As per the report published by Allied Market Research, the global capsule hotel market was pegged at $202.3 million in 2019, and is projected to reach $276.2 million by 2028, growing at a CAGR of 8.2% from 2022 to 2028.
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Emergence of mobile applications, ease in bookings, proliferation of the travel and tourism industry, and cost-effectiveness have boosted the growth of the global capsule hotel market. On the contrary, surge in unrest due to terrorism and local issues in several countries hamper the market growth. However, increase in the number of train stations and airports in emerging economies opens lucrative opportunities in the future.
The global capsule hotel market is segmented on the basis of traveler type, booking mode, age group, and region.
Based on booking mode, the online booking segment would portray the highest CAGR of 10.7% during the forecast period. However, the offline booking segment held the lion’s share in 2019, contributing to nearly 88% of the market.
According to the key market players, proliferation of the tourism industry has fueled the demand for capsule hotels across the globe. Moreover, the rise in trend of solo travelers, who love to explore the city as well experience new type of accommodations has contributed toward the growth of the capsule hotel market.
The key market players operating in the capsule hotels market have adopted key developmental strategies such as providing various facilities at their hotel such as alarm clock, Wi-Fi connectivity, breakfast facility, locker facility, and others to attract travelers. This factor makes way for the development and awareness of the concept of capsule hotels, in turn boosting the growth of the market in terms of value sales.
Furthermore, the key manufacturers added that the availability of capsule hotel at cheaper rate as compared to other luxury and traditional hotels, lodges, and other accommodation types is another major factor that fosters the growth of the capsule hotel market. Also, these hotels offer the option of hourly basis accommodation and are perfectly located at airports or train stations, which enables the traveler to relax before or after the journey. This in turn boosts the capsule hotel market growth.
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Based on traveler type, the solo segment is estimated to register the highest CAGR of 8.7% during the forecast period. However, the segment held the largest share in 2020, accounting for more than four-fifths of the market.
The global capsule hotel market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe would manifest the highest CAGR of 14.6% during the forecast period. However, the market across Asia-Pacific dominated in 2019, holding around 87% of the market.
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The global capsule hotel market includes an in-depth analysis of the prime market players such as The Capsule Hotel, First Cabin HD Co., Ltd., UZ.Hotesl, Book & Bed Tokyo, Urbanpod Hotel, The CUBE Hotel Group, Riccarton Capsule Hotel, Nadeshiko Hotel Shibuya, The Bed KLCC, and Pangea Pod Hotel.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.