Global Cable Cars & Ropeways Market Likely to Touch US$ 2000 Million Valuation by the end of 2024

Market Research Reports Search Engine (MRRSE) has recently added a new study to its vast repository, which is titled “Cable Cars and Ropeways Market: Global Industry Analysis and Forecast, 2016-2024”. High demand for gondola lifts in urban transportation and the tourism sector is expected to be a prominent factor driving the growth of the segment. New sales of gondola lifts were anticipated to value a little more than US$ 1500 Mn by 2016 end and are expected to grow at a CAGR of 14.4% to reach a market valuation in excess of US$ 2000 Mn by the end of 2024. In terms of overall spending, gondola lifts are expected to offer a relatively high incremental $ opportunity as compared to other ropeways. The segment is estimated to create incremental $ opportunity of more than US$ 1,000 Mn between 2016 and 2024. The gondola lifts segment is expected to be a lucrative segment in the global cable cars and ropeways market, offering high growth opportunities in terms of value.

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High preference for detachable gondola lifts over fixed grip gondola lifts is expected to drive revenue growth of this segment

Gondola lifts have emerged as an efficient solution for urban transport problems, owing to advantages such as high-speed operation and improved passenger transportation capabilities. Moreover, gondola lifts with glass cabins are being widely installed at tourism destinations with an aim to attract tourists. Owing to the high response for gondola lifts witnessed in the market, various manufacturers are stepping forward to manufacture customized products, depending upon the applications and customer preferences. Key manufacturers are investing huge capital in developing energy efficient gondola lifts and are focusing on building all possible amenities inside the cabins. Customer preferences are shifting towards mono cable or tri cable gondolas, instead of bi cable gondolas.

Consistent increase in urban population has resulted in the lack of available land. Almost 70% of the urban population travels daily, which requires efficient mass transit facilities. Various government and transport authorities are emphasizing on the adoption of fast and energy efficient modes of transportation. Subways and metros have been efficient modes for decades, but the cost of construction associated with metros is tremendously high and is not feasible at every place. All these factors are propelling the growth of gondola lifts. With an increase in GDP, disposable income has also increased. People are now capable of spending a significant share of their earnings in amusement and leisure activities. This has boosted the adoption of gondola lifts in various amusement parks. Some large-scale malls are also installing gondola lifts to attract customers. These factors are creating a robust development in the gondola lifts segment.

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Gondola lifts segment is expected to emerge as an attractive segment across several regional markets in the global cable cars and ropeways market

The gondola lifts segment in the North America cable cars and ropeways market is expected to gain more than 3,000 BPS between 2016 and 2024. This segment is anticipated to increase at a rapid pace in the near future owing to the high adoption rate of modern transportation systems. In Latin America, the gondola lifts segment is expected to increase at a rapid pace in the near future owing to growth in urban public transport ropeway network in countries such as Bolivia, Colombia, and Venezuela. In countries such as Chile and Peru, a number of gondola projects are now in the planning or development stage. The gondola lifts segment is expected to gain more than 1,500 BPS between 2016 and 2024 in the APAC cable cars and ropeways market. This segment is expected to increase at a rapid pace in the near future, owing to growth in the adoption of gondola lifts mainly in countries such as China, South Korea, and India. The gondola lifts segment in Europe is expected to register fast growth due to high adoption in urban transportation application in countries such as Austria, France, Poland, Russia, and Italy.

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