PORTLAND, Ore., May 21, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Capsule Hotel Market
by Traveler Type (Solo, Group), Booking Mode (Online Booking and
Offline Booking), Age Group (Generation X, Generation Y, and
Generation Z): Global Opportunity Analysis and Industry Forecast,
2024-2033". According to the report, the capsule hotel market
was valued at $216.5 million in 2023
and is estimated to reach $460.7
million by 2033, growing at a CAGR of 7.9% from 2024 to
2033.
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Prime determinants of growth
Technology has always been a supporting factor for the travel
and hospitality industry. Technology is disrupting the established
market with the advent of web-based booking and the use of AI and
IoT in operation optimizations. Technology-driven players such as
online booking hotel aggregators and metasearch engines, have
heavily invested in big data analytics to make analytics-driven
business decisions to offer accommodations such as capsule hotels
that are cheap, equipped with basic amenities, facilitate single
night and hourly basis stay, and others.
On the other hand, the affordability of capsule hotels plays a
crucial role in driving the growth of the market. In an era where
travelers are increasingly budget-conscious, these compact
accommodations offer an attractive alternative to traditional
hotels, which can often be expensive. By providing a basic yet
comfortable sleeping space at a fraction of the cost of a standard
hotel room, capsule hotels appeal to a wide range of budget
travelers, including backpackers, solo adventurers, and
budget-conscious business travelers.
Report Coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2033
|
Base Year
|
2023
|
Market Size in
2023
|
$216.5
million
|
Market Size in
2033
|
$460.7
million
|
CAGR
|
7.9 %
|
No. of Pages in
Report
|
310
|
Segment
covered
|
Traveler Type, Booking
Mode, Age Group, and Region
|
Drivers
|
Proliferation of the
global travel and tourism industry
Mobile applications,
big data analytics, and artificial intelligence evolving together
amidst the proliferating hospitality industry
Cost-effectiveness
|
Opportunities
|
Introduction of a
capsule hotel in the untapped market
Rise in the number of
airports and train stations in the developing regions
|
Restraints
|
Increase in unrest due
to terrorism and domestic issues in countries
Negative impact of
COVID-19
|
Solo segment to maintain its leadership status throughout the
forecast period
By traveler type, the solo segment held the major share of the
market share in 2023, accounting for more than four-fifths of the
global capsule hotel market, and is estimated to maintain its
leadership status throughout the forecast period. Solo travel
destinations have been gaining traction owing to the ability to
customize the whole travel experience according to their
preference, which helps the traveler gather new experiences, meet
new people, and attain a sense of empowerment.
There has been a significant increase in the number of people
who want to travel solo, and this has encouraged travel companies
as well as travel agents to provide facilities not only for group
travelers but also for solo travelers. The group was the
fastest-growing segment of the market in 2023. People have now
become inclined to unwind and release stress. As a result,
travelers are looking for different ways to enhance their travel
experience, which includes recreational activities, spiritual
activities, and cultural activities.
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Offline Booking segment to retain its dominance by
2033
By booking type, the offline booking segment held the major
share of the market in 2023, accounting for more than four-fifths
of the global capsule hotel market, and is estimated to maintain
its leadership status throughout the forecast period. Offline
booking refers to all the physical centers where booking for a
capsule hotel is done. The offline booking segment is expected to
witness slow growth as compared to the online booking mode, due to
rise in the popularity of online booking mode.
Online booking was the fastest-growing segment of the market in
2023. The use of online booking channels for booking capsule hotels
is becoming very popular among travelers and is expected to attract
more customers owing to internet penetration and an increase in the
usage of smartphones.
Generation Y segment to maintain its leadership status
throughout the forecast period
By age group, the Generation Y segment held the major share of
the market share in 2023, accounting for more than two-fifths of
the global capsule hotel market, and is estimated to maintain its
leadership status throughout the forecast period. Travelers between
the age group of 21-34 years are millennials or Generation Y
travelers. They account for more than 200 million travelers who
have been estimated to generate $180
million worldwide, which increased by nearly 30% since
2007.
Generation X is the fastest-growing segment of the market in
2023. Generation X is more into adventure trips, exploring
cultures, and visiting new places. People from this age group have
more disposable income and love holidays in comparison to
Generation Y.
Asia-Pacific to maintain its
dominance by 2033
By region, the Asia-Pacific
region held the highest market share in terms of revenue in 2023,
accounting for nearly four-fifths of the capsule hotel market.
Asia-Pacific has been known for
its diverse culture and attractive destinations. Countries in the
Asia-Pacific region have the
highest outbound trip concentrations among the higher household
income brackets. This can be attributed to the rapidly growing
economy and new job opportunities promoting an increase in
household income in the Asia-Pacific region.
North America was the
fastest-growing region of the market in 2023. The LAMEA market for
capsule hotels is driven by a growing affluent population and an
increasing affinity of people toward travel and vacation.
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Leading Market Players
- The Capsule Hotel
- First Cabin HD Co.Ltd.
- UZ.Hotels
- Book & Bed Tokyo
- Urbanpod Hotel
- The CUBE Hotel Group
- Riccarton Capsule Hotel
- Nadeshiko Hotel Shibuya
- The Bed KLCC
- Pangea Pod Hotel.
The report analyzes these key players in the global capsule
hotel market. These players have adopted various strategies such as
expansion, new product launches, partnerships, and others, to
increase their market penetration and strengthen their position in
the industry. The report helps determine the business performance,
operating segments, developments, and product portfolios of every
market player.
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