Amusement Parks Market Trends 2022 | Growth, Share, Size, Demand and Future Scope 2027
According to IMARC Group’s latest report, titled “Amusement Parks Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global amusement park market size reached US$ 48.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 65.7 Billion by 2027, exhibiting a growth rate (CAGR) of 4.97% during 2022-2027. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
Amusement parks are commercially operated areas that offer various rides, games, fairs, picnic gardens, and shows for entertainment. They comprise a large outdoor area that caters to different age groups ranging from children, teenagers, and elderly adults. They offer numerous amusement facilities, which include theme parks, water parks, arcades, sports betting facilities, refreshment zones, and mechanical rides. They also offer immersive cinematic experiences with high-definition (HD) music, light shows, storytelling, and theatrical plays. Besides this, they are stationary and established for long-term operation compared to carnivals and funfairs, which are temporary and mobile.
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Amusement Parks Market Trends:
At present, rapid urbanization and rising standards of living, along with significant growth in the travel and tourism industry, represents one of the key factors positively influencing the market. Amusement parks offer unique experiences to visitors and support in strengthening the bond with local people. They also promote socialization, enhance mood, reduce stress and anxiety, and help maintain fitness as indulging in various activities of amusement parks releases adrenaline and endorphin hormones and burns calories. Moreover, inflating disposable income levels and increasing expenditure capacity of consumers on entertainment activities are currently driving the market. Additionally, the increasing adoption of technologically advanced solutions, such as artificial intelligence (AI), facial and voice recognition, virtual reality (VR), augmented reality (AR), mixed reality (MR), animatronics, innovative show effect, and ride system technologies, are offering impactful experience to visitors. These technologies help track and monitor all activities in the park, which, in turn, is offering lucrative growth opportunities to amusement park owners. In line with this, the availability of accommodation facilities, restaurants, official merchandise, and theme-based attractions in amusement parks is expanding its consumer base.
Moreover, park owners are focusing on promotional activities by offering theme-based attractions and gifts, such as goodies, t-shirts, posters, and home décor, which is bolstering the market growth. Besides this, they are also focusing on introducing new rides, museums, and fun-based activities, in confluence with innovative architecture, to attract a wider consumer base. In addition, the integration of internet of things (IoT)-based wristbands, real-time Global Positioning System (GPS) trackers, and facilities for credit card transactions are the other factors strengthening the market growth. Furthermore, increasing investments in themed amusement parks, such as the development of 4D rides and giant roller coasters, to provide next-generation reality experiences, sound attractions, and display and light attractions are anticipated to drive the market in the coming years.
Frequently Asked Questions (FAQs):
- How big is the amusement parks market?
According to IMARC Group, the market was valued at 48.8 Billion in 2021.
- What is the estimated growth scenario for the amusement parks market by 2027?
By 2027, the amusement parks market is expected to reach a value of 65.7 Billion
- Who are the major players in the amusement parks market?
The key players operating in the market include Ardent Leisure Group, Cedar Fair Entertainment Company, Chimelong Group Co. Ltd., Comcast Corporation, Fantawild Holdings Inc. (Shenzhen Huaqiang Holdings Ltd.), IMG Worlds of Adventure, Merlin Entertainments (The Blackstone Group), SeaWorld Parks & Entertainment Inc., Warner Media LLC and The Walt Disney Company.
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List of Key Companies Covered in this Market Report:
- Ardent Leisure Group (ASX: ALG)
- Cedar Fair Entertainment Company (NYSE: FUN)
- Chimelong Group Co. Ltd.
- Comcast Corporation (NASDAQ: CMCSA)
- Fantawild Holdings Inc. (Shenzhen Huaqiang Holdings Ltd.)
- IMG Worlds of Adventure
- Merlin Entertainments (The Blackstone Group)
- SeaWorld Parks & Entertainment Inc.
- Warner Media LLC
- The Walt Disney Company
The report has segmented the market on the basis of rides, revenue source, age group and geography.
Breakup by Rides:
- Mechanical Rides
- Water Rides
Breakup by Revenue Source:
- Food and Beverage
Breakup by Age Group:
- Up to 18 Years
- 19 to 35 Years
- 36 to 50 Years
- 51 to 65 Years
- More than 65 Years
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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