19-May-2021 | Facts and Factors
As per a recently issued market research report by Facts & Factors, the global cable cars and ropeways market was about USD 4011.70 Million in 2020, with sales value projected to hit around USD 7,876 Million by the end of 2026 and expected to register an excellent 11.4% CAGR during 2021 to 2026.
A recent trend indicated huge popularity in the urban mode of transportation among developing countries to have begun emerging. Cable cars often provide a leisurely manner of commute as most cable cars are installed on high altitude places with open cabin spaces. Increased spending of government bodies across the world has also indicated a huge amount of transportation budget being spent on installing and maintenance of existing cable cars. This provides a mapping work of an increase in the market in various regions. Additionally, added stringent regulations for improving safety measures in constructing and operating a cable car encourages manufacturers to transverse a longer distance.
This provides increased profit as consumers can now rely on cable cars as a reliable form of transport. The increased advancements of cable cars push the growth of the sector from the traditional tourism sectors toward public transportation and material handling which enables future revenue streams. However, the high initial costs associated with installation and complex engineering solutions to be solved hinders the growth of the cable cars and ropeways markets to a certain extend.
Top Market Players
Some of the major participants in the global cable cars and ropeways market are Damodar Ropeways & Infra Ltd, MND Group, Conveyer, and Ropeway Services Pvt. Ltd, Leitner S.p.A, POMA Group, Bullwheel International Cable Car Corp, and Kropivink Cableways Pvt. Ltd, among others.
Market Dynamics
Major key players in the market are involved in contract signing in order to give them an edge over their competitors. Furthermore, manufacturers are often involved in updating their existing list of portfolio of products in order to create attractive features for their consumer base. MND Group recently announced detachable chair lifts and gondola lifts in the market. High initial costs associated with cable cars and ropeway installation are often considered to hinder the growth of the market. However, recent studies conducted indicate that overall costs cover 1/3rd to 2/3rd of similar modes of transportation.
The type segment is divided into aerial tramways, chair lifts, gondola lifts, surface lifts, material ropeways, & inclined lifts on the basis of type. The gondola and chair lift segment can be categorized further as mono cable, bi-cable, and tricable and fixed grip and detachable, respectively. The gondola category is expected to witness the highest growth category during the forecast period owing to increased application usage in resorts and glass-filled cabins for leisure purposes.
The industrial vertical segment can be segmented into tourism, public transport, and material handling on the basis of industry verticals. The tourism sector is expected to occupy the largest market share during the forecast period; however, public transport is expected to grow at a significant rate.
Europe And Latin America Are Expected To Grow At The Highest CAGR Growth
The geographical features of the region are pretty mountainous which makes them an ideal choice for an urban mode of transport. Furthermore, with an early adaption of cable cars and ropeways, significant key players have emerged in the region to increase their foothold which further gives a rise to the market in terms of revenue. Additionally, the region of North America is expected to witness higher growth due to changing preferences in the mode of transport as well.
Browse the full “Cable Cars and Ropeways Market By Type (Aerial Tramways, Chair Lifts, Gondola Lifts, Surface Lifts, Funicular Ropeways, Material Ropeways, & Inclined Lifts), By Industry Vertical (Tourism, Public Transport, and Material Handling), and By Regions - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/cable-cars-and-ropeways-market.
Report Scope
Report Attribute |
Details |
Market Size in 2020 |
USD 4011.70 Million |
Projected Market Size in 2026 |
USD 7,876 Million |
CAGR Growth Rate |
11.4% CAGR |
Base Year |
2020 |
Forecast Years |
2021-2026 |
Key Market Players |
Damodar Ropeways & Infra Ltd, MND Group, Conveyer, and Ropeway Services Pvt. Ltd, Leitner S.p.A, POMA Group, Bullwheel International Cable Car Corp, and Kropivink Cableways Pvt. Ltd, among others.
|
Key Segment |
By Type, By Industry Vertical, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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The global cable car and ropeway market can be segmented as follows:
Global Cable Cars and Ropeways Market: By Type Segment Analysis
- Aerial Tramways
- Funicular Ropeways
- Chair Lifts
- Gondola Lifts
- Monocable
- Bi-cable
- Tricable
- Surface Lifts
- Material Ropeways
- Inclined lifts
Global Cable Cars and Ropeways Market: By Industry Vertical Segment Analysis
- Tourism
- Public Transport
- Material Handling
Global Cable Cars and Ropeways Market: By Regional Segment Analysis
- North America
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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