New York, USA, March 23, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global capsule hotel market is predicted to grow at a tremendous CAGR of 6.0%, thereby garnering a revenue of $211.7 million in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the capsule hotel market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Over the years, there has been a steady increase in the number of solo travelers across the globe which is expected to be the primary growth driver of the capsule hotel market in the forecast period. Moreover, surging demand for facilities like free wireless internet, complimentary drinks, dining facilities is predicted to propel the market growth.
Opportunities: Growing hospitality and tourism industry is predicted to offer numerous growth opportunities to the market in the forecast period. Additionally, growing number of global travelers is anticipated to augment the growth rate of the market.
Restraints: Growing presence of affordable hotels, however, might restrict the growth of the capsule hotel market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The capsule hotel market, too, faced a similar fate. In fact, the hotel and tourism sector was one of the worst hit industries due to the lockdowns and travel restrictions. This, ultimately, brought down the growth rate of the market in the pandemic period.
Segments of the Market
The report has divided the market into certain segments based on traveler, booking mode, age group, and region.
Traveler: Solo Sub-segment to Have the Highest Market Share
By traveler, the solo sub-segment of the capsule hotel market is expected to hold a dominant market share and register a revenue of $177.4 million by 2028. Increasing trend among youngsters for solo traveling to explore new places is predicted to augment the growth rate of this sub-segment.
Booking Mode: Online Mode Sub-segment to Have the Fastest Growth
By booking mode, the online mode sub-segment is expected to have the highest CAGR and register a revenue of $46.9 million by 2028. The increasing penetration of internet-based services is predicted to augment the growth rate of this sub-segment.
Age Group: Generation Z Sub-segment to Have the Highest CAGR
By age group, the generation Z sub-segment is expected to be the most lucrative and register a revenue of $69.9 million by 2028. Increasing tendency among generation Z to travel around the globe to explore new cultures is predicted to augment the growth rate of this sub-segment.
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Asia-Pacific Region to be Most Dominant
By regional analysis, the capsule hotel market in the Asia-Pacific region is projected to be the most profitable and register a revenue of $179.1 million in the analysis timeframe. Growing number of capsule hotels in India, Singapore, and Thailand is expected to be the main factor behind the growth of the market in this region.
Prominent Market Players
Some prominent market players of the capsule hotel market are
- THE CAPSULE HOTEL
- FIRST CABIN HD CO. LTD.
- THE POD SYDNEY
- Dream Lodge
- Book and Bed Tokyo
- Riccarton Capsule Hotel
- Lavender
- Singapore
- Urbanpod Hotel
- Pangea pod hotel
- InBox Capsule Hotel
- The Bed KLCC
- Nonze Hostel Pattaya
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
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For instance, in September 2021, Louvre Hotels Group, a leading European hotel chain, announced the launch of Hosho, its own capsule hostel brand. This launch is expected to help Louvre to capitalize on the European hotel industry and establish itself as a leader in the coming period.
Finally, this report published by Research Dive, also offers many vital facets of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Capsule Hotel Market:
- How Popularly do Capsule Hotels Takeover the Position of Conventional Hotels in Developed Countries?
- Global Capsule Hotel Market to Have Lucrative Opportunities in the Future with the Rising Demand for Pocket-Friendly Accommodations
