Amusement Parks Market Size, Share, Growth, and Industry Analysis, By Type (Science Theme-based Parks, Music/Art Theme-based Parks and Others), By Application (Children, Adult and Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Amusement Parks Market REPORT OVERVIEW

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global amusement parks market size was USD 40940 million in 2021 and market is projected to touch USD 56746.56 million by 2031 at CAGR 3.3% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

An amusement park is a park having a variety of entertainment-related attractions such as rides, games, and other activities. A theme park is a type of amusement park that focuses its structures and attractions on a single topic and frequently includes multiple zones with different themes. In contrast to ephemeral and mobile funfairs and carnivals, amusement parks are stable constructions meant for ongoing operation. They have more attractions and cater to a wider variety of age groups than municipal parks and playgrounds.

COVID-19 Impact: Pandemic Caused Underlying Malady Shackled the Market Growth

The COVID-19 pandemic has had a huge influence on amusements around the world. The epidemic created a slew of issues that impacted attendance, operations, income, and overall corporate viability. Many amusement parks were forced to temporarily close their doors as part of lockdowns and public health precautions to prevent the virus from spreading. When they were allowed to reopen, they frequently had to operate with reduced capacity to maintain physical distance, which resulted in lower revenue. Attendance at amusement parks has decreased as a result of illness fears and travel restrictions. People were cautious to congregate in big groups, especially in enclosed places like those found in amusement parks.

LATEST TRENDS

"Increased Awareness of Environmental Effects is a Major Trend Boosting the Market Sales"

The Amusement Parks market is under pressure from Generation Z and Millennials, the park industry's largest customer base, to adopt clean energy sources, reduce trash, and give vegan food alternatives. Walt Disney World presently uses solar farms as one of its energy sources, and Six Flags Discovery Kingdom made history in 2019 by becoming the Western United States' first solar-powered park. Furthermore, parks are reducing their use of straws and replacing them with plant-based alternatives.

Amusement Parks Market SEGMENTATION

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• By Type

Based on type, the market is classified as science theme-based parks, music/art theme-based parks and others.

• By Application

Based on application, the market is classified as children, adult and others.

DRIVING FACTORS

"Rise in Consumers Disposable Income to Inflate the Market Share"

Consumers are spending more money these days on experiences rather than items to fill their free time. They contribute to it by spending their discretionary income on unique, personalised experiences, which benefits the experience economy. The utilisation of social media platforms is critical in persuading people to seek out these types of experiences. People of all ages, particularly corporate professionals, are keen to attend amusement parks in the modern world to spend time in a healthy, family-friendly setting. The increasing popularity of living a balanced life that blends work and pleasure is being ascribed to the growth of the amusement park industry income. These factors contributes for the growth of amusement parks market.

"IoT Infrastructural Development and IoT-Enabled Theme Park to Decipher the Market Share"

The Internet of Things revolution is seen in the numerous ways amusement parks market works. This technology assists in keeping track of all events, monitoring them, and controlling people in the park. Furthermore, the IoT wristband functions as a passport-like gadget that accepts payment cards and serves as a visitor's admission ticket. Sensors in IoT-enabled educational theme parks enable parents to track their children's whereabouts at all times. These reasons, taken together, are raising demands. Manually given information—whether in writing or electronically—by a user to a State agency is omitted in theme parks, and this information of users is accessible to people acting in a business capacity alongside firm owners and officers.

The "Internet of Things" (IoT) refers to physical items that are connected to the Internet. With the support of stock and point-of-sale monitoring, supply chain and sales choices will become more efficient. By doing so, one can avoid shortages by finding the foods and products that are currently selling. Customers will also be able to access real-time statistics on wait times at restaurants, attractions, and rides. As a result, theme parks will be able to provide a more streamlined experience while still keeping to social distancing rules. The advent of additional internet-connected gadgets poses security concerns, though these concerns are being explored and addressed.

RESTRAINING FACTOR

"Expensiveness , Labour Shortage and the Setbacks Due to COVID-19 to Hinder the Market Growth"

The growth of the amusement park market is likely to be impeded by a lack of trained workers to provide quality services and increasing input costs associated with labor-intensive industries such as entertainment. Furthermore, adverse demographic shifts threaten tourists' capacity to enjoy home entertainment in theme parks. However, the cost factors, labour shortage and the setbacks caused due to the pandemic are impeding the amusement parks market growth.

Amusement Parks Market REGIONAL INSIGHTS

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"North American Region to Lead With Modesty and Extensive Innovation in the Ride and Theme Parks"

North American region is likely to dominate and hold the largest amusement parks market share. This is due to the regional park team's year-round comprehensive calendar of events, which includes festivals and shows. From small, local parks to industry behemoths like Universal Studios and Disney resorts, there is something for everyone. The majority of amusement parks in the United States and Canada are geared to supplying thrill seekers with thrill rides, Frisbee rides, a motion-simulating Spider-Man ride, and dizzying roller coasters. Kings Dominion, Canada's Wonderland, Hersheypark, LEGOLAND Florida Resort, and Disney World are among the best family theme parks in North America.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is a thorough investigation that details industry performance in the past and the future together with an analysis of the competitive landscape that takes into account well-known main players and revenue patterns. In-depth study of company profiles, growth trends, the supply-demand chain, production and consumption demand, and business expansion methods used by top key players are all provided in the report. The data combines recent technology advancements, trends, manufacturing line mergers and acquisitions, market research, and other elements.

List of Market Players Profiled

• Disney Parks and Resorts (U.S.)
• Universal Studios Theme parks (U.S.)
• OTC Parks (China)
• SeaWorld Entertainment (U.S.)
• Six Flags Entertainment Corporation (U.S.)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.