Capsule Hotel Market Size Analysis by Growth, Emerging Trends and Future Opportunities.
Capsule hotel, which is also known as a pod hotel or sleeping cabin, is a unique and novel type of accommodation available at an affordable price.Each traveller occupies a capsule, essentially a bed-sized pod, which can be closed either with a curtain or door without a lock. These capsules within hotels are arranged in rows and are equipped with Wi-Fi, locker, sockets, and other amenities.The first capsule hotel opened in Osaka in 1979. However, at present these hotels can be found in other parts of the world including India, Singapore, UK, and others. Additionally, the capsule hotel market demand is increasing owing to the rising solo tourism globally.
Key market trends
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the Upmarket luxury capsule hotels and airport capsules.
The first is aimed at the wealthy, business people, and foreign nationals looking for a one-of-a-kind living experience. These are found in popular, upscale bar districts and are frequented by salaried Japanese men who are unable or unwilling to return home after a night of drunken revelry. They are given overnight accommodations because it is significantly more convenient to stay in these hotels rather than take a train to their homes, which are normally located on the outskirts of the city.
The second caters to business clients and jet-setters who go from one country to another for board meetings in various locations. They are positioned near airports and offer low-cost accommodations with convenient access to both the airport and the city, meeting their clients' key needs. Airport capsule hotels, in particular, have been accepted by a number of countries due to their cross-cultural Booking Mode.
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Segmental analysis of the Market
Based on Traveller Type
The solo segment accounted for the highest capsule hotel market share. According to the recent trends, solo tourism is on a rise and thus, there has been an increase in the number of people travelling solo by choice and looking for inexpensive accommodation.
Based on Booking Mode
• Online Booking
• Offline Booking
The offline booking segment accounted for the highest share in the market in 2019. Most of the travellers prefer the offline mode of booking option for booking capsule hotels, as they find it easy.
Based on Age Group
• Generation X
• Generation Y
• Generation Z
The generation Y segment accounted for the highest market share in the global market in 2019. This generation prefers to opt for budget friendly accommodation, which in turn has driven the growth of capsule hotel market.
Asia Pacific is anticipated to amplify at a considerable CAGR
The global Capsule Hotel Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa. Among these, Asia-Pacific accounted for the highest market share is attributed to the increase in number of travellers coupled with rise in the purchasing power of countries such as India, China, and Japan. However, Europe serves as the lucrative market for capsule hotel and is expected to grow at a significant rate during the forecast period.
Some of the prominent companies operating in the market are CubeHotelsGroup, De Bedstee Hotel, Hippo Pod, inBox Capsule Hotel, Mayu Tokyo Woman, Nadeshiko Hotel, Pangea Pod Hotel, Riccarton Capsule Hotel, St Christopher's Inns, The Bed KLCC, The Capsule Hotel and Urban Pod Pvt Ltd.
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Frequently Asked Questions
• What is the growth rate of the global Capsule Hotel Market?
• What are the primary growth determinants of the market?
• Which are the major regions constituting the geographical landscape of the market?
• Which are the prominent companies operating in the market?
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