Train Seat Market Covid-19 Impact 2022-2030
The train seat market is primed to witness substantial growth by 2030 owing to growing infrastructural development in emerging nations
The train seat market is primed to witness substantial growth by 2030 owing to growing infrastructural development in emerging nations. In addition, rising government spending on railway transportation, along with improved regional connectivity, is also likely to impel market growth over the forecast period.
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In the initial phase of the COVID-19 pandemic, railway services witnessed a massive setback with regard to revenue owing to strict lockdowns and safety protocols. Moreover, the halt on public transport services amid increasing cases of coronavirus further hampered market growth. However, in the post-pandemic scenario, government spending on extending rail franchising has boosted train seat market progress. For instance, in September 2020, the UK Department of Transport invested around £3.5 billion (~$4.1 billion) in Britain's railway sector.
Furthermore, in light of the railway sector experiencing a decline and prominent environmental concerns, major industry players have been continually engaging in product development and strategic partnerships and acquisitions to enhance their market standing, which has been lucrative for overall business dynamics. For instance, in September 2021, Grammar Seating AG, a leading manufacturer of seating systems, introduced Ubility One, its new range of ultra-lightweight and innovative bus and train seats that aims to facilitate passenger needs with reduced carbon emissions.
The train seat market has been bifurcated on the basis of product, train, end-use, and region.
In terms of train, the market has been divided into light, high speed, metro, and regional/intercity. The metro segment holds a sizable market share and is slated to grow at a CAGR of approximately 5% over the assessment timeframe. This growth is attributed to accelerating metro expansion across large & dense cities, which is expected to augment product uptake.
With respect to product, the train seat market has been categorized into subway seats, non-recliner, recliner, sleeper/couchette, luxury/premium, and others. The sleeper/couchette segment is anticipated to grow massively at around 4.5% CAGR over 2022-2030. Several benefits like extra durability, low maintenance, and high strength of these seats make them suitable for usage in metro and light trains, such as monorails, trams, and so on. Moreover, rapid development of modern train infrastructure is likely to influence segmental growth over the analysis timeline.
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In the regional framework, the Latin America train seat market is estimated to progress at about 4% CAGR between 2022 and 2030. Substantial economic growth and mounting disposable income have boosted the utilization of train travel among middle-class passengers across the emerging domestic economy, driving industry adoption. Furthermore, robust regional connectivity in the LATAM region would create strong growth potential for product penetration, which is foreseen to bolster market expansion through the forecast timespan.