Global Ferris Wheel Market Anticipated to Reach US$ 2,144.9 Million by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Ferris Wheel Market By Type, By Application, By Sales Channel, and By Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at US$ 1,656.4 Million in 2022 and is anticipated to expand at a growth rate of 2.9% by 2031.

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A Ferris wheel works through a combination of gears, motors, and the force of gravity. The spinning motion of the wheel is initiated by gears and motors that pull the wheel up and start the rotating motion, allowing the passengers to move.

The cabins or pods are attached to the rim in such a way that they remain upright with the help of gravity, as the wheel turns. The force of gravity plays a significant role in bringing the wheel back down, giving it its well-known rotating motion.

The global Ferris Wheel market has been segmented in terms of type, application, sales channel, and region. In terms of type, the global Ferris Wheel market is split into Observation Wheel, Transportable Wheel, Traditional Ferris Wheel, and Others. Based on application, the market is bifurcated into Playground and Landscape. On the basis of the sales channel, the market is divided into Manufacturer & Distributor and Service Provider & Aftermarket. Considering regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The COVID-19 pandemic had a considerable and mixed impact on various markets, including the Ferris Wheel market. The outbreak of COVID-19 affected the global economy. Lockdown orders were imposed by several countries across the globe to curb the spread of the COVID-19 virus. This disrupted the global supply chain and reduced trade activities and manufacturing of parts of Ferris wheels.

While the COVID-19 pandemic has presented significant challenges to the global Ferris wheel market, operators have adapted by implementing safety measures, targeting local markets, and leveraging technology to ensure the continued viability of their attractions amidst uncertainties.

Key Takeaways from the Study:

• Players in the global Ferris Wheel market include Chance Rides, LLC, Dutch Wheels B.V., Fabbri Group, Henan Beston Rides Co., Ltd, Huss Park Attractions GmbH, Intamin Amusement Rides Int. Corp. Est., KMG Europe BV, SINORIDES, TECHNICAL PARK S.N.C., Zhejiang Juma Entertainment Co., Ltd, and Zhengzhou Prodigy Amusement Equipment Co., Ltd. These players held a major share of the global Ferris Wheel market in 2022.

• Innovation in Design is a key factor that drives the Ferris Wheel market.

• Emerging Markets and Tourism Destinations is expected to create opportunities in the coming years.

• Based on type, the market is segmented into Observation Wheel, Transportable Wheel, Traditional Ferris Wheel, and Others. The transportable wheel segment is expected to grow with a significant CAGR and hold a considerable share of the market during the forecast period. Transportable Ferris wheels offer flexibility as they can be relocated depending upon the planned event. This portability appeals to event planners seeking versatile and customizable attractions.

• Based on application, the market is segmented into Playground and Landscape. The landscape segment is anticipated to expand at a lucrative CAGR during the forecast period. Expansion of the global tourism industry fuels the demand for iconic attractions such as landscape Ferris wheels.

• Tourist destinations leverage these structures to attract visitors seeking unique experiences and panoramic views of city skylines, landmarks, and natural landscapes. Rapid urbanization and city expansion drive the need for iconic landmarks and recreational spaces.

• Based on the sales channel, the market is segmented into Manufacturer & Distributor and Service Provider & Aftermarket. The service provider & aftermarket segment is anticipated to expand at a significant CAGR during the forecast period. Ferris wheels age and undergo wear and tear, thus boosting the need for maintenance services and upgrades to ensure their continued safe operations and attractiveness to visitors.

• Service providers offering aftermarket sales channels capitalize on this demand by providing maintenance, repair, refurbishment services, and selling upgrade packages to enhance the ride experience or extend the lifespan of the Ferris wheel.

• Based on regions, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe accounted for a significant share of the market in 2022 and anticipated to grow at a significant CAGR during the forecast period.

• Ferris wheels in Europe are often integrated into cultural landscapes, historical contexts, and architectural landmarks, reflecting in the rich heritage and cultural diversity of the region. Cities in Europe leverage the Ferris wheel as symbolic installations that celebrate local identity, heritage, and traditions, adding to their appeal as tourist attractions.

Report Scope:

Target Audience:

• Supply-side: Vendor, Manufacturer, Distributors, Supplier, Retailer.

• Regulatory Side: Concerned government authorities, and other approved regulatory bodies.