September 13, 2021
According to the research report titled ‘Europe Train Seat Market Forecast 2027 By End-user, By Train, By Product, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, Europe train seat market is slated to record a strong compound annual growth rate, subsequently surpassing USD 840.5 million valuation by the end of the forecast period 2021-2027.
Increasing number of high-speed railway projects in pipeline coupled with rising government investments are the major factors driving Europe train seat market growth. Besides, rapid urbanization and growing frequency of remodeling activities across the transport sector are propelling the market demand across the region.
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Efforts by train seat manufacturers to develop designs that ensure optimal comfort to heighten the passenger experience are generating lucrative prospects. Furthermore, growing focus toward railway infrastructure post decline in intensity of the Covid-19 pandemic is bringing new opportunities for expansion due to increased inclination to travel, consequent boosting the demand for train seats.
Europe is witnessing massive investments toward the development of its Shift2Rail, Greenrail, Rool2Rail, and X2Rail-1, and other new railway projects. Meanwhile, Germany, in 2021, announced the allocation of around USD 15.3 billion for the construction of railways in Europe. Such investments are accelerating the overall market development.
Speaking of the negatives, the Covid-19 pandemic is likely to hinder the market growth on account of varying raw material prices and lack of labor. Moreover, restricted mobility and shutdown of manufacturing units has negatively impacted the market remuneration.
By train, Europe train seat industry is segmented into regional/intercity, light, metro, and high speed. Among these, high-speed train segment is likely to grow at 4.5% CAGR over 2021 and 2027, owing to rising investment in high speed railway infrastructure across European countries. Moreover, benefits like faster commuting time considering busy lifestyles, and superior comfort and security of passengers offered by high-speed trains is augmenting the expansion.
Speaking of the end user range, the business space is split into OEM and aftermarket. Among these, the aftermarket segment is poised to expand at 4% CAGR over the estimated timeline owing to rising product demand to address aging train seats.
Prominent players influencing Europe train seat industry dynamics are Metzo Gmbh, Be-Ge Seating B.V., Vogelsitze GmbH, Ginyo Transport Facilities Co. Ltd., Transcal Ltd., KTK Group Co. Ltd., Grammer AG, Freedman Seating Company, Lazzerini Srl, FISA srl, and Franz Kiel GmbH. These companies are experimenting with innovative designs and layouts to enable customers in offering enhanced passenger experience, and thus elevate their position in the marketplace.