The train seats market size is expected to record a valuation of USD 2.5 billion by 2030, according to the most recent study by Global Market Insights Inc. Provision of safety, enhanced durability, and superior service with reduced maintenance are key factors boosting the market growth.
Major restrictions on services & citizen movement along with the advice of the authorities to avoid traveling during the COVID-19 period have resulted in a decline in passenger volume by approximately 80% for all the national rail services during the lockdown period across the globe. These trends have significantly delayed new orders & ongoing projects and have negatively influenced the product demand in 2020.
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The demand for rail transport has increased significantly. Given the present trends, passenger rail transport is set to double by the end of 2050. Such growth is a token of the social and economic development but it transports with it a greater demand for energy, rise in carbon emissions, and atmospheric pollutants. Rail transport is among the most energy-efficient modes of transport for passengers.
The OEM segment in the train seats market is predicted to observe a 4.5% growth rate till 2030, credited to the increasing production of trains across the globe. Train manufacturers are continuously investing in R&D to develop advanced technologies to improve passenger comfort and safety. Growing train coach deliveries and fleet expansion programs will significantly augment the demand for train seats.
North America train seats market is projected to witness a growth of over 3.5% CAGR through 2030. Growing investments in rail infrastructure will support the regional industry growth. For instance, in 2020, the Federal Railroad Administration gave clearance for Texas Central high-speed railroad project. These factors will induce a substantial growth potential in the regional industry landscape over the coming years.
Leading companies operating in the train seats market are Freedman Seating Co., Grammar AG, KTK Group, Saira Seats, Transcal Ltd., GINYO Transport, Seats Incorporated, United Safety, FRANZ KIEL GmbH, FISA srl, Lazzerini Srl, KSU N.A., LLC., McConnell Seat, Shanghai Tanda and Compin-Fainsa, among others. These leaders are adopting various strategies such as expansion to improve their market presence and product portfolio in regional markets.
Some major findings of the train seats market report include:
- The expanding regional connectivity in Latin America will drive strong growth prospects for the market. Substantial economic growth and surging disposable incomes have accelerated the demand for train travel among middle-class passengers across the emerging economies.
- Increasing rail transport and investments in new metro systems worldwide will further spur the market expansion. Moreover, metros are of critical importance for mobility as societies are becoming urbanized.
- High railway infrastructure investments are a major challenge faced by this industry as these require greater infrastructure than traditional trains. The lack of essential infrastructures owing to high costs poses a threat to this train seats market progression across the globe. Lack of capital in a few economies including Columbia, Brazil, Malaysia, and Argentina will further hinder the industry demand as new projects were delayed due to a lack of funds.