Train Seat Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, June 28, 2024 /EINPresswire.com/ -- The train seat market has experienced significant growth in recent years, expanding from $1.72 billion in 2023 to $1.83 billion in 2024, at a compound annual growth rate (CAGR) of 6.2%. It will grow to $2.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.This growth can be attributed to factors such as railway infrastructure development, population growth and urbanization, high-speed rail expansion, government initiatives, and a focus on enhancing passenger experience.
Rising Expenditure on Rail Infrastructure Drives Market Growth
The rising expenditure on rail infrastructure is expected to propel the growth of the train seat market going forward. Rail infrastructure encompasses the structural elements and technical systems that support the functioning of railways, including tracks, stations, signals, and other auxiliary facilities. Increased spending on rail infrastructure for upgrading and modernizing existing networks, prioritizing passenger comfort and amenities, has led to a higher demand for better and more comfortable seating options. For instance, the US federal government spent $37.03 billion on railway infrastructure in 2022, a significant increase from $32.08 billion in 2021.
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Key Players and Market TrendsMajor companies in the train seat market include Magna International Inc., Freedman Seating Company, Minda Industries Ltd., Seats Incorporated, KTK Group, VIA Rail Canada Inc., Camira Fabrics Ltd., Sears Manufacturing Co. Ltd., United Safety & Survivability Corp., Fenix Group LLC, Faurecia SE, PowerRail, Kustom Seating Unlimited Inc., Perrone Aerospace, Lazzerini Srl, Transcal Ltd., McConnell Seats, Brusa Seating, Knoedler Manufacturers Inc., Technical Metal Specialties Inc., Compin-Fainsa, Franz Kiel GmbH, Rescroft Ltd., F.I.S.A. Fabbrica Italiana Sedili Autoferroviari S.r.l., GRAMMER AG, Rojac Urethane Limited, Quantum Seating Ltd., Baultar Concept Inc., Shanghai Tanda Railway Vehicle Seat System Co Ltd., and Hickory Springs Manufacturing.
In July 2022, Tata Steel Limited announced plans to introduce the first-ever rotating seating system for the Vande Bharat Express trains. These seats can rotate 180 degrees and come with aircraft-style passenger amenities. This initiative is part of Tata Steel's $40.54 billion investment in research and development by 2026.
Trends in the Train Seat MarketKey trends in the forecast period include digitalization and smart seating, technological advancements, space-efficient designs, flexible seating arrangements, and collaborations for innovation. These trends are expected to drive the market's growth to $2.25 billion in 2028 at a CAGR of 5.3%. Other factors contributing to this growth include renewal and replacement programs, eco-friendly and lightweight materials, customization demands, integration of health and safety features, and the shift to high-speed rail in emerging markets.
Segments:• By Train: Regional Or Intercity, High-Speed, Metro, Light• By Product: Non-Recliner, Luxury Or Premium, Recliner, Subway Seats, Sleeper Or Couchette• By End-User: Original Equipment Manufacturer (OEM), Aftermarket
Geographical Insights: Europe Leading the MarketEurope was the largest region in the train seat market in 2023, with detailed insights into regional dynamics, market trends, and growth opportunities provided in the comprehensive report.
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Train Seat Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Train Seat Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on train seat market size, train seat market drivers and trends, train seat market major players, competitors' revenues, market positioning, and market growth across geographies. The train seat market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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June 28, 2024, 12:51 GMT
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