Airport Sleeping Pods Market Shows Expected Trend to Guide from 2018-2025 with Growth Analysis
Sleeping pods are enclosed beds, or state-of-the-art chair that converts into a sleeping pod with a fold-flat bed, which are used by passengers during layover at airports. These sleeping pods offer facilities such as Wi-Fi, television, and minimum requisite space for a human body resting. Increasing government investment for offering passenger-friendly facilities at airports is one of the major factors for growth of the global airport sleeping pods market. For example: in 2016, the Indian government announced plans to invest US$ 120 Bn for infrastructure development of airports. Most governments focus on allotting space for sleeping pods in airports to private parties who handle the installation and maintenance of pods. Also, rising numbers of air passengers plays a key role for growth of the global airport sleeping pods market. The Federal Aviation Administration Aerospace forecast, in 2017, around 229 million passengers are estimated to travel by flight in the U.S., up from 218 million passengers in 2016.
Rising capsules hotels at airports is one of the major trends for growth of the global airport sleeping pods market. Capsules hotels are small box type hotels, which provide facilities such as Wi-Fi connectivity, electric components, television, and other facilities. Increasing demand for hotels or waiting rooms at airports have accelerated demand for capsules hotels.
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Moreover, some of the major challenges, which are adversely affecting growth of the airport sleeping pods market are high product costs, high maintenance costs, and adherence to stringent regulations regarding electrical components.
North America airport sleeping pods market is projected to retain its dominance in the global airport sleeping pods market.
On the basis of geography, the global airport sleeping pods market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America was the leading region in the global airport sleeping pods market in 2016, in terms of market share and is projected to retain its dominance over the forecasted period. Increasing number of air passengers is a major factor, driving growth of the market in North America. For instance, according to Federal Aviation Administration, by 2021 around 262 million passengers are estimated to travel by flight in the U.S. In addition to this, large number of airports in the U.S. have also accelerated adoption of this product. According to the United States Department of Transportation, in 2016, the number of airports in the U.S. was around 19,536 airports.
Asia Pacific market is projected to register the highest growth rate over the forecast period, with India, China, and Japan being the major growth engines. Rising smart city projects, and increasing number of aero plane passengers in emerging economies are some of the major factors driving growth of the market in Asia Pacific. For example: according to Directorate General of Civil Aviation India, in January 2016, the passengers carried by domestic airlines was 7.65 Mn up from 6.24 Mn in 2016. Moreover, increasing travel and tourism industry in Asia Pacific further fuels demand for capsules hotels at airports, which fuels growth of the sleeping pods market in this region. For instance: according to India Brand Equity Foundation, direct contribution of tourism and hospitality industry to GDP is US$ 72 Bn in 2016 and is projected to reach US$ 178 Bn by 2027.
Key industry participants are focusing on strategic initiatives such as collaborations with government bodies, offering better facilities in sleeping pods, and others to increase its market share. For instance, in 2013, government of Abu Dhabi announced installation of GoSleep sleeping pods, which enables passengers to rest in a private and secure environment at Abu Dhabi International Airport. Also, in 2017, SleepBox launched a cozy luxury sleep pods with features such as drop-down desk, Bluetooth-enabled speakers, Wi-Fi, and electrical outlets.
Some of the major companies in the global airport sleeping pods market include GoSleep, Sleepbox, SnoozeCube, and MetroNaps.
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