According to the Market Statsville Group (MSG), the global capsule hotel market size was rated at 76.5 million USD in 2021 and should reach $286.2 million by 2030recording a 8.2% CAGR during the forecast period (2022 to 2030). The growth of the travel and tourism industry across the globe along with the preference for profitable living while travelling, is driving the demand for capsule hotels among travelers. However, increasing unrest due to terrorism and domestic issues in the countries has created a challenge for the growth of the capsule hotel market globally. Nevertheless, the introduction of capsule hotels in the untapped market is likely to provide opportunities for market growth in terms of sales value over the study period.
There has been a decline in the growth of the capsule hotel market due to the outbreak of the coronavirus pandemic which has resulted in the closure of airports and train stations due to the lockdown situation imposed by the governments of various countries . This has hampered the growth of the market. The global capsule hotel market is segmented into booking mode, age range, traveler type, and region.
Get a PDF for more business and technical information: https://www.marketstatsville.com/request-sample/capsule-hotel-market
Definition of the global capsule hotel market
Capsule hotel, also known as a sleeping cabin or pod hotel, is a unique and innovative accommodation available at an affordable price. It is a unique and innovative type of accommodation, economical and equipped with basic amenities, including single or double bed, pillow, alarm clock, locker, charging socket, shared toilet, etc. .
Dynamics of the global capsule hotel market
Cost-effectiveness is the main factor considered when booking an on-the-go stay while traveling. Capsule hotel rooms are generally less expensive than other types of accommodation, including lodges, guesthouses, luxury hotels and others. Therefore, the majority of travelers tend to opt for this option when booking a vacation. Moreover, these hotels are available hourly at the airport and train station and are equipped with the basic necessities for travelers, which in turn promotes demand among travelers.
Constraints: Increased unrest due to terrorism and domestic issues in countries
Political unrest and terrorism have affected the overall volume of outbound travel and choice of destination. Terrorism risk tends to scare tourists, which affects tourist perception of destinations and traveler behavior. A disaster causes a long-term crisis for the local tourism industry. Political unrest and terrorism have led to turmoil in the global tourism industry, which has created a challenge for the growth of the capsule hotel market.
Opportunities: Introduction of a capsule hotel in the untapped market
Capsule hotels are still in their infancy in developed regions of North America and Europe, such as Mexico, UK, Italy, Germany, Canada and others. These are still untapped potential markets for key players as these regions host many tourists, which presents a revenue-earning opportunity for the increased demand for capsule hotels. Additionally, travelers are increasingly aware of capsule hotels, which is expected to provide lucrative opportunities for market growth over the forecast year.
You can buy the full report: https://www.marketstatsville.com/buy-now/capsule-hotel-market?opt=2950
Scope of the global capsule hotel market
The study categorizes the capsule hotel market on the basis of traveler type, booking mode, and age group regionally and globally..
By type of traveler (Sales, million USD, 2017–2030)
By Outlook booking method (Sales, million USD, 2017–2030)
- Online booking
- Offline booking
Prospects by age group (Sales, million USD, 2017–2030)
- Generation X
- Generation Y
- Generation Z
Outlook by region (Sales, million USD, 2017–2030)
- North America
- The Netherlands
- Czech republic
- The rest of Europe
- Asia Pacific
- South Korea
- Australia and New Zealand
- Rest of Asia-Pacific
- South America
- Rest of South America
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- North Africa
- Rest of MEA
The solo segment expected to account for the largest market share, by type of traveler
By type of traveler, the capsule hotel market is categorized into individual and group travelers. The solo segment is the leading segment, with a higher market share of 85.1% in 2021. Solo travel is carried out by a single person. Solo travel destinations are gaining traction with the ability to customize the entire travel experience to suit their preferences, which helps the traveler gain new experiences, meet new people, and gain sense of autonomy.
There has been a significant increase in the number of people who want to travel solo, which has encouraged travel agencies as well as travel agents to provide facilities not only for group travelers but also for solo travelers. According to recent trends, solo tourism is on the rise and the number of people traveling solo by choice has increased. Additionally, the unique design and novelty offered by capsule hotels attract large crowds, especially solo travelers. Moreover, these hotels are budget-friendly and offer everything needed to provide a comfortable stay experience.
Access full report description, table of contents, table of figures, chart, etc. : https://www.marketstatsville.com/table-of-content/capsule-hotel-market
Europe represents the highest CAGR over the forecast period
On the basis of region, the global capsule hotel market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Globally, Europe is estimated to hold the highest CAGR of 14.6% in the global capsule hotel market during the forecast period. Europe is a mature region made up of people with high disposable incomes. The overall outlook for inbound and outbound leisure travel looks promising, with GDP growing at a healthy pace in Europe. It also has many hotspots and exotic retreats that tourists can offer potential capsule customers.
In recent years, the capsule hotel has gained significant momentum due to the increase in disposable income, the expansion of logistics and infrastructure, the rigorous promotion and advertising of tourism by governments and the creation of capsule hotels in the airports of various European countries such as Italy. , UK, Germany and others. The European capsule hotel market is expected to grow as the number of tourists maintains robust growth every year. Europeans prefer intra-regional travel, with more than three-quarters preferring to travel within Europe itself. This in turn is expected to provide immense opportunities for the growth of the capsule hotel market over the forecast period.
Key Market Players in the Global Capsule Hotel Market
Market players operating in the capsule hotel market have adopted key development strategies such as provision of various facilities in their hotels such as alarm clocks, breakfast facilities, lockers, Wi-Fi connectivity and others to attract tourists.
Description of report request: https://www.marketstatsville.com/capsule-hotel-market
Key players in the global capsule hotel market are: