The global Cable Cars & Ropeways Market is estimated to be valued at US$ 6.5 Mn in 2024, exhibiting a CAGR of 11.9% over the forecast period (2024-2031). The market is expected to grow due to increasing tourism activities globally and growing infrastructural development projects involving cable cars & ropeways for transportation. Furthermore, the growing popularity of cable cars as an eco-friendly mode of transportation is adding to the market growth.
Market Dynamics:
The global cable cars & ropeways market is driven by rising tourism and increasing infrastructure development. Growing tourism has led to a rise in the construction of aerial cable car projects which provide unique tourism experiences. Many countries are focusing on developing cable car projects to popular tourist destinations to enhance accessibility and tourism potential. Furthermore, cable cars are increasingly being used for mass transportation in hilly areas and urban cities to reduce road traffic and provide efficient transportation. Several cities are incorporating ropeway projects in their infrastructure master plans.
The opportunities in expanding tourism destinations and ongoing infrastructure projects focusing on integrated public transportation systems will further aid the market expansion during the forecast period.
Increase in global tourism as a major driver for cable cars and ropeways market growth
The global tourism industry has seen tremendous growth over the past few decades. More and more people are traveling within their own countries as well as internationally for leisure and recreational purposes. Cable cars and ropeways have emerged as a popular mode of transportation for tourists visiting mountainous regions, islands, and other difficult terrains. They provide scenic views during the ride and help tourists easily access remote locations. This has significantly boosted the demand for cable car and ropeway infrastructure projects across popular tourist destinations. Many countries and local authorities have invested heavily in developing new cable car networks and lines to promote tourism. As international tourist arrivals are expected to continue rising in the coming years, it will drive more opportunities for the cable cars & ropeways market.
Rapid urbanization is leading to increased investments in urban cable car transport systems
Urban areas across the world are expanding exponentially due to high rates of urbanization. This has put tremendous pressure on existing urban transport infrastructure in many large cities. To address the issues of traffic congestion and lack of road space, many city planners are turning to cable car systems as a viable transport solution. Urban cable car projects are gaining popularity due to their ability to transport large volumes of passengers while requiring very less space. Several cities have initiated cable car projects to connect commercial and residential areas. Investments in urban cable car networks are expected to surge further with growing urbanization levels. More cities will look to adopt innovative transport technologies like cable cars to enhance mobility of citizens. This urbanization driver will fuel significant growth prospects for the cable cars and ropeways market.
High setup and maintenance costs are acting as a major market restraint
While cable car and ropeway projects are capable of handling large passenger volumes, their installation and maintenance involves very high capital expenditures. Land acquisition, civil works, equipment costs, and installation activities require huge investments. Additionally, recurring maintenance costs are also significant due to the technical complexities involved. Cable cars have mechanical parts like cabins, cables, and tracks that need periodic inspection and repairs. Adverse weather conditions can further increase maintenance requirements. The high capital intensity makes such projects less feasible for low budget areas. It also poses affordability issues for public transportation agencies. The hefty costs associated with cable cars and ropeways hampers their widespread adoption, restricting the market’s growth potential.
Safety concerns regarding cable car transportation restrains the market demand
Ensuring passenger safety is a major challenge since cable cars are suspended from cables high above ground. Even minor technical faults or human errors can potentially lead to catastrophic accidents. Some past cable car incidents with life casualties have raised serious concerns regarding the reliability of safety mechanisms used. Passengers also have inherent fear of riding such transportation infrastructure. Regulatory authorities impose strict safety certifications and operational guidelines, further increasing compliance burdens and costs. Addressing safety risks requires continuous investments and upgrades of safety critical systems like brakes, emergency controls, etc. The liability of safety issues negatively impacts the demand for cable cars, limiting the growth of cable cars and ropeways market.
Government support and initiatives present large growth opportunities
Many national and local governments actively support the development of cable car infrastructure through favorable policies and public funding. They recognize the role of cable cars in promoting regional development, tourism, and urban transport. Government investments play a big role in removing financial hurdles for planning and implementing major cableway projects. Subsidies and tax rebates enable cheaper funding. Some nations have established specialized agencies to plan and oversee gondola lift and cable car projects. Increased governmental focus on sustainable transport solutions also opens opportunities. With conducive government policies, the market sees greater feasibility for large scale cable car projects globally. This presents sizable growth potential to be tapped.
Eco-tourism is emerging as a key growth avenue
Rising environmental consciousness has boosted the popularity of eco-tourism activities in recent times. Cable cars are an ideal mode of transport for accessing eco-tourist destinations without disturbing local ecosystems through road construction. They aid in reducing the carbon footprint of tourists travelling to natural scenic spots. Cableways help disperse tourist traffic and control overcrowding at sensitive locations. Many protected areas and national parks are now leveraging cable car infrastructure for controlled tourism without damaging fragile habitats. This presents an attractive opportunity for the market to explore lucrative projects catering to eco-tourism needs. Environmentally-conscious travelers will continue driving the demand for low impact cableway solutions.
Link - https://www.coherentmarketinsights.com/market-insight/cable-car-and-ropeways-market-1476
Key Developments:
- From June 1 to December 31, 2024, Mount Faber Leisure Group (MFLG), which operates the Singapore Cable Car (SCC), will roll out Hello Kitty-themed cable car cabins along the Mount Faber Line from Mount Faber Peak to Sentosa. All 67 cabins on the line, excluding the seven SkyOrb cabins, will be adorned with Hello Kitty designs to celebrate the 50th birthdays of both the Singapore Cable Car and Hello Kitty.
- In March 2024, Mount Faber Leisure Group (MFLG), launched the new SkyOrb Cabins to celebrate the cable car's 50th anniversary. The SkyOrb Cabins are the world's first spherical cable car cabins with a sleek chrome finish, offering a futuristic and captivating look. These cabins feature see-through glass floors and windows, allowing guests to gaze down at the stunning landscapes beneath their feet and enjoy panoramic views of Mount Faber Peak, Harbourfront, and Sentosa from a whole new perspective. The enhanced ventilation design also provides a more comfortable, breezy journey for riders.
- In January 2024, Udaipur, India, unveiled the new Neemach Mata Mandir ropeway, developed by Damodar Ropeways and Infra Ltd (DRIL). The ropeway, which spans a distance of 429.19 meters, features a mono cable fixed grip system and can transport up to 400 passengers per hour.
- In October 2023, Thrill Valley launched a range of new adventure activities in Sukute, Nepal to attract more tourists to the region. The highlights of this new offering include a hammock-style cable car that allows passengers to swing 360 degrees while in motion, as well as a tandem sky rope cycle that can accommodate single riders or pairs. These unique thrill rides were introduced to provide visitors to Sukute with a one-of-a-kind, adrenaline-fueled experience as they take in the stunning natural scenery of the area.
Key Players:
Bartholet Maschinenbau AG, CCM FINOTELLO SRL, Conveyor & Ropeway Services Pvt. Ltd., Damodar Ropeways & Infra Ltd., Doppelmayr Seilbahnen GmbH, Leitner - Poma of America, Inc., LEITNER Ropeways, MND Group, Nippon Cable Co., Ltd., POMA, Poma Group, Ropeway & Cablecar Systems Pvt. Ltd., Safege (Suez Group), STM Teleferik, and Teupen Maschinenbau GmbH
