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.
New York, NY -- (SBWIRE) -- 06/30/2017 -- 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.
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The report reveals that throughout the eight-year forecast period, the demand for cable cars and ropeways will be considerably high in Europe. Higher number of snow tourism locations will continue to attribute to surging growth in Europe's cable cars and ropeways market, which will account for over 60% of global revenues. Besides, cable cars and ropeways are also gaining popularity in North America, Middle East & Africa, and the Asia-Pacific region. The Asia-Pacific cable cars and ropeways market will register highest revenue growth at 20.2% CAGR, while North America and the Middle East & Africa will exhibit value CAGRs between 12 to 14%.
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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.
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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