Cable Cars & Ropeways Market is Estimated To Witness High Growth Owing To Increasing Tourism Activities

Cable Cars & Ropeways Market



Market Overview:

Cable cars and ropeways are cable transportation systems that pull passenger or freight-carrying vehicles along one or more parallel tracks or ropes. It is used as a system for public transportation in urban areas as well as transport between mountain facilities in tourism areas. Cable cars provide easy access in hilly regions and cost-effective transportation of bulk material across long distances.

Market key trends:
One of the key trends propelling the growth of the cable cars & ropeways market is the increasing tourism activities in hilly regions worldwide. Cable cars provide scenic transportation with panoramic views of the surroundings which enhances tourism experience. Many tourism destinations in hilly areas have installed cable car facilities in recent years to attract more visitors. For example, Gulmarg in Kashmir valley installed one of Asia's highest cable car routes that ferry tourists up to a height of around 13,500 feet overlooking the peaks of the Himalayas. Rising interest in outdoor tourism is fueling the construction of new cable car projects, thereby driving market growth over the forecast period.

Porter's Analysis

Threat of new entrants: Low capital requirements and established brands act as a barrier for new players. Bargaining power of buyers: Individual customers have low bargaining power due to inavailability of substitute options. However, large infrastructure companies have significant bargaining power.

Bargaining power of suppliers: Specialized machinery and technical expertise required from suppliers limits their bargaining power. Threat of new substitutes: Limited substitute options exist such as funicular railways and chairlifts. Competitive rivalry: Intense competition exists between leading international players.

SWOT Analysis

Strengths: Cable cars offer scenic rides and accessibility in hilly areas. Established global players have strong brand image and reliability.

Weaknesses: High initial investment and maintenance costs. Dependence on weather conditions.

Opportunities: Growing attractions tourism and urban transportation needs present opportunities. Developing nations focusing on infrastructure offer scope.

Threats: Adoption of new transport technologies pose threat. Regulations around safety, environment and operability.

Key Takeaways

The Global Cable Cars & Ropeways Market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing tourism and need for access in hilly areas. Asia Pacific currently dominates the market and is expected to witness fastest growth due to ongoing infrastructure projects and urbanization.

Regional analysis: The Asia Pacific region is expected to emerge as the fastest growing market for cable cars & ropeways accounting for over 30% of the global market share by 2030 owing to ongoing infrastructure development projects and rapid urbanization in countries such as China, India. Countries such as China, India are witnessing increased construction of cable car projects for tourism and urban transportation needs.

Key players: Key players operating in the 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). MND Group and Leitner are leading the market driven by new project wins and innovations.

Read More:

https://www.dailyprbulletin.com/cable-cars-ropeways-market-driving-ridership-growth/

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