The global amusement parks market size is expected to reach USD 70.83 billion by 2025, according to a study conducted by Grand View Research, Inc., progressing at a CAGR of 5.8% during the forecast period. Rising introduction of hotels and resorts in parks premises and increasing spending capacity of consumers is expected to stimulate the growth of the market. Moreover, amusement parks are appealing to visitors since they offer entertainment options for the entire family and include multiple theme-based attractions, live entertainment shows, and various rides for people of all age groups. In addition, disability access and excellent hospitality are other factors that draw people to amusement parks.
Rapid
expansion of the global amusement parks market, especially in Europe and Asia
Pacific, is also one of the primary factors positively influencing market
growth. For instance, Disney’s theme parks are established across the globe in
different continents. Additionally, such parks attract millions of visitors
every year. According to the Themed Entertainment Association (TEA), Disneyland
California received 18.3 million visitors while Tokyo Disneyland received 16.8
million visitors in 2017.
Amusement
parks are an essential part of the global entertainment and leisure industry.
The latter is categorized into water parks, amusement parks, and theme parks.
Demographic changes and rapid evolution of economic and social landscape are
shaping the amusement park market. For instance, according to IAAPA, in the
U.S., children below the age of 18 are not allowed on rides that include loops
and inversions. Owing to this, various parks have introduced adventurous and
thrilling rides for adults. This has resulted in popularity of amusement parks
not only among kids but also among adults. This change in the age-based
demographic aspect was undertaken by the industry to attract youngsters and
their parents.
The
market is marked by presence of key players, owing to which new entrants face
challenges to enter the market. Significant capital investment, land
procurement, climatic factors, and uncertainty about business success are some
of the roadblocks in the growth of the market.
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Amusement Parks
Market Report Highlights
- Among ride types, the
mechanical rides segment is projected to witness the highest growth over
the forecast period. This is primarily driven by popularity of roller
coasters among visitors who belong to 19 to 35 years of age group.
- In 2017, the water rides
segment accounted for over 13.0% of the overall revenue owing to 1.2%
increase in the number of visitors at water parks across the globe
- The 19 to 35 years age
segment is likely to emerge as the fastest growing segment during the
forecast period owing to presence of youngsters in this age group
- The 35 to 50 years age
segment also holds sizeable share in the market. Amusement parks organize
entertainment shows, ferry rides, and vintage theme-based activities in
order to attract visitors from this age group
- The hotels & resorts
segment is expected to post the highest CAGR during the forecast period
owing to increasing investments from park owners to establish theme-based
hotels and resorts for visitors. Availability of hotels & resorts
within premises of park leads to visitors spending more time at the park
- North America was the
leading regional market in 2017. It is anticipated to register a
significant growth rate during the forecast period. The growth of the
market can be attributed to domicile of prominent players in the region
- Major market players include
Walt Disney Company, Six Flags Entertainment Corporation, Merlin
Entertainment, and Comcast Corporation. These players are engaged in
introducing innovative and advanced rides to gain a competitive edge in
the market
- In 2017, Six Flags
Entertainment Corporation launched Twisted Cyclone, the fastest and
loopiest roller coaster ride across the globe.
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Amusement Parks
Market Segmentation
Grand View Research has segmented
the global amusement parks market on the basis of rides, age, revenue source,
and region:
Amusement Parks
Rides Outlook (Revenue, USD Million, 2014 - 2025)
- Mechanical Rides
- Water Rides
- Other Rides
Amusement Parks Age
Outlook (Revenue, USD Million, 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 Million, 2014 - 2025)
- Tickets
- Food & Beverages
- Merchandise
- Hotels/Resorts
- Others
Amusement Parks
Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Denmark
- Asia Pacific
- China
- India
- Japan
- Hong Kong
- Singapore
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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