The “Global Cable Cars & Ropeways Market, By Product Type (Aerial Tramways, Funicular Ropeways, Chair Lifts (Fixed Grip, Detachable), Gondola Lifts (Monocable, Bi-cable, Tricable), Surface Lifts, Material Ropeways, Inclined Lifts), By End Use (Tourism, Public Transport, Material handling (Mining, Others), by Category (Installation Service, MRO Service), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Forecast to 2027”, is expected to exhibit a CAGR of 11.9% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights
Cable cars or ropeways are a mode of transportation, wherein passenger-carrying cabins are driven by a cable wrapped around a bull wheel at one terminal. They operate over a track, where the cars are pulled by a metal rope. Generally, cable cars are installed for long-term operation in ski resorts, the tourism sector, urban transport and man and material handling applications are considered in the report. Material moving cars are divided into mining and others (ore processing, salt lake, and material transit in valley).
The global cable cars & ropeways market was accounted for US$ 3,667.2 Million in terms of value in 2019 and is expected to grow at a CAGR of 11.90% during the forecast period (2019-2027).
Increasing replacement and expansion of old infrastructures are expected to drive growth of the global cable cars & ropeways market during the forecast period
Aerial ropeways are one of the oldest modes of transportation. Earlier, cable cars were used for only material handling, due to lack of safety measures. However, advancements in technology have made public transport with cable cars more reliable and safer. According to Coherent Market Insights’ analysis, there are over 30,000 aerial ropeways operational globally. However, most of them were installed decades ago, thus they require maintenance. According to CMI analysis, over 50% of these existing ropeways are expected to renovated or completely replaced by modern technology in the near future. Moreover, a large number of ski sports owners are investing in expansion of existing systems with inclusion of advanced technology. Therefore, such factors are expected to propel the global cable cars & ropeways market growth over the forecast period.
Market consolidation to provide opportunities for manufacturers in the near future
Since there is presence of limited in the global cable cars & ropeways market, consolidation of companies and new entrants can provide major market opportunities for established players. Emergence of local players can present major threat to established players, as they can offer cable car systems at relatively low costs. Furthermore, intense competition among manufacturers may compel market players to enhance technology and offer better and cost-effective cable cars and ropeways. Emerging economies in Asia and Africa may prove to be potential markets for consolidation since they are expected to present better growth opportunities and high profitability in a relatively lower labor and material cost.
Limited market players globally are expected to restrain growth of the global cable cars & ropeways market over the forecast period
Over the years, the number of players in the global cable cars & ropeways market has decreased significantly. This is owing to uncertainty of demand, which has led to fewer players operating in the market. Moreover, the market is dominated by European countries, which have limited direct presence in the global market. As a result of this, manufacturers have to import majority of parts, thereby increasing the cost of these systems in other countries. Hence, limited number of market players are expected to hinder the global cable cars & ropeways market growth during the forecast period.
Since majority of existing cable cars were installed decades ago, they now necessitate complete overhaul. Stringent safety norms in Europe have mandated cable car operators to adopt new and safer technologies with key players focusing on ski resorts and other areas left with old cable car systems. This scenario has boosted the demand for maintenance service activities. According to Coherent Market Insights’ analysis, the large number of installed systems and upcoming projects of cable cars and ropeways are expected to cross 35,000 by the end of the forecast period, which can be observed as a major market for MRO service providers.
Earlier, the global cable cars & ropeways market was driven by the ski industry. However, tourism and urban transport have increased the demand for cable cars, owing to increasing adoption. The cable cars are seen as potential solutions to tackle traffic congestion problems in major cities and direct interconnectivity between skyscrapers. A number of smart city projects include cable cars and ropeways as major mode of transmission due to the advantage of zero-emission and silent operations. Furthermore, cable cars are being widely deployed in amusement parks and leisure activity stations.
Key companies operating in the global cable cars & ropeways market are 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).
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.