Train Seat Market to grow at a significant rate from 2016 to 2024. Increasing government initiatives and investments to develop faster and convenient modes of transportation across the globe will drive the market growth in the forecast timespan. Rising need of passenger safety features in high speed rails will further fuel the industry growth. Moreover, growing trend of high speed rails across the globe is expected to increase the train seat market demand.
High railway infrastructure investment is a major challenge faced by this industry. High speed rails require greater infrastructure than the traditional trains and thus require larger investment. Lack of essential infrastructure owing to excessive costs pose a threat to this market growth across the globe. Lack of capital in few economies that include Columbia, Brazil, Malaysia, and Argentina will further hinder the industry growth as new projects get delayed owing to lack of funds.
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Introduction of new trains is a major opportunity that is likely to propel the industry growth in the forecast timeline. Active participation and heavy investments by government in new railway projects will increase the production of high speed trains at a higher rate. They ensure an operating speed of approximately 200 km/hr, and provides the passengers with enhanced service. Demand of high speed railways is rising owing to their vital role in any country’s transportation system. They minimize the energy consumption levels and are environment friendly. Moreover, they enhance business productivity by providing practical alternative for domestic transportation by lowering traffic congestion.
Passenger comfort is a major factor for product differentiation in train seat market. Industry players are focusing on selecting raw materials and their suppliers carefully to provide high comfort level to passengers. For instance, Camira Fabrics Ltd offers customized fabric for seats. However, manufacturers have shifted their focus from fabric to leather owing to its robust features. Leather can withstand daily rigorous transportation of numerous passengers. Moreover, it is affordable and attractive simultaneously. Vinyl is another material that is used instead of leather owing to less cost and three-fold durability.
Continuous government support for developing enhanced railway infrastructure in various economies has favored the industry growth. For instance, in 2014, UK government revealed the investment of 38 billion pounds in development of railway infrastructure. This investment aims to increase the overall production of rails, improvised seating capacity, and enhanced passenger seating and travelling experience. Thus, manufacturers are focusing on providing the passengers with seats that are featured with resistance to any external damage, light weight and high comfort level.
Based on train type, this market is divided into passenger, high speed, light, monorail, and tram. Passenger train segment is projected to dominate the market in the forecast timeframe owing to rising demand for passenger trains across the globe. Moreover, high capacity and enhanced passenger safety features will propel the industry growth.
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High speed rails are anticipated to showcase highest growth rate over the forecast timespan owing to numerous announcement of high speed rail projects in various economies across the globe. Rising demand of economic and fast transportation alternatives has further fueled this segment’s growth. Monorails are predicted to witness a significant growth during the forecast timeline owing to increasing investments in these projects in various economies.
On the basis of seat type, train seat market can be categorized into regular, folding, recliner, smart, and dining. Recliner type is anticipated to witness an exponential growth during the forecast timeline owing to its features such as comfort and adjustability.
Asia Pacific is projected to exhibit the largest market share over the forecast timeframe owing to rising need of effective and enhanced transportation system. Rising urban population and living standards in this region will lead to increase in efficient transport system demand. Furthermore, government initiatives and rising investments in development of enhanced rail projects will further propel industry growth in this region.
North America is anticipated to showcase significant growth rate during the forecast period owing to announcements of numerous metro, monorail, and light-train projects in various economies.
Market players include Magna International Inc., USSC group, Camira Fabrics, Freedman Seating Co., Harita, Saira, Transcal Ltd., Sears Manufacturing Company, The C.E. White Co., Seats Incorporated, Fenix Group, Fainsa, Horiba Mira Ltd., Kustom Seating Unlimited Inc., Rescroft Ltd., and Ulrich Seats Ltd.
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