The global minibar market size is projected to reach $1.49 billion by 2024, owing to the transformation, growth, and emergence of the hospitality industry worldwide, according to a new report from Hexa Research. Led by the hotel industry’s concern for customer satisfaction and profitability, the demand of minibars is estimated to grow over the forecast period.
The prevailing rate of installation of minibars in luxury hotel rooms poses growth potential for the global minibar market, according to Hexa Research. The growth will be aided by guests looking for hassle-free services, high comfort, and luxury while traveling, as hotels will look to provide value-added services that enhance the guest experience.
In terms of product type, the automatic minibars market is expected to grow thanks to technological advancements and the use of automated systems in the hospitality industry. These systems help to ensure privileged services and hassle-free customer handling. Fully automated systems may help solve operational issues at hotels and offices as they can detect missing items, charge guests for products based on sensors, and can be synchronized with the property management system (PMS) of hotels.
In terms of geography, the use of minibars in Asia Pacific regions is estimated to develop at the fastest rate compared to other regions owing to budding commercial and hospitality sectors, growing tourism, and a large customer base in the hospitality, recreational, and other commercial spaces.
Aside from automatic minibars, the market for absorption minibars is estimated to develop swiftly thanks to existing demand for products that are environmentally friendly, silent, reliable, energy efficient, and have an extended service life.