Dublin, Nov. 22, 2024 (GLOBE NEWSWIRE) -- The "Amusement Parks Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global amusement parks market reached a value of nearly $83.6 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.6% since 2018. The market is expected to grow from $83.6 billion in 2023 to $113.6 billion in 2028 at a rate of 6.3%. The market is then expected to grow at a CAGR of 5.8% from 2028 and reach $150.6 billion in 2033.
Going forward, the rise in the urban populations, expansion in the tourism and travel industry, strong economic growth in emerging markets and government initiatives and support will drive the market. Factors that could hinder the growth of the amusement parks market in the future include competition from streaming services and video gaming industry and rising operational costs.
The amusement parks market is segmented type into theme parks, water parks and amusement arcades. The theme parks market was the largest segment of the amusement parks market segmented by type, accounting for 79.9% or $71.3 billion of the total in 2023. Going forward, the theme parks segment is expected to be the fastest growing segment in the amusement parks market segmented by type, at a CAGR of 6.4% during 2023-2028.
The amusement parks market is segmented by revenue source into tickets, food and beverages, hotels and resorts, merchandise and other revenue sources. The tickets market was the largest segment of the amusement parks market segmented by revenue source, accounting for 29.8% or $24.9 billion of the total in 2023. Going forward, the merchandise segment is expected to be the fastest growing segment in the amusement parks market segmented by revenue source, at a CAGR of 6.58% during 2023-2028.
The amusement parks market is segmented by visitors' gender into male and female. The male market was the largest segment of the amusement parks market segmented by visitors' gender, accounting for 53.1% or $44.4 billion of the total in 2023. Going forward, the female segment is expected to be the fastest growing segment in the amusement parks market segmented by visitors' gender, at a CAGR of 6.6% during 2023-2028.
The amusement parks market is segmented by age group into below 25 years, 25 to 39 years, 40 to 59 years, 60 to 74 years and 75 years and above. The below 25 years market was the largest segment of the amusement parks market segmented by age group, accounting for 42.3% or $38.9 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the amusement parks market segmented by age group, at a CAGR of 9.5% during 2023-2028.
Asia-Pacific was the largest region in the amusement parks market, accounting for 32.2% or $26.9 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the amusement parks market will be South America and Africa, where growth will be at CAGRs of 13.5% and 11.6% respectively. These will be followed by the Middle East and Asia-Pacific, where the markets are expected to grow at CAGRs of 10.3X% and 7.9% respectively.
The global amusement parks market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 57.24% of the total market in 2022. The Walt Disney Company was the largest competitor with a 26.96% share of the market, followed by Comcast Corporation with 12.06%, Oriental Land Company Ltd. with 4.82%, Merlin Entertainment plc with 3.30%, Cedar Fair Entertainment Company with 2.91%, Six Flags Entertainment Corporation with 2.17%, Maruhan Co. Ltd. with 2.01%, Vail Resorts Inc. with 1.59%, Compagnie des Alpes Public limited company with 0.71% and Seaworld Entertainment Inc. with 0.69%.
The top opportunities in the amusement parks market segmented by type will arise in the theme parks segment, which will gain $24.7 billion of global annual sales by 2028. The top opportunities in the amusement parks market by revenue source will arise in the tickets segment, which will gain $11.9 billion of global annual sales by 2028. The top opportunities in the amusement parks market by visitors' gender will arise in the male segment, which will gain $15.3 billion of global annual sales by 2028. The top opportunities in the amusement parks market by age group will arise in the below 25 years segment, which will gain $8.4 billion of global annual sales by 2028. The amusement parks market size will gain the most in China at $7.3 billion.
Market-trend-based strategies for the amusement parks market include focus on introducing innovative attractions and experiences to maintain competitiveness and attract visitors, focus on offering platforms to patrons for booking rides or tickets with the help of mobile technologies, focus on prioritizing partnerships and collaborations with entertainment studios, movie franchises and popular brands to leverage complementary expertise, expand offerings and enhance visitor experiences, focus on using green energy to power rides and other attractions, focus on the use of artificial intelligence (AI) in amusement parks to support digital transformation initiatives and focus on strategic investments in infrastructure upgrades and expansions to accommodate growing visitor numbers and provide state-of-the-art facilities.
Player-adopted strategies in the amusement parks market include focus on strong capital expenditure for renovations and updates and the addition of new rides, focus on enhancing business capabilities through the launch of new theme parks, focus on strengthening business operations through rolling out new measures for helping guests, focus on strategic partnerships to expand business expertise and focus on strengthening business operations through rolling out new additions to amusement parks.
To take advantage of the opportunities, the analyst recommends the amusement parks companies to focus on innovative attractions, focus on mobile technology integration, focus on green energy integration, focus on ai integration for enhanced guest experience, focus on theme parks and water parks segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, provide competitively priced offerings, engage in social media marketing, focus on promotions through collaborations, focus on targeting urban populations, focus on female visitors market segment and focus on below 25 years and 25 to 39 years age group segments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 440 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $83.6 Billion |
| Forecasted Market Value (USD) by 2033 | $150.6 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
Major Market Trends
- Introduction of Innovative Attractions and Experiences to Maintain Competitiveness and Attract Visitors
- Personal Devices and Self Service for Booking Rides or Tickets
- Strategic Partnerships and Collaborations Among Major Players
- Adoption of Green Energy in Amusement Parks to Power Rides and Other Attractions
- Use of Artificial Intelligence in Amusement Parks to Support Digital Transformation
- Strategic Investments in Amusement Parks to Boost Customer Experience
Customer Information
- User-Centric Website Designs Have Enhanced Visitor Experiences
- Change in Consumer Attitude Post-COVID-19 Stage
- High Ticket Costs a Top Factor for Not Visiting Amusement Parks
- Customers are Unhappy with Price Increases in Amusement Parks
- Visitors Were Excited to Return to Amusement Parks Post COVID-19
- Visitor Hesitation Due to Coronavirus Pandemic
- Venue Cleanliness/Sanitation at the Top for Consumers Returning to Theme Parks
- Theme Parks Outranking Other Leisure Activities
Competitive Landscape and Company Profiles
- Walt Disney Company
- Comcast Corporation
- Oriental Land Company Ltd
- Merlin Entertainment Plc
- Cedar Fair Entertainment Company
Key Mergers and Acquisitions
- Imagicaaworld Entertainment Acquired Malpani Group
- Six Flags Entertainment Corporation Acquired Cedar Fair
- PAG Acquired Japan's Huis Ten Bosch Theme Park
- H.I.G. Capital Acquired Family Entertainment Group
- Premier Parks, LLC, Acquired the Valcartier-Calypso Group
- Prologis Acquired California's Great America Amusement Park Site
- Palace Entertainment Acquired Adventureland
- Global Leisure Group Acquired HPS Play Company
- the Brighton Pier Group Acquired Lightwater Valley Family Adventure Park
- UShaka Marine World and EThekwini Municipality Acquired Funworld
For more information about this report visit https://www.researchandmarkets.com/r/g1j7sx
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