Portland, June 21, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the capsule hotel market was set at $ 202.3 million in 2019 and is expected to reach $ 276.2 million by 2028, increasing at a CAGR of 8.2% from 2022 to 2028.
The emergence of mobile applications, ease of bookings, proliferation of the travel and tourism industry, and profitability have driven the growth of the global capsule hotel market. On the contrary, the rise of unrest due to terrorism and local problems in several countries are hampering the growth of the market. However, the increase in the number of train stations and airports in emerging economies opens up lucrative opportunities in the future.
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- The Covid-19 pandemic and the lockdown that followed disrupted operations at airports and train stations, leading to a reduction in capsule hotel bookings.
- Additionally, international and local travel bans have created several challenges for the travel and tourism industry.
- However, bookings are said to slowly increase after the pandemic, with several governments announcing the lifting of restrictions on travel and tourism.
The global capsule hotel market is segmented on the basis of traveler type, booking method, age group, and region.
Based on the booking mode, the online booking segment would represent the highest CAGR of 10.7% during the forecast period. However, the offline booking segment captured the lion’s share in 2019, contributing almost 88% of the market.
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Depending on the type of traveler, it is estimated that the solo segment registers the Highest CAGR by 8.7% over the forecast period. However, the segment held the largest share in 2020, accounting for over 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 is believed to exhibit the highest CAGR of 14.6% during the forecast period. However, the Asia-Pacific market dominated in 2019, holding around 87% of the market.
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Global Capsule Hotel Market includes in-depth analysis of major 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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Pawan Kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
