Pune, India, Aug. 19, 2021 (GLOBE NEWSWIRE) --
The global train seat market size is poised to expand at a substantial growth rate during the forecast period, as the need to have convenient seating arrangements, especially during journeys of long duration, has sparked the demand for high-quality seats in passenger trains across the globe.
Some key regional trends that will catalyze the development of train seat market are mentioned below:
Train seat demand rises in APAC regional/intercity trains:
Asia Pacific train seat market will reach a valuation of around $775 million by 2027. Regional/intercity trains will be among the major end-users. This segment captured nearly 65% of the regional market share in 2020 and will continue to grow in the future. Large number of trains in this region are aging and have created the need for repairs and refurbishments.
Growing number of customers are demanding comfort while travelling. On the other hand, companies dealing in train seat production are coming up with advanced seating technologies to increase the convenience of customers. As the population of APAC region is growing at a substantial rate every year, so is the need for increasing the capacity of plants manufacturing train seats. Governments across the region are raising their investments to offer high-quality railway infrastructure, stimulating the demand for train seats.
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Non-recliner seats garners momentum in Asia Pacific:
Recliner and non-recliner train seats are commonly used in many trains. APAC non-recliner segment share will achieve a valuation of $225 million by 2027. The demand for light and metro trains is growing in the region due to large-scale urbanization taking place. Companies producing non-recliner seats are increasing their focus on providing comfort to customers on their daily commute, while aiming to reduce vehicle traffic. It will positively contribute towards the development of market in Asia Pacific.
China train seat market picks up pace:
China market share could expand at a CAGR of 5% through 2027. One of the most important reasons for this is the rapid expansion of transit rail network systems in the country. China’s population is growing at a robust rate and the citizens prefer to board trains as their primary means of transport. Train transport is quite eco-friendly in nature and ticket are mostly cost-effective, which ultimately increases the number of people opting to travel by train.
Heavy investments across railway sector in Europe:
Europe train seat market size is estimated to go past $840.5 million by 2027. Governments across the EU are increasing their investments in various railway projects to improve the regional transport infrastructure. Rail projects like Roll2Rail, Shift2Rail and Greenrail are getting the authorities’ attention for funding. Germany, which has one of the most advanced railway network systems in Europe and the world, announced an investment plan of nearly $15.3 billion towards developing the country’s railways in 2021.
The number of people opting to travel by train is increasing steadily in many parts of Europe. For example, rail transport in the region crossed 416 billion passenger kilometers in 2019, which was a jump of nearly 3.4% as compared to 2018.
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COVID-19 crisis effect on European rail transport:
The COVID-19 pandemic, which wreaked havoc for most industries across the world, severely affected the operations of railway sector in Europe. Governments across the region had imposed strict measures with regards to traveling and movement of people from one place to the other. People were forced to sit at home as train services were halted for a certain period. This caused a lot of inconvenience for customers whose primary mode of transport was the railways. Manufacturing sector was hit as well, possibly slowing down industry forecast
According to a statistical report by Eurostat, the number of passengers travelling by train came down by more than 77% in Q2 of 2020 in countries like Spain France and Italy. Germany also saw a major decline of 59% in the period. However, Europe is seeing ease in movement restrictions and lockdowns, which has allowed railway authorities to resume their operations and cater to the travel needs of the customers.
Recliner seats installation continues to grow in Europe:
Recliner seats will see high deployment among trains in Europe. The regional train seat market share from recliner seat segment will register 4.5% CAGR through 2027. These seats are extensively used in long-distance trains as the passengers need comfortable seating to travel through the night. Railway authorities in the region have increased their investments in various high-speed, intercity, and regional trains, which will positively impact the demand for recliner train seats.
U.S. increases investments in railroad expansion:
North America train seat market revenue is predicted to surpass $560 million by 2027. The US is expected to boost investments to expand the rail network to as many places in the country as possible. The country’s freight railroad authorities have spent around $740 billion towards maintenance of railway networks. They have substantially increased their capital expenditure on locomotives, freight cars, tunnels, and bridges from 1980 to 2020. It is being estimated that in the next 20 years, the demand for freight transportation by railways will increase by almost 30%. All these factors will positively affect the national market potential.
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Intercity travel augments railway operations in North America:
North America market is set to gain momentum in the coming years due to high demand for regional and intercity trains in the region. Seat availability is high in these trains and are widely utilized by customers. The railway authorities in the region are increasing their investments to improve the maintenance and refurbishment of the trains. The need to have efficient public transport systems will positively affect the demand for intercity trains, ultimately increasing the need to have comfortable train seating.
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