Amusement parks play an important role in the global leisure and entertainment industry. These recreational facilities provide numerous entertainment options and serve as a one-stop solution for leisure & entertainment solution that flourishes as a prime tourist attraction source for revenue generation. Global amusement market provides various types of products such as water rides, mechanical rides, food & beverages from different refreshment centers installed within the park and merchandise etc. The market is largely driven by increase in the number of young retirees who spend their time in their free time and relax. In addition, growth in international tourism sector has become a lucrative consumer group for both theme parks and marine parks.
As per analysis, “Amusements Global Market Report 2020-30: Covid 19 Impact and Recovery” some of the renowned companies that are currently operating in the global amusement market include Universal Studios Inc; Merlin Entertainment Group; Las Vegas Sands Corp; MGM Resorts; The Walt Disney Company and among others. New park establishments, Rider launches, and Research & Development (R&D) activities are key strategies adopted by major players in the amusement market.
Based on type, amusement market can be segregated as Water Park, theme park and amusement arcades. Theme park segment dominates the global market due to its superior consumer experience than amusement arcades and water parks. Based on revenue source, market can be segregated as hotels & resorts, food & beverage, merchandise, tickets and others. Hotels & resorts segment is expected to exhibit substantial growth rate because of growth in introduction of accommodation facilities for instance hotels & resorts in park premises during the forecast period. Based on age group, market can be segregated as below 25 years, 25 to 39 years, 30 to 59 years, 60 to 74 years and 75 years and above. Based on gender, market can be segregated as male and female. In addition, based on distribution channel, market can be segregated as online gambling, offline gambling and VR gambling.
Growth in international tourism, followed by increase in government support, rise in demand for theme parks, introduction of accommodation facilities at amusement parks and growth in technological advancements are some major factors, which are responsible for growth of the amusement market. However, economic & geographic challenges and safety concerns may impact the market. Moreover, incorporation of IoT to smoothen operations inside the theme park is a leading opportunity for market.
Based on regional analysis, the Asia-Pacific is a leading region in global amusement market owing to growth of the experience economy and improved earning capacity across the region. The North-America and Europe regions are projected to witness higher growth rate due to increase in travel & tourism sectors coupled with rise in use of social media over the forecast period. It is predicted that future of the global amusement market will be bright on account of rise in demand from all age groups especially for family & friendly fairground rides along with high-adrenaline coasters during the forecast period.
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Ankur Gupta, Head Marketing & Communications