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Cable Cars & Ropeways Market Segmented By Aerial Tramways, Funicular Ropeways, Gandola Lifts, Surface Lifts, Material Ropeways, Inclined Lifts Product with Tourism, Public Transport, Material Handling
Installations of new gondola lifts are estimated to be valued at over US$ 1,600 Mn by 2018 end. With an anticipated annual growth rate of 8.4%, the cable cars & ropeways market is estimated to reach a value of more than US$ 3,000 Mn by 2026 end. The rising demand for gondola lifts in the tourism sector as well as urban transportation is expected to be a prominent factor driving the growth of the segment. In terms of overall spending, gondola lifts are expected to create a relatively high incremental $ opportunity in cable cars & ropeways market, valued at more than US$ 1,400 Mn. It is anticipated to be a money-spinning segment in the global cable cars & ropeways market.
Gondola lifts are expected to emerge as a competent solution for urban transportation problems, owing to advantages such as enhanced passenger transportation capacities and high-speed operation. Moreover, gondola lifts with glass cabins are being widely installed at tourism destinations to attract tourists.
The use of glass cabins also acts as a value addition in the cable cars & ropeways system. Attributing to the popularity of gondola lifts in the cable cars & ropeways market, several players are venturing into the manufacturing of customized products. Some of the prominent players in the cable cars & ropeways market are investing in developing efficient cable cars & ropeways technologies using renewable sources of energy with increased capacities. Market players are also noted to focus on building all possible amenities inside the cabins, including amenities such as HVAC vents and infotainment alternatives, among others.
Customer preferences are shifting from bicable gondolas to monocable or tricable gondolas in the cable cars & ropeways market. One of the significant causes affecting this shift is the complex design of bicable systems and the high cost associated with them. Monocable and tricable technologies are relatively easier to install and cost effective and are expected to fuel growth in cable cars & ropeways market.
The growing public spending on leisure activities is creating a need for modernized modes of transport in amusement parks and other recreational activities. The steady rise in the urban population has resulted in a lack of available land. Moreover, nearly 70% of the urban population requires efficient mass transit facilities for daily commute. Also, cable cars & ropeways are gaining prominence among the governing authorities to improve urban mass transit systems.
Being eco-friendly and encouraging the use of renewable sources of energy, cable cars & ropeways are estimated to gain eminence over the forecast period. Several government and regional transport authorities are focusing on the adoption of fast and energy-efficient modes of transport and cable cars & ropeways are gaining attention. Subways and metros have been complimenting urban transportation for decades; however, the cost of the civil structure associated with metros is high and is not feasible at every place.
Cable cars & ropeways, especially gondola lifts, are noted to offer comparatively lower operating costs. The overall cost associated with cable cars & ropeways projects is estimated to be 1/3rd to 2/3rd of the overall cost associated with other transportation systems. All these factors are propelling the growth of cable cars & ropeways market. With a rise in the GDP and increasing disposable income, consumer lifestyles have also changed. Consumers are now capable of spending a significant share of their earnings on amusement and leisure activities.
This positively impacts the adoption of cable cars & ropeways in amusement parks. Some large-scale hotels and malls are also observed to install cable cars & ropeways system in order to attract customers. These factors are prominently driving the growth of the overall cable cars & ropeways market.
As per PMR analysis, the top two global players collectively account for over 60% of the overall cable cars & ropeways market share. Along with offering customized services, cable cars & ropeways manufacturers also offer a wide range of spare parts and aftermarket services to their clients.
Such strategies enhance the brand reputation and also augment customer loyalty towards the company’s cable cars & ropeways products. Several other players are noted to operate on a regional level and assist the growth of the overall cable cars & ropeways market.
In North America cable cars & ropeways market, the gondola lifts segment is anticipated to gain more than 1,000 BPS between 2018 and 2026. The segment is forecast to witness rapid short-term expansion, due to the high adoption rate of cable cars & ropeways in mass urban transportation.
In Latin America cable cars & ropeways market, countries such as Colombia, Bolivia and Venezuela, are projected to register rapid growth in the near future, owing to growth in urban public transport networks. In countries such as Peru and Chile, a number of cable cars & ropeways projects are now in the planning or development stage. Throughout the forecast period, gondola lifts is expected to remain dominant in the APAC cable cars & ropeways market.
Among other cable cars & ropeways product types, it is anticipated to grow at a rapid pace in the near future, owing to the speedy adoption rates mainly in countries like India and South Korea. APAC cable cars & ropeways market is estimated to grow at a healthy rate. The Europe cable cars & ropeways market is expected to record fastest growth, owing to its adoption in mass urban transportation applications across countries such as Austria, Italy, France, Poland and Russia.