The global amusement parks market is projected to reach USD 70.83 billion by 2025 and registering a CAGR of 5.8% during the forecast period, from 2018 to 2025, according to a new report by Million Insights. Growing developments of resorts and hotels in parks and rising spending capacity of consumers across the globe are the major factors driving the market growth. Moreover, amusement parks are attracting visitors, as they include different entertainment options for families and offer live entertainment shows, multiple rides, and different theme-based attractions for the entire family of all age groups. Additionally, factors such as excellent hospitality and disability access are expected to further drive the market growth.
The rapid growth of amusement parks in Asia Pacific and Europe is a key factor influencing the market growth. For example, Disney’s theme parks are present across the globe and these parks attract millions of visitors each year. As per Themed Entertainment Association (TEA), in 2017 Tokyo Disneyland received 16.8 million visitors and Disneyland California received 18.3 million visitors.
Amusement parks are an integral part of the leisure and entertainment industry. The rapid evolution of social and economic landscape and demographic changes are driving the market growth. For example, as per IAAPA, children below 18 age are not allowed for rides in the U.S. which include inversions and loops. Hence, several parks introduced thrilling and adventurous rides for adults.
The amusement park market is highly competitive in nature due to the presence of established players, thereby, new entrants are facing challenges to enter this market. Climatic factors, land procurement, and high capital investment are some obstacles facing by new entrants.
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Further key findings from the report suggest:
• Mechanical ride type is expected to grow with the highest CAGR during the forecast period due to the growing popularity of roller coasters among visitors with age group 19 to 35.
• Water rides accounted for more than 13% market share, in 2017 due to a 1.2% rise in the number of visitors globally.
• Among different age groups, 19 to 35 years age group is expected to emerge as the highest growing segment over the forecast period due to the presence of the young population in this group.
• Among age groups, the 35 to 50 segment is expected to hold considerable market share, as amusement parks organize ferry rides, vintage theme-based activities, and entertainment shows for this age group.
• The hotels and resorts segment is anticipated to grow with the fastest CAGR over the forecast period due to the growing investment by park owners to build theme-based resorts and hotels for visitors.
• In 2017, North America led the amusement parks market and expected to grow with the significant CAGR from 2018 into 2025.
• Market players include in this industry are Six Flags Entertainment Corporation, Merlin Entertainment, Comcast Corporation, and Walt Disney Company, These players are focusing on introducing advanced and innovative rides to strengthen their footprints in the market.
• Six Flags Entertainment Corporation introduced Twisted Cyclone, in 2017 which is loopiest and fastest roller coaster worldwide.
Million Insights has segmented the global amusement parks market on the basis of rides, age, revenue source, and region:
Amusement Parks Rides Outlook (Revenue, USD Billion, 2014 - 2025)
• Mechanical Rides
• Water Rides
• Other Rides
Amusement Parks Age Outlook (Revenue, USD Billion, 2014 - 2025)
• Up to 18 Years
• 19 to 35 Years
• 36 to 50 Years
• 51 to 65 Years
• More than 65 Years
Amusement Parks Revenue Source Outlook (Revenue, USD Billion, 2014 - 2025)
• Food & Beverage
Amusement Parks Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Hong Kong
• South Korea
• Latin America
• Middle East & Africa