Capsule Hotel Market to Reach $460.7 million, Globally, by 2033 at 7.9% CAGR: Allied Market Research

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.

Allied Market Research Logo

Request The Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/A10625

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.

Procure Complete Report (310 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/68e6018d7d6c93726dc4859d38710aff

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.

Inquiry Before Buying @ https://www.alliedmarketresearch.com/purchase-enquiry/A10625

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.

Related Reports:

Budget Hotels Market https://www.alliedmarketresearch.com/budget-hotels-market-A189974

Hotel Toiletries Market https://www.alliedmarketresearch.com/hotel-toiletries-market-A74576

Luxury Hotel Market https://www.alliedmarketresearch.com/luxury-hotel-market

Beach Hotels Market https://www.alliedmarketresearch.com/beach-hotels-market

Luxury Travel Market https://www.alliedmarketresearch.com/luxury-travel-market  

Travel Accommodation Market https://www.alliedmarketresearch.com/travel-accommodation-market

Sports Tourism Market https://alliedmarketresearch.com/sports-tourism-market-A13076 

Enotourism Market https://www.alliedmarketresearch.com/enotourism-market-A13687

Personalized Travel and Experiences Market https://www.alliedmarketresearch.com/personalized-travel-and-experiences-market-A12540

Incentive Travel Market https://www.alliedmarketresearch.com/incentive-travel-market-A16858

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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

Contact:

David Correa

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Int’l: +1-503-894-6022

Toll Free: +1-800-792-5285

Fax: +1-800-792-5285

[email protected]

Web: www.alliedmarketresearch.com

Allied Market Research Blog:
https://blog.alliedmarketresearch.com

Follow Us on
 | Facebook | LinkedIn | YouTube |

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/capsule-hotel-market-to-reach-460-7-million-globally-by-2033-at-7-9-cagr-allied-market-research-302150990.html

Featured image: ©

Disclaimer