New Delhi, India (Urban Transport News): The global cable cars and ropeways market is anticipated to reach a valuation of US$ 11.5Mn in 2032 while exhibiting a stellar growth rate of 10.6% CAGR over the forecast period of 2022 to 2032. Scaling up from an estimated value of US$ 4.21Mn in 2022, the cable cars and ropeways market is fueled by the escalating tourist activity all over the world. More and more countries are concentrating on reinventing their tourist attractions by integrating zipping and ropeway projects. This, in turn, will boost the sales of cable cars and ropeways over the projected period.
Cable cars and ropeways are aerial lifts that use one or two fixed ropes or cables to support the transporting vehicle along with a third rope or cable for proper propulsion. These vehicles use simple, powerful, and cost-effective technology. Cable cars and ropeways are a quick, affordable, and convenient way of transport, especially in hilly and mountain areas, areas with rivers, snow-covered areas, unequal terrains, etc. Moreover, advancing technology has enabled the introduction of electric motors and steel cables which optimize efficiency. This has resulted in the large-scale adoption of cable cars and ropeways in various regions which offer tourist and adventure attractions as well as areas with mining facilities.
With emerging trends in cable cars and ropeways, the market is steadily becoming a preferred choice of travel in tourist and winter regions. Gradually, opportunities are also emerging in urban transportation. Furthermore, evolving technology and the high advantages associated with cable cars and ropeways are expected to propel the market towards growth over the forecast period.
"Rising adoption of latest technology coupled with rapidly expanding tourism industries are stimulating the sales of cable cars and ropeways in the global market over the forecast period," says an analyst.
According to the cable cars and ropeway market outlook, the market in North America is anticipated to exhibit a market share of 18.4% in 2022 since cable cars, and ropeways in the mountaineering and hiking spaces are expanding their market space.
Many cable cars and ropeways are in operation in the U.S., Algeria, Spain, China, and Brazil for urban transportation. Urban cities have started to realize the potential for cable cars and ropeways as a solution to mobility needs, thus boosting the growth of cable cars and the ropeway market.
In a fairly competitive market, major players are concentrating on market expansion strategies like mergers, acquisitions, partnerships, and agreements. These businesses also vie for the government tenders to gain a competitive edge.