Amusement Parks Market Size, Analysis, Share & Forecast 2031

Report Description

The global amusement parks market was valued at USD 54.43 Billion in 2022 and is anticipated to reach USD 85.17 Billion by 2031, expanding at a CAGR of 5.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to rapid urbanization along with increase in travel and tourism industry.

Open-air relaxation and entertainment zones based on imaginary characters and themes are referred to as amusement parks. They are professionally operated fair and picnic garden extensions that cater to people of all ages. They provide several facilities such as sports betting facilities, water parks, resorts and refreshment zones, mechanical rides, casinos, theme parks, arcades, and hotels. They may also provide immersive cinematic experiences for both children and adults, such as high-definition (HD) music and light shows, as well as theatrical productions.

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Amusement Parks Market Trends, Drivers, Restraints, and Opportunities

• Amusement parks are acquiring popularity among travelers of all ages due to new inventive rides, enlightening experiences, and lodging facilities, which is estimated to drive the market.

• With the use of sensors, IoT-enabled educational theme parks allow parents to track their children's mobility around the park, this is expected to boost the market.

• Cultural shifts, changing lifestyles, and a growing emphasis on living a healthy life with a balance of work and leisure are all propelling the amusement parks market.

• Lack of skilled manpower to provide quality services and higher input costs associated with the labor-intensive industry are projected to hamper the market growth.

• Unfavorable demographic shifts possess a major challenge to theme park visitors' ability to enjoy home entertainment, which is estimated to hinder the market growth.

• R&D and technological advancements in the amusement parks is expected to create lucrative opportunities for the market players.

Scope of the Amusement Parks Market Report

The report on the global amusement parks market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Amusement Parks Market Segment Insights

The mechanical rides segment accounts for a major market share

Based on rides, the market is segregated into water ride, mechanical rides, and others. The mechanical rides segment accounts for a major market share. It is estimated to expand at a high CAGR during the forecast period. Growth of the segment is attributed to number of people interested in 4D rides, big rides, and hard roller coasters has increased. Rising middle-class population and household expenditure on outdoor activities, as well as the opening of new theme parks by foreign companies, is driving the segment. The water ride segment holds considerable market share, but their revenue is limited because they are only available at certain times of the year and are dependent on weather conditions in various areas.

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The 36 to 50 years segment is holds substantial market share

In terms of age limit, the market is fragmented into up to 18 years, 19 to 35 years, and 36 to 50 years. The 36 to 50 years segment is holds substantial market share. This is due to the fact that they bring their children along to occupy them. As a result, the theme park operator is concentrating on providing higher-quality, balanced family entertainment. In addition, they are focusing on wristbands in order to attract people's attention. Apart from this, the organization of entertainment events, and ferry trips, as well as great hospitality, are attracting more people in the age group of 36-50 to theme parks.

The tickets segment held the major market share in 2020

On the basis revenue source, the market is divided into tickets, hotels & resorts, food & beverages, merchandise, and others. The tickets segment held the major market share in 2020 and expected to maintain its dominance during the forecast period as amusement parks generate the majority of their revenue through tickets. The addition of hotel and resort accommodations within the park grounds has increased revenue generation.

North America holds more than 40% of the total market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America holds around 40% of the total market share, owing to the promotions made by the regional park in a year-round schedule of festivals and shows. From small, local parks to mega-attraction like Universal Studios and Disney resorts, there is something for everyone. The majority of amusement parks in the US and Canada cater to thrill-seekers by offering jaw-dropping thrill rides, dizzying roller coasters, frisbee rides, and a spider-man simulating ride.

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