Ferris Wheel Market Size, Share, Analysis & Forecast [2031]

Report Description

Market Outlook:

The Global Ferris Wheel Market was estimated at USD 1,656.4 Million in 2022 and is anticipated to reach USD ~2,144.9 Million by 2031, expanding at a CAGR of 2.9% during the forecast period.

Ferris wheels are type of amusement ride that consists of a large upright wheel with passenger-carrying cabins attached to the rim for the passengers to maintain upright, generally by gravity, as the wheel turns.

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The lights of a Ferris wheel are powered by slip rings, which are circular rings attached to the rotating Ferris wheel, ensuring the lights continue to sparkle without safety issues or excessive electricity cables.

The research report states that the COVID-19 Pandemic significantly impacts the market. During the height of the pandemic, many amusement parks, tourist attractions, and entertainment venues were forced to temporarily close to comply with lockdown measures and social distancing guidelines. Ferris wheel operators experienced significant revenue losses, due to reduced visitor numbers and decreased ticket sales.

Macro-economic Factors

GDP Growth

GDP growth rate of a country, the overall economic growth, and stability of countries significantly impact the Ferris wheel market across the globe. High GDP growth rates lead to increased expenses for entertainment such as Ferris wheel rides.

When the GDP grows, it generally indicates a healthy economy with high income, employment, and consumer confidence. Individuals and households have disposable income to allocate to leisure activities, including visits to amusement parks and Ferris wheel rides, as the economy expands.

For instance, the US accounts for 24.67% share of the global economy, while China holds a share of 17.39%, Japan accounts for 5.97%, Germany accounts for 4.54%, and the UK makes up 3.26%. Therefore, the US has large number of Ferris wheel within the country.

Ferris Wheel Market Dynamics

Market Driver- Rising Demand for Unique Experiences

Rising demand for unique experiences fuels the Ferris wheel market. Ferris wheels offer several key benefits, including providing passengers with awe-inspiring views of the surroundings, enhancing their experience at amusement and observation attractions, and serving as iconic symbols that contribute to the identity and tourism of cities.

Ferris wheels allow riders to enjoy a panoramic view of the entire city, enabling them to see famous landmarks, skyscrapers, and neighbourhoods from an entirely new perspective.

For instance, the London Eye is a cantilevered observation wheel located on the South Bank of the River Thames in London. The Eye has 32 climate-controlled passenger capsules, each representing one of the boroughs of London. The capsules move slowly, allowing visitors to take in the panoramic views of the city from all angles.

Market Driver- Rapid Urbanization

Growing demand for Ferris wheel is driven by increasing urbanization around the world. Urbanization leads to the expansion of recreation functions, which fuels the demand for entertainment facilities such as Ferris wheels.

Urbanization, typically begins when industrialization creates a high demand for factory labour, leading to a massive increase in the number of factories and the growth of urban centres. This results in the natural population growth and the need for cities to expand to meet the growing demand, including the development of infrastructure and entertainment attractions such as Ferris wheels.

Therefore, rapid urbanization process, especially in emerging economies, is expected to drive the demand for Ferris wheels as cities seek iconic landmarks to differentiate themselves and attract customers.

Existing Restraints - High Initial Investments

High initial investments impede the global Ferris wheel market. The construction and installation of a Ferris wheel involve substantial costs.

The profitability of a Ferris wheel is influenced by factors such as the initial construction and installation costs, ongoing maintenance expenses, and the revenue generated from ticket sales. High initial investments amount to millions of dollars, affects the time it takes for the Ferris wheel to start generating profits.

For instance, the original Ferris wheel, built for the 1893 World's Columbian Exposition in Chicago, the US, shows a substantial financial commitment required for the development and relocation of a Ferris wheel. The reassembly of the Ferris wheel at a new location involved USD 40,000 for the foundation and USD 185,000 for the removal. This is expected to hinder the global Ferris wheel market.

Emerging Opportunities - Technological Advancements and Customization

Technological advancements and customization are expected to create various opportunities in the Ferris wheel market during the forecast period.

Ferris wheel manufacturers offer customization, allowing parks to match the ride with their ambiance and theme. This provides parks with the opportunity to create unique and personalized experiences for their visitors.

Technological advancements employ high-quality materials such as stainless steel, aluminum, and fiber-reinforced plastic in Ferris wheel manufacturing. This improves the reliability and safety of Ferris wheels, presenting opportunities to enhance the overall ride experience.

For example, during the construction of Ain Dubai, protective coatings were used to provide corrosion and UV resistance to the wheel, due to the harsh local climate and the Ferris wheel's proximity to water.

Scope of the Ferris Wheel Market Report   

The report on the Global Ferris Wheel Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Based on Type, the market is segmented into observation wheel, transportable wheel, traditional Ferris wheel, and others. The observation wheel segment is expected to hold a considerable share of the market and is expected to grow with a significant CAGR during the forecast.

The demand for iconic landmarks and attractions is increasing as global travel continues to grow. Observation Ferris wheels offer a unique vantage point for tourists to see cityscapes, landmarks, and natural attractions, thus driving their demand.

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Based on Application, the market is bifurcated into playground and landscape. The playground held a significant share of the market in 2022 and is anticipated to expand at a considerable CAGR during the forecast period. Increasing urbanization drives need for recreational spaces and attractions within cities. Playground Ferris wheels offer a fun and engaging activity for families and children in urban areas, thus driving the demand for these attractions.

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In terms of Sales Channel, the market is divided into manufacturer & distributor and service provider & aftermarket. The manufacturer & distributor segment is anticipated to expand at a significant CAGR during the forecast period, as the growth of the global tourism industry drives the demand for Ferris wheels as iconic attractions in tourist destination. Manufacturers and distributors capitalize on this trend by offering innovative and visually appealing Ferris wheel designs that attract visitors seeking unique experiences and panoramic views.

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Regional Outlook

Based on regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific held a substantial share of the market in 2022 and is projected to expand at a significant CAGR during the forecast period.

Asia Pacific is home to a diverse range of attractions, including theme parks and cultural destinations. Ferris wheels are often integrated into these as signature attractions, adding to the overall visitor experience and contributing to the success of these destinations. Moreover, the Ferris wheel market in the region is also driven by factors such as rapid urbanization, growing tourism practices, and developments of theme parks.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Ferris Wheel Market

• Historical, Current, and Projected Market Size in Terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players