LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global train seating market to grow at a CAGR of more than 2% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global train seating market for 2017-2021. The market is segmented based on application (conventional railways and high-speed railways) and geography (APAC, the Americas, and EMEA).
The increase in investment for rail infrastructure projects in developing countries has fueled the growth of the global train seating market. Economic growth has led to the development of infrastructure in these countries. Railways, being a crucial part of the economy, receives a good share of the overall investment in the infrastructure sector. The growth in the rail supply market has also contributed positively to the growth of the global train seating market.
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Technavio transportation and logistics research analysts highlight the following three factors that are contributing to the growth of the global train seating market:
- Increase in rail infrastructure investment by governments
- Growing urbanization
- Preference for rail transportation over other modes
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Increase in rail infrastructure investment by governments
Increased government funding and the rise of the public-private partnership model, have prompted many countries to restructure and develop their railway infrastructure for nurturing a fast and convenient mode of transportation, to meet the demand from increasing population.
Sharan Raj, a lead logistics research analyst at Technavio, says, “The Government of India has increased the FDI limit in railway infrastructure to 100% by making investor-friendly policies. FDI in railways will help in improving rail infrastructure for high-speed trains. A project of developing high-speed rail corridor between Mumbai-Ahmedabad in partnership with Japan is in progress.”
Growing urbanization
The growing urbanization has led to an increase in mobility and has accelerated the demand for high- capacity transportation system for passengers traveling across different cities, within or outside the country. It has fueled the demand for train sets and passenger coaches for regional and urban rail transit.
“Urban rail transit includes various types of light and high-speed rail systems, which provide passenger services within or around urban areas; whereas, regional transit system provides rail transit between two adjacent cities or between cities where rail transit is feasible. With the increase in population in developed or urban areas, the demand for transportation services has increased. This will lead to a surge in the number of rail passenger carriers, such as trams, metro trains, monorails, high-speed trains, and commuter trains,” adds Sharan.
Preference for rail transportation over other modes
Rail transportation has certain advantages over other modes of transportation. Carbon emissions in rail transportation are quite low; railways constituted nearly 1.5% of the total EU transport emission in 2015. In the emerging economies like India, South Africa, Malaysia, Brazil, and Mexico, rail transportation is still the most preferred mode, as it is cheaper than air transportation and less time-consuming compared with road transportation.
High land use capacity of rail transport over road transport makes it more favorable. For instance, trains can travel 10 times more units per kilometer, when compared with road transport methods, which use 40% land in terms of units per kilometer. Hence, it has become one of the most preferred modes of transportation among passengers, leading to more government investments. Due to this, the train seating companies market is expected to increase.
Top vendors:
- Grammer
- Harita Seating Systems
- Compin-Fainsa
- Automotive Trim Developments
- GINYO Transport Facilities
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