Rockville, MD, Aug. 20, 2024 (GLOBE NEWSWIRE) -- According to a new market research released by Fact.MR, the global cable car and ropeway market is projected to reach a size of US$ 2.28 billion in 2024 and thereafter expand at a CAGR of 8.4% from 2024 to 2034.
As more destinations around the world seek to address mobility issues and improve accessibility, cable cars and ropeways have gained popularity as a practical public transportation option. They also offer a comfortable ride while taking in scenic views, which improves the overall tourist experience in mountainous areas.
Cable cars and ropeways are driving the transformation of several tourist attractions. With maintenance, regular audits, and convenient connectivity, tourist authorities are relying on cable cars and ropeways to draw in more tourists, while also earning from other sources such as public transport and material handling.
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Key Takeaways from Market Study
- The global cable car and ropeway market is forecasted to reach US$ 5.1 billion by 2034.
- Global sales of cable cars and ropeways are projected to rise at 3% CAGR between 2024 and 2034.
- The tourism segment is forecasted to reach a market value of US$ 1.45 billion by 2034.
- The market in the United States is expected to reach US$ 385.8 million in 2024.
- Sales of cable cars and ropeways in South Korea are projected to increase at a CAGR of 8.6% between 2024 and 2034.
- East Asia is estimated to capture a global market share of 6% in 2024.
- Revenue from gondola lifts is projected to reach US$ 1.2 billion by 2034.
“Cable cars and ropeways are becoming increasingly popular due to their widespread use in the tourism sector, backed by substantial technological advancements in recent years,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Cable Car and Ropeway Market
Key players in the cable car and ropeway market are Leitner Group, CCM FINOTELLO SRL, Nippon Cable Co., Ltd., CONVEYOR & ROPEWAY SERVICES PVT. LTD., Damodar Ropeways & Infra Ltd., Doppelmayr/Garaventa Group, STM Teleferik, Leitner-Poma of America, Inc., MND Group, Bartholet Maschinenbau AG (BMF), Bullwheel International Cable Car Corp., Dubrovnik Cable Cars
Tourist Destinations Account for High Demand for Cable Cars and Ropeways
Cable cars and ropeways are aiding the growth of tourist attractions in areas with changing demographics. Alpine countries such as Austria, France, Germany, Italy, Liechtenstein, Monaco, Slovenia, and Switzerland, which experience harsh weather conditions and heavy snow, see a high demand for cable cars and ropeways. Additionally, developing countries in the Asia Pacific and other regions have also begun using these transportation systems in winter for tourism purposes. North America, Europe, and Asia will be key regional markets over the next ten years.
Cable Car and Ropeway Industry News:
- Leading cable car manufacturer Doppelmayr stated in August 2023 that a new eight-seater gondola lift had been installed in Choquequirao, Peru, with great success. The goal of this new approach is to make this famous Inca site more accessible and attract more tourists.
- Leitner Poma introduced a cutting-edge high-speed detachable gripper device for cable car systems in May 2024. Increased passenger capacity, faster speeds, and increased operating efficiency are all promised by this invention.
- In 2022, Dubrovnik Cable Cars received the Traveler's Choice Award from TripAdvisor. This is because the company has been in operation for more than 50 years and provides ropeway services at a very cheap price.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the cable car and ropeway market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges details on the cable car and ropeway market based on product type (aerial tramways, funicular ropeways, chair lifts, gondola lifts, surface lifts, material ropeways, inclined lifts) and end use (tourism, public transport, material handling), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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