PUBLISHER: TechSci Research | PRODUCT CODE: 1361145
PUBLISHER: TechSci Research | PRODUCT CODE: 1361145
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Global Airport Sleeping Pods market is witnessing rapid growth and is expected to grow at a significant growth rate in the coming years. This growth is attributed to the rising number of international tourists and business travelers across the globe. Moreover, many hotels do not offer hourly stay to their customers, and thus, this gap is now being filled by sleeping pod companies which are offering hourly stay for their customers. This not only helps the consumer to save money but also helps them relax themselves in the case of flight delay or long layovers.
Airport sleeping pods are capsules-shaped beds that are installed in various airports around the globe. These pods offer a resting and sleeping environment for travelers and can accommodate one or multiple passengers. Common features of airport sleep pods include compartments for baggage, power sockets for the charging of electronic devices, and lamp lights for book-reading. Airport sleeping pods are available in a wide range of sizes, some of which are so large that they can be sometimes called mini hotels.
Market Overview | |
---|---|
Forecast Period | 2024-2028 |
Market Size 2022 | USD 60 Million |
Market Size 2028 | USD 79 Million |
CAGR 2023-2028 | 5.05% |
Fastest Growing Segment | Premium |
Largest Market | North America |
The average layover time for domestic flights is 60-90 minutes and around 2-3 hours for international flights. Hence, to counter with these high layover hours, many consumers prefer to spend their time in sleeping pods, which significantly contributes to the growth of sleeping pods market, globally.
The demand for airport sleeping pods is rapidly rising, owing to various reasons. For instance, one major situation contributing to the market growth is the growing travel and business travels, globally. In 2022, there were around 460 million business travelers and according to the data provided by United States agency for tourism, more than 900 million tourists made foreign trips in 2022. Additionally, as the countries eased the pandemic restrictions, an estimated 235 million tourists travelled internationally in the first three months which is more than double in comparison with the same period of 2022. Thus, the rise in travel for tourism and business creates a major demand for sleeping pods, as many of the travelers prefer to use sleeping pods for taking rest and sleep.
Furthermore, the major reason which forces consumers to use sleeping pods is the delay of flights, globally. According to the article published by Forbes in June 2023, an average of 30,000 flights gets delayed per day globally, which includes 7,000 to 9,000 flights daily in United States. Moreover, as air travel has become more accessible and cost-effective in recent years, it has led to the rise in the number of travelers arriving at airports daily. However, lengthy layovers and flight delays can be especially difficult for those who require rest and relaxation but lack access to comfortable sleeping accommodations. Consequently, the idea of sleeping pods in airports has become increasingly popular, providing travelers with a private and secure place to unwind during their stay.
The increased spending by governments to boost airport infrastructure is expected to contribute to the market growth of sleeping pods market, globally. For instance, in 2022, the United States government announced a funding of around USD1 billion to improve 85 airports across the country. The global market is projected to experience a significant increase in revenue due to the development of innovative products to enhance the quality of passenger services, globally. Additionally, the demand for high-end airport services among individuals, is expected to increase significantly.
The global market for smart airports with a range of passenger-friendly services is expected to expand over the next decade as a result of successful product penetration and acceptance by the public around the world. Additionally, the demand for waiting rooms is expected to increase, as is the number of capsule hotels in airports due to an increase in air passenger traffic. If the company partners with airlines or hotels, there's potential for cross promotion and joint marketing initiatives. Airlines can advertise sleeping pod to their travelers, and hotels can expand their brand appeal by providing pod services at airports. Customizable features, like lighting, temperature, and privacy, can be tailored to your passenger's preferences. Travelers love personalized experiences, and that's what sets the business apart from the competition.
However, the main barriers to growth in the global market are high manufacturing and maintenance costs. Many airports have strict regulations regarding safety of electrical equipment inside the premises of airports, which further creates challenges for sleeping pods companies to set-up their pods inside the airport.
Furthermore, restricted airport space availability and limited number of pods are creating a significant barrier for the growth of sleeping pods market globally as there might be a situation that the company might be able to provide sleeping pods service for limited passengers only, during peak hours. Thus, it eventually reflects a negative image of the brand in front of the consumer and can further restrict the market growth in the coming years.
The global airport sleeping pods market is segmented based on product type, stay hours and price range. Based on product type, the market is divided into single occupancy, shared occupancy. On the basis of stay hours, the market is fragmented into less than 2 hours and more than 2 hours. Furthermore, on the basis of price range, the market is divided into economic, premium.
SleepCare Investment, Inc., Minute Suites, LLC, Napcabs GmbH, Urban Pod Private Limited, Nine Hours Inc., Sleep 'n fly, i20 LLC (Metronaps), SAMS Snooze At My Space Private Limited., are some of the major companies operating in the global airport sleeping pods market.
In this report, global airport sleeping pods market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the global airport sleeping pods market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: