locals and goods. The ease of operation with high passenger and loading capacities has made cable cars and ropeways a preferred mass transit solution for several cities.
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:
One of the primary trends driving growth of the cable cars and ropeways market is the burgeoning tourism industry worldwide. Cable cars help improve accessibility of scenic destinations and open up new areas for tourist exploration. For instance, the Emirates aerial ropeway in Dubai connects two iconic landmarks—At The Top, Burj Khalifa and Dubai Creek Harbour. It offers panoramic coastal views and boosts tourism. Infrastructure development of metro and mass transit systems is another key trend. Rapid urbanization has increased adoption of cable cars for urban transportation in hilly cities. For example, cable cars are extensively utilized in hilly cities of Northern India for public transportation purposes. Rising population and growing mobility needs have prompted several cities to invest in cable car projects to ease transportation woes. Expanding transport and tourism infrastructure will therefore continue spurring demand over the forecast period.
Porter’s Analysis
Threat of new entrants: Low initial investment required to enter market poses low threat. However, high technical expertise required to develop and maintain systems acts as a barrier.
Bargaining power of buyers: Large resorts and urban transportation agencies have stronger bargaining power due to higher customer volume and ability to demand lower prices. Individual consumers have low bargaining power.
Bargaining power of suppliers: Few global suppliers for key components like cabins, ropes, towers results in higher bargaining power. Local suppliers of auxiliary components have low bargaining power.
Threat of new substitutes: Rising popularity of funicular railways and gondola lifts pose medium threat by providing comparable mountain access solutions. No direct substitutes exist for intra-city cable car transportation systems.
Competitive rivalry: Fragmented industry with multiple global and regional players results in medium-high competition based on product innovations, installation speed and maintenance services.
Key Takeaways
The Global Cable Cars & Ropeways Market Size is expected to witness high growth.
Regional analysis: Europe dominates the market currently due to heavy investments in mountain tourism infrastructure in countries like Austria, France and Switzerland. Asia Pacific is expected to witness fastest growth led by China, Japan and India increasing adoption of cable cars for urban transportation and mountain resorts.
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. Key players are focusing on capacity expansions and new product launches catering to urban transportation and mountain tourism applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it