Europe Theme Park Market Outlook 2031:
The Europe theme park market size was valued at USD 1.05 Billion in 2022 and is expected to reach USD 1.25 Billion by 2031, expanding at a CAGR of 2% during the forecast period, 2023-2031. The growth of the market is attributed to increasing number of people visiting theme parks to enjoy fancy rides.
The COVID-19 pandemic resulted in the lockdown of public across the Europe, which negatively impacted the sales of theme parks in the region. Theme parks are classified as mega parks, which can be further distinguished into Tier 1, Tier 2, and Tier 3 parks. Tier 3 or small-sized parks majorly impacts the growth of the regional market. These parks provide diverse options for entertainment, which includes significant playgrounds, city park charmers, and adventurous rides and activities.
Even though the COVID-19 pandemic had affected the sales of theme parks, maximum of theme parks have been reopened with restrained capacity in second half of the year 2020. However, with the second wave of the coronavirus, the regional market growth can again go through huge disruption.
Maximum number of theme parks might keep confronting hardships for a minimum a year or two, while the swift acceleration in vaccine drive, implementation of stringent social distancing regulations, and awareness about personal hygiene can lead to rapid recovery of the market.
Major industry players in the theme parks market are focusing on investing in new attractions, unique events, and celebrations with effective marketing campaigns to attract more consumers. However, mega theme parks and local theme parks constitute the general nation and the tendencies obtrusive within side the market.
Theme parks that have exceptional rides have a tendency to gain maximum customers and attraction from media. However, high maintenance cost increases operational costs of theme parks. Theme parks are crucial for the development of the tourism industry. A theme park can help to promote the local economy and generate employment opportunities for the region.
Europe Theme Park Market Trends, Drivers, Restraints, and Opportunities
- Rising disposable income and increasing spend on tourism is driving the growth of the market.
- High capital investment and operational costs can restrain the market growth.
- Increasing demand for new attractions to interest tourists and engage local visitors is anticipated to boost the growth of the market.
Scope of Europe Theme Park Market Report
The report on the Europe theme park market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Theme Park Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
Revenue Sources (Tickets, Food & Beverages, Merchandize, Hotels & Resorts, and Others)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Ancient Kiev, Astrid Lindgrens Varld, FunPark Ordnung, High Chaparral Theme Park, Moomin Characters, Watermouth Castle, and Puy du Fou.
Europe Theme Park Market Segment Insights
Revenue Sources Segment Analysis
On the basis of revenue sources, the market is divided into tickets, food & beverages, merchandize, hotels & resorts, and others. The tickets segment is anticipated to account for more than 45% during the forecast period. Tickets constitute for major revenue generation for the theme park owners.
However, the pandemic situation is anticipated to reduce the price tag of tickets to attract visitors throughout the region. Small park owners are engaging in creative ticket pricing strategies to gain more visitors. This is due to the fact that small theme park operators faces intensive competition from mega parks, Tier 1, and Tier 2 operators.
The food & beverages segment is anticipated to expand at a CAGR of 2.5% during the forecast period. Tourists travelling to theme park have a tendency to spend maximum on meals and liquids amongst different amenities. Moreover, extensive efforts made by theme park operators to encourage visitors to spend extra time in the food & beverage by food coupons and discounts is anticipated to spur the growth of this market segment.
The others segment is divided into events & activities and parking. Most of the theme parks are generating considerable amount of revenue from parking tickets, which some of them are providing free parking to exclusive members of theme parks.
Based on geography, the market in Europe is segregated into the UK, France, and Rest of Europe. The market in the UK accounted for a considerable market share owing to presence of major theme parks.
The Europe theme park market has been segmented on the basis of
- Food & Beverages
- Hotels & Resorts
- Events & Activities
- The UK
- Rest of Europe.
Major players of the Europe theme park market are Ancient Kiev, Astrid Lindgrens Varld, FunPark Ordnung, High Chaparral Theme Park, Moomin Characters, Watermouth Castle, and Puy du Fou.
The COVID-19 pandemic has persuaded theme operators to close down the theme parks owing to whopping operational costs, while have encouraged to engage in partnerships, collaborations, and mergers to overhaul the disruption due to the pandemic and expand their market share