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Train Seat Market Size
Train Seat Market size surpassed USD 1.5 billion in 2022 and is projected to register 4.5% CAGR from 2023 to 2032 owing to the rising expenditure on rail infrastructure improvement.
The ongoing public and private investments in the modernization of railway infrastructure to strengthen the supply chain and to make transit quick and economical for people by reducing congestion are expected to be the primary factors driving market growth by 2032. Furthermore, corporations are transforming the industry landscape through tactics such as product innovation, partnerships, investments in novel technology, and the introduction of new product lines based on rigorous customer needs analysis, which is speculated to propel the business revenue.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 1.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4.5% |
| 2032 Value Projection: | USD 3 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 375 |
| Tables, Charts & Figures: | 362 |
| Segments covered: | Train, Product, End-user, and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
Fluctuating costs for raw materials to hamper market progression
The volatile cost of raw materials remains a major overall concern for manufacturers engaged in the business. The most basic materials used to manufacture train seats, such as steel, plastic, flexible foam material, carbon fiber and seat covers, are all subject to fluctuating pricing, which makes it difficult for firms to remain competitive and ensure sustainable margins, thereby impeding train seat market outlook. However, despite the high manufacturing costs, spending on the advancement of transport facilities is still rising, which is forecast to positively impact the industry scenario.
Train Seat Market Analysis
The metro train seat market is anticipated to observer 4.5% growth rate during 2023 to 2032. Rapid urbanization and population growth in metropolitan areas have increased the demand for sustainable infrastructure, including robust transportation networks. According to the World Bank, cities accommodate around 56% of the world's population, and this number is forecast to double by 2050. More metropolises are recognizing the need for metro rail to meet their day-to-day mobility needs, which is likely to raise the demand for metro train seats.
The train seat market from the non-recliner product type is predicted to amass USD 1 billion by 2032 attributed to the upgradation of existing conventional trains. Transport operators that are seeking to multiply passenger volumes in countries with no pandemic-related travel restrictions have escalated the demand for a safer, more convenient and comfortable passenger experience, which is set to garner product uptake,
The industry size from the OEM segment is will witness 4.5% growth between 2023 and 2032 due to the advent of new high-speed trains, which has prompted the renovation of the interiors of the train coaches to make railway transportation more appealing. New firms are entering the industry with unique product lines, providing high levels of comfort and safety, which is estimated to stimulate sector progress.
The APAC train seat industry is poised to attain 5% gains through 2032 driven by the growing government emphasis on introducing new technologies for the modernization of regional railway transportation facilities. Additionally, prominent efforts by companies to enhance their market presence are foreseen to stimulate regional industry development. In July 2022, leading steel producer Tata Steel's Composites division secured a Rs 145 crore (~USD 1.4 billion) bulk agreement for supplying first-in-India seating with airplane-style passenger facilities for Indian Railways’ Vande Bharat express.
Train Seat Market Share
Some of the major train seat market participants are
- Freedman Seating Co.
- United Safety & Survivability Corp
- Grammar AG.
- Saira Seats
- KTK Group
- Seats Incorporated
- United Safety
- Shanghai Tanda
The industry is slated to witness new product developments and product range expansions by industry players. In October 2022, Magna, a manufacturer of automotive parts, formed a joint venture with Guangdong Huatie-Tongda Express Train Systems Inc. (Huatie) to provide novel seating options for certain automakers' new energy vehicles. Through this partnership, Magna expanded its seating business beyond the automotive sector and into the lucrative rail transportation sector.
Impact of COVID-19 Pandemic
The global economy and industrial sector were severely impacted by the COVID-19 pandemic. Stringent lockdown and social distancing restrictions enforced to prevent the spread of the disease resulted in a halt in transportation, disrupting the supply chain and leading to the suspension of all infrastructure or construction operations. Additionally, with declining infection rates and the resumption of commercial operations, the market will foresee traction as public and private investors focus on transportation development worldwide.
This market research report on train seat includes in-depth coverage of the industry with estimates & forecasts in terms of volume in Thousand Units and revenue in USD Million from 2018 to 2032 for the following segments:
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Market, By Train
- Regional/Intercity
- High-speed
- Metro
- Light
Market, By Product
- Non-recliner
- Luxury/Premium
- Recliner
- Subway Seats
- Sleeper/Couchette
Market, By End-user
- OEM
- Aftermarket
Market, By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Iran
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