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The Global Entertainment and Amusement Market size is estimated to grow by USD 681.19 billion between 2022 and 2027 decelerating at a CAGR of 5%.
This entertainment and amusement market report extensively covers market segmentation by type (entertainment and amusement), age group (13 to 20 years, above 20 years, and below 12 years), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
The growth of the market depends on several factors, including the rapid growth of social media, the increased spending on entertainment and leisure activities, and the high investment in amusement parks.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rapid growth of social media will propel the entertainment and amusement market. The entertainment and amusement market is positively affected by the increasing use of social media and the availability of mass communication. Visitors love to share their experiences, photos, and videos on social media, helping other people discover the experiences that theme parks across the world have to offer. Approximately 71% of entertainment and amusement park visitors share their experiences on social networks after returning home. Sharing the message on social networks motivates or inspires others to visit such places, which increases the number of visitors to the place. The widespread use of social media is expected to boost the growth of the entertainment and amusement market during the forecast period.
Virtual theme park gaining traction is a key entertainment and amusement market trend. Virtual reality innovation has changed the landscape of the amusement park industry. Theme parks are incorporating VR into their existing attractions and developing VR stand-alone rides. While traditional theme parks invest millions in VR technology to increase visitor numbers, other organizations invest billions in developing purpose-built VR theme parks. The quest to expand VR tourism is influencing various trends in both marketing and hospitality, creating new career opportunities for those interested in pursuing a career in hospitality. The adoption of virtual reality has added new dimensions to theme parks. Virtual theme parks are based on 360-degree technology, which provides users with real-time experiences of the virtual world. Several virtual theme parks will be constructed during the forecast period; this will give amusement parks a new dimension. For instance, Universal Studios Orlando is expected to launch the Epic Universe theme park in 2023. Thus, owing to the adoption of the virtual theme park, the global entertainment and amusement market is expected to witness significant growth during the forecast period.
High maintenance cost is a major entertainment and amusement market challenge. The maintenance of an entertainment and amusement park requires a large investment. All amusement parks require regular maintenance of their facilities to keep them functioning optimally and to limit liability for park accidents that may occur due to equipment failure. However, high maintenance costs are a major challenge for vendors in the entertainment and amusement market. Arcade slot machine maintenance is a tedious task often found in gaming simulators. From the screens to the legs of the simulator, the hardware is fixable due to the increased penetration and high usage of motion simulation. Proper maintenance management across rides or exhibits is imperative for visitor satisfaction and safety. Thus, due to the high maintenance costs, the global entertainment and amusement market may face challenges during the forecast period.
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The market share growth by the entertainment segment will be significant during the forecast period. In recent years, the entertainment segment has flourished as teenage and adult consumers switch from video games to collectible action-strategy and war-based arcade games.
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The entertainment segment was valued at USD 1,888.04 billion in 2017 and continued to grow until 2021. One of the major reasons behind the segment growth is the number of gaming bars and cafes offering video games is increasing, which is anticipated to drive the growth of the global market during the forecast period. A family entertainment center offers a variety of arcade games, AR and VR gaming zones, and physical gaming activities for groups of different ages. Strategy and war games with significant cooperation and interaction between players are very popular in the US and Canada. In recent years, improvements in gameplay design and consoles have led to the acceptance of family entertainment centers globally, which is expected to boost the growth of the market during the forecast period.
In 2022, the entertainment and amusement market is dominated by the 13-20 age group, which accounts for the largest segment. With 1.3 billion adolescents worldwide in 2021, this age group seeks out unique and thrilling experiences offered by amusement parks. As more teenagers visit, demand for expensive and exciting rides like 4D and giant rides is expected to rise, along with innovation in roller coasters. These factors will continue to drive growth in the global entertainment and amusement market.
North America is estimated to contribute 54% 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.
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The North American amusement park market is expanding due to growing numbers of adult and child visitors, fueled by increased spending on entertainment. Innovations in rides, accommodation, and merchandise are also appealing to visitors of all ages, contributing to market growth. Additionally, regional tourism is increasing, with more travelers focusing on theme parks. To stay ahead, theme park designers in North America are developing new and cutting-edge rides. These factors are expected to further boost the regional market.
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In 2020, the global entertainment and amusement market was hit hard by the COVID-19 pandemic. However, as vaccination drives gained momentum and lockdowns were lifted in 2021, the market saw a positive impact. With amusement parks reopening and people able to visit, there has been a surge in visitors. As a result, the regional market is expected to see continued growth during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Entertainment And Amusement Market. One of the major vendor in the market include:
Entertainment Plus Production- The company offers entertainment production every day around the world.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research 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.
Entertainment And Amusement Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 5% |
Market growth 2023-2027 |
USD 681.19 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.0 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 54% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Al Hokair Entertainment, Aspro Parks SA, CEDAR FAIR LP, Chimelong Group Co. Ltd., Compagnie des Alpes, Entertainment Plus Production, Fakieh Hospitality & Leisure Group, IMG Artists, irque du Soleil Entertainment Group, Merlin Entertainments Group Ltd., PARQUES REUNIDOS SERVICIOS CENTRALES SA, SeaWorld Entertainment Inc., Six Flags Entertainment Corp., The Mousetrap, The Rocky Horror Show, The Walt Disney Co., Timezone Entertainment Pvt. Ltd., Universal Studios Recreation Group, Untamed Entertainment, and Wonderla Amusement Park |
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 |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Age Group
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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