ID: MRFR/A&D/8037-CR | March 2020 | Region: Global | 109 pages
Global Nap Capsules Market is expected to register a 6.04% CAGR during the forecast period.
The Global Nap Capsules Market has witnessed significant traction in recent years, owing to an increase in industrialization, rising air passenger traffic, and increasing investment in the healthcare industry. Moreover, the growing education industry is driving the growth of the market. Nap capsules are used to offer better passenger experience to travelers and improve employee productivity by providing them nap time during working hours. Moreover, various universities are installing nap capsules at campuses to offer a safe stay to students and rest between lectures. Additionally, hospitals use nap capsules to provide rest to hospital staff between shifts and night duties.
Nap capsules offer several advantages, such as improved productivity, enhanced performance, leisure, and comfort. Additionally, it offers safe staying options to passengers during the waiting time and enables medical staff to rest during hectic schedules. The increase in demand for improving employee productivity and improved travel experience are factors driving the growth of the market. The global nap capsules market was valued at USD 159.8 million in 2018 and is expected to reach USD 255.4 million by 2026.
Global Nap Capsules Market Growth, 2018–2026
The increasing air passenger traffic and rising adoption of nap capsules globally are some of the major drivers for the growth of the global nap capsules market. North America accounted for 43.87% of the global nap capsules market in 2018, followed by Europe. Asia-Pacific accounted for the third-largest market share in 2018. The region is expected to be the fastest-growing market for nap capsules during the review period.
The Global Nap Capsules Market has been segmented based on Product Type, Industry, Channel, and Region. By product type, the market is segmented into a compact nap capsule, single nap capsule, double nap capsule, and multiple nap capsule. By industry, the market is classified into hospitals, corporate offices, airports, and academic institutes. Based on channel, the market has been divided into direct sales and distributors.
Global Nap Capsules Market Segmentation
The academic institutes segment is expected to register significant growth rate during the forecast period.
Academic institutes are adopting nap capsules to reduce stress levels in the students and improve productivity. For instance, in September 2019, Emporia State University in the US entered a partnership with HOHM Inc., a nap capsule manufacturing company based in the US, to install nap capsules on the campus. The partnership enabled the company to enhance student productivity and offer safe staying options to the students.
The Global Nap Capsules Market has been segmented, by region, into North America, Europe and Middle East & Africa (EMEA), Asia-Pacific, and South America.
Global Nap Capsules Market Share, by Region, 2018 (%)
North America accounted for the largest market share in 2018. According to IATA, approximately 10,000 aircraft are expected to be in service in North America by 2035, creating opportunities for nap capsule companies in the region. Furthermore, various airlines based in the region are also investing in nap capsules to offer enhanced services and comfort to passengers. For example, in 2016, United Airlines launched a new business-class cabin with single-file sleeping pods for international flights.
In Asia-Pacific, factors such as rapid industrialization, rising air passenger traffic, and increasing investment in the healthcare industry are expected to drive the growth of the market in the region. Furthermore, the increasing per capita disposable income and growing population in countries such as China and India are expected to drive the market growth further. Additionally, reducing the availability of land for construction and increasing airport modernization programs is expected to increase the demand for nap capsules in the region. Hence, the nap capsules market in Asia-Pacific is expected to register an 8.05% CAGR during the forecast period.
The Key Players in the Global Nap Capsules Market are GoSleep (Finland), napcabs GmbH (Germany), The SnoozeCube (New Zealand), MinuteSuites (US), 9 Hours (Japan), Sleepbox (US), and MetroNaps (Denmark).
Key Questions Addressed by the Report
|Market Size||USD 255.4 Million (2026)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Industry, Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GoSleep (Finland), napcabs GmbH (Germany), The SnoozeCube (New Zealand), MinuteSuites (US), 9 Hours (Japan), Sleepbox (US), and MetroNaps (Denmark).|
|Key Market Opportunities||Demand for Improving Employee Productivity|
|Key Market Drivers||Growing Education Industry|
Frequently Asked Questions (FAQ) :
Nap capsules market can expand at 6.04% CAGR by 2024.
By 2028, the Nap capsules market can value USD 255.4 Mn.
Napcabs GmbH (Germany), GoSleep (Finland), and The SnoozeCube (New Zealand) are some reputed names in the Nap capsules market.
Increase in hospital applications can promote the Nap capsules market.
Lack of cost-effectiveness can restrain the Nap capsules market expansion.