Global Sleeping Pods and Cabins Market Outlook and Forecast 2019-2024: Rising Pods Purchase Posing Threat to Service Providers
DUBLIN, Oct. 21, 2019 /PRNewswire/ -- The "Sleeping Pods and Cabins Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global sleeping pods and cabins market is expected to reach over $255 million by 2024.
The rise in transfer passengers and layover times is also likely to drive the need for napping facilities at airports. Sleeping pods and cabins are expected to have higher traction during the latter half of the forecast period as airports are currently experimenting with the idea of offering sleeping facilities.
Steady growth rates have characterized the aviation market over the last few years. Further, the APAC region is undergoing massive changes, with smart features and processes being set up at airports. Hence, the increase in global passenger traffic is likely to drive the global sleeping pods and cabins market.
Sleeping Pods and Cabins Market: Segmentation
The demand for sleeping pods is mainly high from the hotel segment. The deployment of sleeping cabins and pods is increasing in the hotel industry, especially capsule hotels. In terms of geography, the demand for the pod is high in Asia, while cabins are highly preferred in Europe and North America. The global hotel industry is growing actively with several emerging countries witnessing growth in inbound tourism. Although the US is the largest market for hotels, the growth is hampered by the high cost of rooms and the overall high cost of living.
Sleeping pods and cabins services at airports are growing rapidly as many airports are adopting the new age relaxation and boarding facilities. The growth in other sectors, which include hospitals, railways, and utility centers, arenas, and conference centers, is expected to drive the demand for sleeping pods and cabins during the forecast period. Corporate offices usually procure single-use pod with no additional value-added features as they are mainly used to take naps.
European and North American airports are witnessing a high occupancy of sleeping pods. Also, the acceptance of pods as capsule hotels and napping facilities at airports is widely growing in APAC. The demand mainly stems from airports, corporations, and hotels. However, the functionality of pods in hotels completely varies from airports and corporates. The adoption of pod in hotels is high as they save time and efforts. The sleeping pods market is growing at a faster rate than the cabins segment as the deployment of pods is higher than cabins, which require ample space.
Sleeping cabins have been popular in North America and Western Europe as they are considerably large. Cabins are like micro hotels with little fewer amenities than regular micro hotels. The cabin market is expected to witness high demand in North America, Latin America, and Europe as these regions are seeing an increase in the number of international travelers.
Sleeping Pods and Cabins Market: Geography
The sleeping pods and cabins market is dominated by APAC, Europe, and North America. The APAC sleeping pods market is largely volume-driven due to the growing number of economic travelers looking for low-cost lodging services, along with tremendous growth of the aviation industry in China.
North America is likely to emerge as one of the fastest-growing sleeping cabins and sleeping pods market. As airports in North America are one of the best-managed airports with a high level of focus on providing quality amenities, the growth potential for sleeping cabins and pods is high. The Europe market for nap pods and cabins is steadily growing as it is one of the regions with the most developed airport infrastructure and a maximum number of international airports and tourist destinations.
Key Vendors Analysis
The global sleeping pods and cabins market is at a nascent stage with several markets in the experimentation stage worldwide. The growth of the market is expected majorly from airports and pod-based or cabin-based hotels. The competition is currently stiff in the airport segment as many companies are looking to gain the first-mover advantage. With a high level of expansion being planned across regions, the sleeping pods market is expected to attract several investors.
The competition in the pod hotels market is offset by the unique position of the hotel in the industry. Most pod hotels are offering high-quality services at a low price. Unlike the traditional hotel where the prices are high, and the hostels where security, privacy, and service levels are challenges, pod hotels have maintained an image of high-quality, affordable service.
Market Dynamics
Market Growth Enablers
- Growth in Air Travellers
- Advent of Non-traditional Lodging Facilities
- Increase in Smart & Modern Airports
Market Growth Restraints
- Retail Real Estate Cost at Airports
- Space & Cost Constraints
- Higher Dependence on Airport & Hotels
Market Opportunities & Trends
- Growth in Passenger-friendly Infrastructure at Airports
- Rising Pods Purchase Posing Threat to Service Providers
- Air Travel Market Growth Aiding Passenger Amenities
Key Company Profiles
- 9hours
- GoSleep
- izZzleep
- Metronaps
- Napbox
- Napcabs
- Podtime
- Siesta Box
- Sleepbox
- Snooze at My Space
- Snoozecubes
- ZZZleepandGo
For more information about this report visit https://www.researchandmarkets.com/r/ew6uf9
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