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.
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 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.
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.
Key suggestions from the report:
- 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
- In 2017, Six Flags Entertainment Corporation launched Twisted Cyclone, the fastest and loopiest roller coaster ride across the globe