Cable cars and ropeways have emerged as an efficient mode of transportation for hilly regions and tourist destinations across the globe. Cable cars are suspended passenger cabins transported through steel cables connected to towers and operate on electric motors. Cable cars are an environment-friendly alternative to vehicles as they generate negligible emissions and do not congest roads. They help reduce traffic issues while ensuring safe and comfortable transit.
The global Cable Cars & Ropeways Market is estimated to be valued at US$ 5.19 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing investments in the tourism industry have been a key driver propelling the demand for cable cars and ropeways. Many countries and cities across the world have been investing heavily in developing tourism infrastructure to attract more local and international visitors. Cable cars help enhance the tourism experience by providing scenic transit through hills and mountains. They improve connectivity to popular tourist sites located in remote areas. This boosts tourism and generates higher revenues. For instance, several mountainous regions in India and China have witnessed significant investments in cable car projects in recent years to promote tourism. Sustainable transport solutions like cable cars are increasingly becoming an integral part of tourism development plans, thereby positively impacting the cable cars & ropeways market.
SWOT Analysis
Strength: Cable cars have lower environmental impact and higher transport capacity compared to roads. They can transport more people per hour.
Weakness: High initial investmentcost for construction of cable car infrastructure. Dependence on terrain and suitable geographical conditions for installation.
Opportunity: Increasing adoption in urban transportation to reduce traffic congestion and emission levels. Growing demand for eco-friendly mobility solutions.
Threats: Require extensive safety checks and have high maintenance costs. Vulnerable to extreme weather events like heavy snowfall or high winds.
Key Takeaways
The Global Cable Cars & Ropeways Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region dominates the market currently due to rapid urbanization and industrialization. Countries like China, India are focusing more on developing cable car infrastructure to reduce traffic issues.
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.
For more Insights, Read –
https://www.insightprobing.com/cable-cars-ropeways-market-market-size-share-analysis-growth/
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