Wilmington, Delaware, United States, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global drive-in movie theatre market is projected to flourish at a CAGR of 6.2% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 8.6 billion is anticipated for the market in 2031. As of 2023, the market for drive-in movie theatres is expected to close at US$ 5.4 billion.
The rise in adoption of advanced technologies and increase in expenditure on digitalization are likely to boost the drive-in movie theatre market. Increasing popularity of drive-in movies for a more relaxing and peaceful experience among the middle aged population to drive the market demand
Technology advancements have been a catalyst for the global drive-in movie theatre industry, as drive-in theatres are being modernized. Several local players are investing significantly in these cinemas to increase their drive-in movie theatre market share.
Advancements in technology have improved the quality of drive-in movie experiences. Better sound systems, high-definition projectors, and FM radio broadcasting for audio have enhanced the overall viewing experience.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 5.1 Bn | |
| Estimated Value | US$ 8.6 Bn | |
| Growth Rate - CAGR | 6.2% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 160 Pages | |
| Market Segmentation | Screen Size, Area, Technology, Application | |
| Regions Covered | North America,Europe,Asia Pacific,Middle East & Africa,South America | |
| Companies Covered | AMC Entertainment Holdings Inc., Cineworld Group Plc, Cinemark Holdings, Inc., Cinepolis, Cineplex Inc., Vue International, CGV Cinemas, Wanda Film Holding Co., Alamo Drafthouse Cinemas, The Decurion Corporation | |
Key Takeaways from the Market Study
- As of 2022, drive in movie theatre market was valued at US$ 5.1 billion
- By screen size, the up to 20 ft. segment to enjoy high demand, accumulating a high revenue share during the forecast period.
- Based on area used, the small scale segment is anticipated to dominate the industry during the forecast period
- Based on technology, the 2D segment is expected to generate high revenue during the forecast period.
- By Application, the restaurant parking slots segment is expected to generate high revenue during the forecast period.
Drive-in Movie Theatre Market: Key Trends and Opportunistic Frontiers
- Drive-in theatres are often perceived as more environmentally friendly than traditional cinemas due to reduced energy consumption and fewer building materials.
- Digital projectors are being used instead of conventional projectors. Drive-in theatres are also offering food and beverage services to attract more customers.
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Drive-in Movie Theatre Market
- Asia Pacific is estimated to account for the largest share during the forecast period. The presence of a large customer base, advancements in technology, and an increase in penetration of the movie industry are some of the key factors augmenting market statistics in the region. The popularity of drive in movie theatre increases in countries like China & India as it gives unique movie-watching experience, often combined with dining options. Drive-in theatres have been used for various cultural events and entertainment beyond traditional film screenings
- North America is expected to witness steady growth in the near future, as drive-in movie theatres are making a comeback in the region. The increasing popularity of drive in movie theatre in corporate events, private parties, and outdoor gatherings in countries like United States and Canada drive the market demand.
Competitive Landscape
The global drive-in movie theatre market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global drive-in movie theatre market report:
- AMC Entertainment Holdings Inc.
- Cineworld Group Plc
- Cinemark Holdings, Inc.
- Cinepolis
- Cineplex Inc.
- Vue International
- CGV Cinemas
- Wanda Film Holding Co.
- Alamo Drafthouse Cinemas
- The Decurion Corporation
Key Developments in the Drive-in Movie Theatre Market
- AMC, one of the largest theatre chains in the United States, announced plans to invest in the renovation and modernization of some of its drive-in theatre locations. They aimed to enhance the overall viewing experience by upgrading projection and sound systems.
- Cineworld, the parent company of Regal Cinemas, was exploring the potential expansion of its drive-in movie theatre offerings, including pop-up drive-in events in various locations.
- Outdoor Movies, a leading provider of inflatable movie screens and equipment for outdoor and drive-in movie events, continued to innovate by offering larger and more advanced inflatable screens. They also expanded their product line to include high-quality sound systems.
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Drive-in Movie Theatre Market – Key Segments
Screen Size
- Up to 20 ft.
- 20-50 ft.
- Above 50 ft.
Area
- Small Scale
- Large Scale
Technology
- 2D
- 3D
Application
- Restaurant Parking Lots
- Theatre Parking Lots
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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