Global Cable Cars & Ropeways Market to Record a Sluggish CAGR Of 11.9% By 2024

Cable Cars And Ropeways Market
Cable Cars And Ropeways Market

According to the report, titled “Cable Cars and Ropeways Market: Global Industry Analysis and Forecast, 2016 – 2024,” the global market for cable cars and ropeways is presently valued at closed to US$ 1.9 Bn. Costly transportation in hilly areas, poor accessibility to high altitude regions, growing awareness for “green transportation” and safety concerns, are some of the macroeconomic factors compiled in the report that are acting as proponents of cable cars and ropeways.

Demand for cable-propelled transit continues to gain traction as one of the most efficient transport systems in the world. Technology behind the functioning of cable cars and ropeways has also drawn attention of several industrial verticals. Bidding for modernized urban transport systems, government and local administrative authorities are also increasing investments on faster commute facilities such as cable cars and ropeways. Besides, the global market for cable cars and ropeways will keep witnessing surplus revenue influx from the profiting skiing & snow tourism industry. Persistence Market Research’s latest report on the global cable cars and ropeways market predicts that by the end of 2024, the market will soar at 11.9% CAGR to reach US$ 4.6 Bn value.

Nearly 90% of the entire cable cars and ropeways market in the world is accounted by participation of three major global players – the Doppelmayr or Garaventa Group, Leitner SpA, and POMA Group. Other players partaking in the growth of global cable cars and ropeways market include regional companies such as MND Group, Conveyor & Ropeway Services Pvt. Ltd., Nippon Cable Co., Ltd., Damodar Ropeways & Infra Ltd., and Bartholet Maschinebau AG.

Global Cable Cars & Ropeways Market: Report Highlights

In 2016, over 103 chairlifts were sold across the globe, bringing in more than US$ 600 Mn in revenues

Demand for gondola lifts to gain traction, procuring over 60% of global cable cars and ropeways revenues through 2024

Almost every other cable car and ropeway system sold in the world will be used for tourism

By 2024-end, more than one-third of global revenues will be emanating for sales of cable cars and ropeways for public transportation

The overall cable cars and ropeways market will remain dominated by aftermarket MRO services, while installation services will register an impressive 11.9% CAGR, in terms of revenues

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