USD 65.30 million
Report ID: SQSG35A2018 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 92 | Figures: 66
Sleeping Pods Market was valued at USD 65.30 million in 2021, and it is expected to reach a value of USD 84.07 million by 2028, at a CAGR of 4.3% over the forecast period (2022-2028).
They are frequently found in corporate settings, workstations, and airports. They are often referred to as nap pods, energy pods, nap capsules, sleeping cabins, and snooze pods. In the last few years, the market has started witnessing a significant growth in the demand for these pods as they enable consumers to take short, peaceful naps of about 15-20 minutes or to rest for long periods of time. Apart from this, they are found to be effective in relieving pressure on the cardiac muscle while also allowing a slight bend in the knees and relaxing the lower back muscles. It has also been found in a study that they often play a key role in improving user’s alertness and productivity on persistent use.
As per our findings, sleeping pods are often found in a variety of settings, including corporate offices, airports, and hospitals, among others. Wherein, airports are found to be the most common locations. As the market continue to gain and people are looking to explore new things, a number of market players have begun to convert these pods into luxury rooms that passengers can use at the airport to rest.
Considering the advantages of sleeping pod, the global market has been experiencing a constant rise in the adoption of products among employers. Today, numerous corporate offices around the globe are taking every possible effort to improve productivity and keep their employee engaged and happy. To address this need, we can see a lot of deployment of sleeping pods at workstation to improve productivity, maintain health, and retain talent.
With changing lifestyle, hectic work schedule, and high prevalence of sleep deprivation, sleep apnea, and insomnia, there is a growing focus on improving human health, efficacy, and welfare. Among other things, sleeping pods market is enjoying a healthy growth on account of several other benefits that the sleeping pod offers such as ergonomic perfection, interface console, timed waking facility, privacy visor, and built-in speakers that conventional techniques do not offer.
US Sleeping Pods Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 65.30 million
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Global sleeping pods market is segmented based on the module, end user, application and region. Based on the module, the Sleeping Pods Market is segmented into compact pod, single pod, double pod, and multiple pod. Based on the end user, the Sleeping Pods Market is bifurcated into Children and Adults. Based on the application, the Sleeping Pods Market is segmented into hospitals, corporate offices, airport, academics, and others. By Region, the Sleeping Pods Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Sleeping Pods Market Analysis by Application
Based on application, the airport segment dominated the market in 2021 and is projected to continue enjoying the largest market share in the years to come thanks to the increasing use of sleeping pods as 'pay-as-you-go' sleeping spaces in airports to allow passengers to rest between flights. For instance, Air New Zealand has recently announced the world's first lie-flat "pods" — for economy passengers. Moreover, the "Skynest" has announced deployment of rentable sleep pods, and it will be available by 2024.
Apart from airport, corporate office segment is expected to continue being the second largest market revenue generating segment during the forecast period as more corporate offices are gaining importance of sleeping pods and their impact on improving productivity.
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In 2021, North America dominated the global sleeping pods market and is expected to do so during the forecast period. This is due to the region's early access to advanced technologies, increased awareness of nap pods, and high consumer disposable incomes. In 2021, US airlines carried 674 million passengers (not seasonally adjusted), an increase of 82.5% over 2020. (369 million, unadjusted). In the US, the cost of a one-hour stay is $42. (Which is the minimum). If guests need more sleep (more than eight hours), they can rent a pod for around $155.
Due to rising product demand from various industries, Europe also has a significant share of the industry. Meanwhile, the Asia Pacific region is expected to provide lucrative growth opportunities for the sleeping pods market during the forecast period as a result of increased awareness about the benefits of nap pods and increased technological acceptance in the region, especially in India, China, and Japan.
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Sleeping Pods Market Driver
Increasing Popularity of Powernaps to Bolster Sleeping Pods Market
Technology is advancing at an increasing pace and there are more people than ever encouraging these advancements. Sleep science has become increasingly popular the last decade and nowadays people are waking up to the idea of power naps as a way to refresh their minds and bodies. It's no surprise that sleeping pods have become so popular for taking powernap, because they offer workers a break from the rigors of their daily schedule. This, in turn, is benefiting the employers in terms of higher productivity, lower attrition rate, and more happy faces.
Apart from this, the aviation industry is a contributing a huge revenue to the global sleeping pod market as a replacement of the public utility model with a commercial business model. Other industries, such as health and education are also expected to generate a significant demand for the product during the forecast period.
Growing Investments by Manufacturers to Develop Improved Products
Since the inception of sleeping pods in the early 2000s, sleep innovation has seen significant growth. This recent development is most evident with the increase in investments by manufacturers to improve these pods. As a result, the market is seeing rapid growth, giving companies an advantage over their competitors. Improved sleeping pods are not only more comfortable but also more efficient and practical.
Manufacturers' increasing investments to develop & launch improved products with advanced features such as timers, speakers, light effects, and others are expected to drive sleeping pods market growth over the forecast period. In Jan 2022, India-based start-up Urban Naps Pods launched Smart Pods with back and shoulder massager, oxygen therapy, meditation music, ventilated seat, and zero gravity seat.
Sleeping Pods Market Restraint
High Cost of Sleeping Pods
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Global sleeping pods market is at the nascent stage, but becoming increasingly competitive as more and more companies enter the market. This is because their benefits are becoming more widely known and they are seen as a valuable addition to any workplace.
New Product launches, innovations, Public and private collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive sleeping pods market. For instance, Slumber Pod Has Announced the launch of Homebase, an addition to their Blackout Privacy Sleep Pods for babies and toddlers.
There are a number of ways in which companies are competing in the sleeping pods market:
Sleeping Pods Market Top Player's Company Profiles
Sleeping Pods Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
In the current state, the sleeping pods market is expected to experience a high level of growth. The future outlook for the market looks promising with potential opportunities for new players to enter the market. However, there are also some threats that need to be considered such as the possibility of government regulation and competition from other industries. As per SkyQuest's market analysis, potential opportunities for growth include an increase in demand from the hospitality and healthcare industries, as well as continued expansion into new markets such as airports and office buildings. Threats to the industry include intensifying competition from traditional furniture companies.
|Market size value in 2021||USD 65.30 million|
|Market size value in 2028||USD 84.07 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Sleeping Pods Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sleeping Pods Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35A2018