Governments in various countries are focused on fast and energy efficient modes of transportation. Although metros and subways are efficient ways of transportation, the value of construction associated with metros is significantly high and isn’t viable at every place. Around 70% of urban population travels daily, necessitating efficient mass transit infrastructure.
Continuous growth in urban population had led to unavailability of land. Hence, governments and transport authorities are shifting towards cable propelled transit (CPT) for an efficient and smoother transportation.
Cable Cars and Ropeways Market to grow at a CAGR of 11.90% during the forecast period (2019-2027) Moreover, growing snow tourism and material handling have increased the adoption of cable cars.
As an example, In 2014, Bolivia inaugurated the primary phase of its ‘la-paz-telefericos’ project, which may be a 10 km gondola car project installed with an investment of approx. $234 Million.
The 2nd phase of this project is initiated, making it the world’s largest CPT with an investment of around $450 Million.
Hence, increasing adoption of cable cars in urban transport is predicted to spice up the worldwide cable cars & ropeway market growth within the near future.
Moreover, key companies within the market are investing significantly for research and development of the latest technologies, to extend capacity of cable cars, while assuring the security, high-speed, and smooth operations.
These efforts have expanded the service lifetime of ropeways.
Europe region dominated the worldwide cable cars & ropeways market in 2019, accounting for 51.1% share in terms useful, followed by North America and Asia Pacific, respectively.
- Cable cars are manufactured and installed with some top quality material and cutting-edge technology. This makes them significantly expensive.
- Moreover, the situation, passenger capacity, support-free span, sort of lift, and other varied factors make cable cars expensive. In fact, certain car projects may require a million to a billion dollars of investment and also requires timely maintenance, which increase the general cost. The investment money is recovered albeit at a slow rate and thus, increases its payback time.
- Installation of car necessitates high-end mechanical and structural engineering since the cabins got to be hauled over a good span of supports.
Buy Research Report: Radiology Information Systems Market to Witness A Steep CAGR Of 8.3%
Buy Research Report: Mobile Water Treatment Systems Market Set to Grow US$ 1,952.0 Mn during 2020-2030
Buy Research Report: Electric Trolling Motors Market to Expand at a CAGR of 3.2% During 2020-2030
Buy Research Report: Global Solar Cells and Modules Market Strategic Assessment and Forecast by 2026
Buy Research Report: What Are the Upcoming Trends in the Telemonitoring System Market? What Impact Would They Make in Forecast – 2026?
- Presence of limited players within the global cable cars & ropeways market has presented the chance market consolidation. Emergence of local players can pose a threat to establish players, as new entrants can effectively increase their market share by offering systems at relatively low prices.
- Moreover, intense competition among manufacturers may compel market players to reinforce technology and offer better and cost-effective cable cars and ropeways. Asia and African countries are often potential markets as they’re expected to a supply major growth opportunities and high profitability, due to low material and labor cost.
- Since cable cars can provide numerous advantages, high demand is predicted within the near future, provided there are improvements in technology for enhancement of efficiency of cable cars. The propagation of cable over an outsized route needs high power source which eventually increases power consumption. Thus, reducing power consumption can prove major market opportunities for key companies.
- Gondola lifts offer various advantages like high-speed and enhance passenger capacity, which is why it’s witness significant demand within the recent past.
- Moreover, gondola lifts with glass cabins are widely preferred and installed at tourism destinations with an aim to draw in tourists. Various manufacturers within the industry are focused on providing customized products, due to high demand for gondola lifts.
- Moreover, major manufacturers can develop energy efficient gondola lifts and specialize in building and every one possible amenities inside the cabins.
- The cable cars offers possible solution to traffic jam in major cities and direct interconnectivity between skyscrapers. Various urban planning projects include cable cars as a mode of transport for zero emission and silent operations. Moreover, cable cars have found applications in amusement parts and leisure activities.
The tourism vertical is accounted for 63.4% in 2019 and is predicted to grow at a CAGR of 10.6% during the forecast period.
Value Chain Analysis
Key companies operating within the global cable cars & ropeways market are Damodar Ropeways & Infra Ltd., MND Group, Doppelmayr/?Garaventa Group, Conveyor & Ropeway Services Pvt. Ltd., Leitner S.p.A, Nippon Cable Co., Ltd., POMA Group, and Bartholet Maschinenbau AG (BMF).
- Major companies within the market are involved in contract signing, so as to realize competitive edge up the market. As an example, in January 2017, Bartholet Maschinenbau AG (BMF) entered into contract to put in gondola lift as a part of a serious gondola project of Tannenboden (Switzerland). The project is estimated to be completed by 2019.
- Key players within the market are involved in product launches, so as to reinforce their product portfolio. As an example, in 2016, MND Group introduced new detachable chair lift and gondola lifts into the market that company claims to possess high efficiency and high reliability.