There are so many factors that are responsible for the airport sleeping pod's market revenue. All these factors are called the drivers of the airport sleeping pods market. One of the major drivers in the market is the increasing economic development and increasing lifestyle of people. People's per capita income is increasing; as a result, they can easily afford the airport sleeping pods.
Additionally, the increasing population has been another driver behind the airport sleeping pods market. According to the World Bank report, the world population was 767.35 crores in 2019. With the increasing population, there has been a huge demand for air travel, and the number of airports is increasing rapidly. The increasing number of airports has increased the demand for the airport sleeping pods market. Additionally, the passenger-friendly facilities will increase the demand for the airport sleepy pods market.
The increasing demand for capsule hotels will bring opportunities for the airport sleeping pods market in the coming years. The rising number of capsule hotels at the airport is one of the major factors responsible for the market's growth. Apart from that huge demand for waiting rooms in the airport, increasing passenger traffic will generate opportunities for the airport sleeping pods market, which will see substantial growth in the forecast period. For example, the Charlotte Douglas international airport has sleeping pods that have a TV, computer, and shower facilities.
Even with the drivers, the airport sleeping pods market may face problems due to some market restraints. One of the major restraints in the market that hinders the growth is the high initial installation cost. The installation of this advanced technology takes high installation costs; as a result, the companies are not ready to make such investments. Apart from that, these sleep pods require heavy maintenance, and it will further hinder the market.
The government has taken many initiatives for the safety of the airport. The rule towards the protection of electrical components in the airport is a challenge for the market. The sleeping pods are built with advanced technology, and any disturbance can be a big threat to the market. Additionally, the underdeveloped regions are not ready to make such investments to establish sleeping pods, and it has become another challenge for the airport sleeping pods market. The key players are trying their best to overcome these challenges.
Cumulative growth analysis
The airport sleeping pods market has been growing rapidly over the years, and it is expected to register a healthy CAGR of 8% in the forecast period of the market. The drivers of the market will boost the growth of the market as well.
The airport sleeping pods market is segmented on product type, stay hours, airport types, and region.
Based on product type, the market is segmented into single occupancy and shared occupancy. The single occupancy has the largest airport sleeping pods market share, and it is expected to register a higher CAGR during the forecast period.
The airport pods market is segmented into 2 hours and more than 2 hours based on stay hours. The less than 2 hours has the more demand according to the airport sleeping pods market analysis.
Based on airport types, the airport sleeping pods market is segmented into international and domestic. The international segment is expected to register the highest airport sleeping pods market share.
The airport sleeping pods market is segmented into North America, Latin America, Middle East, Africa, Europe, and the Asia Pacific based on region.
Segmentation of the Global Airport Sleeping Pods Market
The major regions in the airport sleeping pods market are North America, Latin America, Middle East, and Africa, Europe, and the Asia Pacific. Among these regions, North America is expected to register the highest share and dominate the market. The increasing number of air passengers and the better economy are boosting the market growth in this region. The Asia Pacific is expected to hold the second-highest share in the market owing to the increasing population and emergence of low-cost airlines, tourism booms in countries like South Korea, Japan, and Southeast Asia. Latin America will also show rapid growth in the market due to increasing air passengers.
The major key players in the market are
Among these key players, the minute suites contribute highly to the market.
JetBlue unveiled JetNap energy pods in the JFK airport terminal in New York City, looking forward to adding a music chair designed for relaxation and reducing distractions.
The airport sleeping pods facility has been available by the Indira Gandhi international airport with the collaboration of snooze at my place.
This airport sleeping pods market report gives a qualitative and quantitative analysis of the market. This report shows the covid-19 impact on the market, dynamics, and airport sleeping pods market outlook. Additionally, this report highlights market segmentation, regional analysis, and recent developments as well.
By product type
By stay hours
By airport types
Frequently Asked Questions (FAQ) :
The global airport sleeping pods market is projected to register a moderate 8% CAGR in the forecast period.
The single-occupancy segment is expected to observe substantial demand over the review period.
Modernizations in the production and launch of modern aircraft are fueling the evolution of the airport sleeping pods market.
The international segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global airport sleeping pods market are GKN Aerospace (U.K.), Leonardo SpA (Italy), Westfield Hydraulics Inc. (U.S.), and others.