Train Lighting Market: Introduction
- Trains are a highly preferred mode of commute; they are also witnessing rapid technological advances. The locomotive manufacturing industry has been expanding notable and witnessing a growth in the trend of consolidation for the last few years. This is due to an increase in competition in the market, which has prompted manufacturers to reposition themselves either by exiting the industry or by upgrading their position with the help of external growth. This competitive pressure realized by locomotive manufacturers across the globe was a key factor contributing to the increase in development of new products and integrated solutions for the locomotive industry. The dynamic nature of the locomotive manufacturing industry is, therefore, anticipated to significantly increase the demand for train lightings during the forecast period.
Key Drivers and Opportunities of Global Train Lighting Market
- The railway sector significantly contributes to the global public transportation system and hence, governments across the globe are making substantial investments in the enhancement of locomotive transportation. Furthermore, rising urban population and changing traveling preferences worldwide are expected to propel the demand for rapid public transport, further encouraging investments in the large-scale development of rail transport infrastructure, including bullet trains and high speed trains. This, in turn, is expected to drive the train lighting market during the forecast period.
- Advent of advanced connectivity technology is expected to significantly influence the locomotive transportation industry in the next few years, resulting in production of trains integrated with advanced technology, thereby generating demand for train lights compatible with future technologies
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- Production of trains is a long-term process, and the rapid pace in technological advancements are likely to pose a challenge for companies in the train lighting value chain to simultaneously cope up with technological advancement, pilot deployment, and real-time production of trains. This is likely to hinder the market during the forecast period. However, the impact of this restraint is expected to remain moderately low.
Europe to Hold Major Share of Global Train Lighting Market
- In terms of region, the global train lighting market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Asia Pacific dominated the global market due to advancements in railway technology and presence of widespread railway network, which has increased global sales of train lighting. The market in Asia Pacific is projected to expand at a significant CAGR, due to rapid development in metro rail technology and high speed train projects in Japan and China.
Key Players Operating in Global Train Lighting Market
- DRaXLMAIER Group
- Eiko Global, LLC
- Federal-Mogul Corporation
- General Electric Company
- KOITO MANUFACTURING CO., LTD.
- KST Lighting
- LPA Group Plc.
- Nora lighting
- OSRAM Sylvania Inc.
- Technoware Oy.
