The North America Capsule Hotel Market would witness market growth of 7.2% CAGR during the forecast period (2024-2031).
The US market dominated the North America Capsule Hotel Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $54,733.1 Thousands by 2031. The Canada market is experiencing a CAGR of 9.5% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 8.7% during (2024 - 2031).
A capsule hotel is an accommodation characterized by compact, pod-like sleeping quarters designed to provide affordable and efficient lodging for travellers. Emerging from Japan in the late 1970s, capsule hotels were initially designed to provide affordable overnight accommodations for business travellers and solo tourists.
Moreover, capsule hotels, with their unique design and compact accommodations, find diverse applications across several hospitality and travel industry segments. Capsule hotels are particularly popular in densely populated urban centers with limited space, and traditional hotels may be expensive or fully booked.
Expanding travel arrangements and reservation services in Canada can significantly impact the market, enhancing accessibility and visibility for this unique lodging concept. According to Statistics Canada, the travel arrangement and reservation services industry group saw a significant surge in operating revenue, soaring by 182.2% to reach $9.7 billion in 2022. Tour operators experienced the largest increase in their sectors, with operating revenue rising sharply by 475.2% to $5.4 billion.
Free Valuable Insights: The Capsule Hotel Market is Predict to reach USD 359.8 Million by 2031, at a CAGR of 7.7%
Based on Booking Mode, the market is segmented into Offline Booking and Online Booking. Based on Age Group, the market is segmented into Generation Y, Generation Z, and Generation X. Based on Traveler Type, the market is segmented into Solo and Group. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Booking Mode
By Age Group
By Traveler Type
By Country
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