According to analysts at Vantage Market Research, the Train Seats Market is expected to reach USD 4.69 Billion by 2028, growing at a CAGR of 4.3% between 2021 and 2028. Active government participation and substantial investments in railway projects will increase the growth and development in the railway sector is a major factor fuelling the train seat market.
- The Regional/Intercity segment is projected to expand at the CAGR exceeding 4.7% over the forecast period. The segment Regional/Intercity is growing because these trains run more frequently than the other ones and the requirement of seats is also higher in intercity trains, are some factors driving growth in the Regional/Intercity segment.
- The Non-recliner segment held a market share of around 38% in 2020. Non-recliner seats are mostly preferred as they are comparatively cheaper, demand is increasing especially for light and metro trains, and these factors are responsible for a higher segmental share of non-recliner seats in the train seat market.
- Asia Pacific held a CAGR of over 7.9% from 2021 to 2028. An increase in the number of passengers traveling by train as they are economic, efficient, and give environmental benefits in high-traffic corridors is producing high demand across various parts of the region. Additionally, the presence of the most populated countries like China and India is also driving growth in the region.
Some of the key players in the Train Seats Market are Transcal, Magna International, KTK Group, Ultimate, Compin-Fainsa, USSC Group, Jia Yi Seating, Delta Furniture, Saira Seats, BORCAD, Grammer, GINYO Transport, Shanghai Tanda, Freedman Seating, Kiel Group, are among others. Market players are opting for various strategies such as joint venture, merger & acquisition, partnership, and expansion for attaining a competitive edge in the market.
The grown investment in various railway projects by the government as they are conveniently nurturing the transportation modes globally. Additionally, rising safety for passengers and high-speed trains are factors fuelling the market growth. Higher flexibility is offered with advancements in train seats is one of the changes seen in the past few years. On the other side, the huge infrastructure cost is restraining the train seat market. Higher the speed, better the infrastructure required which huge cost.
North America region is poised to record the highest CAGR in 2020. The rising disposal income along with rising demand for more comfortable seats and strict pollution norms in countries like the U.S. are some reasons fuelling train seats market growth.