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The amusement park market size is estimated to grow by USD 12,070.27 million accelerating at a CAGR of 3.66% between 2022 and 2027.
Our report offers in-depth analysis of market drivers, trends, opportunities, challenges, and restraints, with segmentation by Type (tickets, hospitality, merchandising, and others) and Geography (North America, APAC, Europe, South America, and Middle East and Africa). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2022.
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The rise in the number of baby-boomer visitors is a key driver boosting the amusement park market growth. Baby boomers are the cohorts following the silent generation and are associated with the rejection or the redefinition of traditional values. They are considered the wealthiest, most active, and healthiest population. Baby boomers are increasingly targeted by marketers, owing to their strong desire for novelty, authentic experiences, and willingness to participate in adventurous activities.
The rise in the number of baby-boomer visitors is likely to drive the growth of the global amusement park market, as amusement parks offer expensive and thrilling rides. The increase in the number of baby boomers will drive the demand for 4D rides, giant rides, and challenging roller coasters. The increase in innovations in roller coasters and other theme-park rides will attract more baby-boomer visitors. This will fuel the growth of the global amusement park market during the forecast period.
The rise in popularity of IoT-enabled theme parks is major amusement park market trend. The IoT is revolutionizing different operations in amusement parks. It helps transmit and record customers' information easily. It provides customers with well-connected amenities and a unique experience using beacons and sensors. Certain applications of IoT-enabled theme parks help parents track their children's movements with the help of sensors that are present throughout the park.
The IoT wristband functions as a passport and serves as an entrance ticket for guests, and facilitates credit-card transactions. IoT-enabled theme parks also help identify the areas of improvement as they track and monitor all the activities related to the park; such information can help manage the crowd.
The risks associated with amusement parks is a major challenge hindering the market growth. While amusement parks provide unique and thrilling experiences, they also pose risks, with reported incidents stemming from ride maintenance lapses, mechanical faults, and operator negligence. The Pennsylvania Department of Agriculture noted 285-295 injuries in a 2018 amusement park accident. Tragic instances include a 10-year-old girl's death in a New Jersey carnival ride accident in October 2019 and a pendulum-style ride in India breaking in 2019, resulting in two deaths and 29 injuries.
Safety concerns loom large, especially for roller coasters, bumper cars, spinning rides, and water slides—considered the most accident-prone. Given that a significant portion of parkgoers, particularly children, access these rides, the associated risks are anticipated to hinder market growth in the forecast period.
The market share growth by the tickets segment will be significant during the forecast period. The growth momentum is expected to accelerate during the forecast period, owing to the competitive prices of tickets and expenses incurred at the theme park. The average entry fee per person is USD 50-USD 75, which is competitive for entertainment activities.
Amusement Park Market
By Type
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The tickets segment was valued at USD 29,810.92 million in 2017 and continued to grow until 2021. Expenses involved in amusement parks are food, hotel, and travel. In addition, some parks charge additional fees for different rides and events. However, the growing competition among the vendors, the charges, and additional incurred fares are expected to decrease, which, in turn, is expected to increase the growth of the market in focus during the forecast period.
North America is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Amusement Park Market
By North America
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The North American market is propelled by an upswing in both international and local visitors, coupled with increased consumer spending. Economic improvements in the US, augmented travel, and the resurgence of the economy further contribute to market growth. Key revenue contributors include the US, Canada, and Mexico, with major players like Cedar Fair, SeaWorld Entertainment, Comcast, Walt Disney, and Six Flags Entertainment Corp. dominating the US market. Canada boasts adventure theme parks like Calypso Water Park, Calaway Park, and La Ronde, while Mexico hosts popular parks like La Feria, Enigma Rooms, and Plaza de Gaulle Tacubaya.
Despite a setback from the COVID-19 pandemic in 2020, vaccination efforts and eased restrictions, guided by organizations like the Centers for Disease Control and Prevention, have facilitated market recovery in 2021. This positive trend is expected to drive regional market expansion in the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The amusement park market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Amusement Park Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2018 - 2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.66% |
Market growth 2023-2027 |
USD 12,070.27 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.47 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 50% |
Key countries |
US, China, Japan, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ardent Leisure Group Ltd., Aspro Parks SA, CEDAR FAIR LP, Comcast Corp., Compagnie des Alpes, Corparques, Efteling BV, Europa Park GmbH and Co Mack KG, Herschend Family Entertainment Corp., Hershey Entertainment and Resorts Co., JB World Entretenimentos SA, Merlin Entertainments Group Ltd., PARQUES REUNIDOS SERVICIOS CENTRALES SA, Premier Parks, Samsung C and T Corp., SeaWorld Entertainment Inc., Shenzhen Huaqiang Holdings, Six Flags Entertainment Corp., The Walt Disney Co., and Village Roadshow Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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