New York, NY, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has broadcasted a recent study report titled "Theme Park Tourism Market Share, Size, Trends, Industry Analysis Report, By Revenue Source (Tickets, Merchandise, Lodging, Food and Beverage); By Booking Channel; By Tourist Type; By Tour Type; By Consumer Orientation; By Age Group; By Region; Segment Forecast, 2023 - 2032" in its research database.
In accordance with Polaris Market Research, the global theme park tourism market size & share worth were estimated at USD 49.46 billion in 2022 and is anticipated to expand to USD 155.55 billion at a CAGR of 12.2% during the forecast period of 2032. The market for theme park tourism is seeing substantial growth, driven by numerous key factors. One of the important factors driving the growth is due to the Disneyland-inspired developments.
What Exactly is a Theme Park in Tourism?
Theme parks have drawn vast scholarly attention within and beyond the tourism literature. These parks are packs of attractions, shows, rides, and activities focused on particular themes. This theme is mainly based on fairy tales, books, imaginary worlds, and popular movies. There are numerous reasons why visiting a theme park is fun. It's a destination that will fascinate people to a completely different place with lots of options for a good time. As a result, the theme park tourism market is expanding.
Moreover, the term "theme park tourism" refers to travel to a city or town that has well-known theme parks and is often done by individuals, families, or groups of friends. This type of tourism has a variety of goals, from enjoying oneself to learning about that specific theme park to simply being amused. Additionally, the theme park is a crucial component of tourism and the sole purpose for travel to many locations.
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Essential Takeaways from the Report
- The increasing popular culture worldwide has been a substantial factor in the increasing development and revenue of the theme park industry.
- The Disneyland-inspired effects are driving the market.
- The theme park tourism market segmentation is primarily based on booking channel, revenue source, tour type, tourist type, age group, consumer orientation, and region.
- Asia Pacific witnessed the highest growth of the market during the forecast period.
Leading Players Appeared in the Report
- Cedar Fair Entertainment Company
- Merlin Entertainments
- SeaWorld Parks & Entertainment
- Six Flags Entertainment
- Universal Parks & Resorts
- Walt Disney Company
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Theme Park Tourism Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 155.55 Billion |
| Market size value in 2023 | USD 55.33 Billion |
| Expected CAGR Growth | 12.2% from 2023 - 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Revenue Source, By Booking Channel, By Tourist Type, By Tour Type, Consumer Orientation, By Age Group, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Important Growth Aspects of the Market
- Increased Initiatives by Government: A large number of individuals are participating in tourism as a result of growing government measures to encourage theme tourism in the nations. International travelers are drawn to theme park tourism to visit well-known theme parks. By boosting the hotel and transportation sectors, this international tourist visit contributes financially to the growth of a nation's economy. Governments are encouraged to promote tourism in their nations as a result.
- A Disneyland-type park development: The Jammu and Kashmir government intends to build a 100-acre entertainment park in Srinagar that would be modeled after Disneyland. This will encourage other countries to build theme parks, which will fuel the theme park tourism market growth.
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Market's Latest Key Trends
- Rising demand for travel: Nowadays, theme park travel is becoming more popular. The COVID-19 affected how people thought about excursions. After the epidemic's limitations, people are demanding the right to travel. As a result of this, the theme park tourism market demand has increased.
Segmental Overview
- Online Booking Sector Accounts for the Largest Share
Tourists from both local and foreign countries can book more easily using the online booking method, as it is the simplest booking method. It is more convenient than phone or in-person booking. These online booking outlets also let theme parks optimize their strategies and offerings by examining customer choices and behavior.
In this way, it will allow theme parks to make data-driven conclusions in their business processes, driving the expansion of the theme park tourism market size.
- Package Traveler Sector Witnesses Highest Growth
The sector of package travelers is anticipated to develop at a faster rate throughout the projection period. This entails making early arrangements for transportation, lodging, and theme park admission. It makes it convenient for international travelers to schedule their days appropriately.
Moreover, rates for theme park packages are lower than those for standalone reservations. Family holidays, buddy getaways, and school breaks are all common occasions for this kind of reservation.
- The 15-25 Age Group is Driving Demand
Fun, daring activities are more likely to be preferred by younger generations. This is making theme parks more enjoyable for young people to attend since they provide exciting and adventurous activities.
Moreover, social media posts and videos by netizens about their travels to fun locations, such as theme parks, are spreading information faster than word-of-mouth from individuals. Those who saw the posts are going to theme parks because they feel like they're missing something. Social media platforms are making young people more conscious of brands.
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Geographic Outlook
Asia Pacific: A number of the countries in Asia Pacific are expressing interest in boosting tourism through the construction of theme parks, airports, hotels, and other infrastructure. The theme park tourism market share will expand as a result of these developments, which will expand the variety of theme parks that are available in the region and draw more visitors.
North America: The market's revenue portion that belonged to North America was higher. The governments are engaging in rapid development initiatives in this region. For example, Oklahoma State is investing $2 billion to create 'Heartland Theme Park and Resort' by 2026 in an effort to stimulate the US tourism economy. This 1000-acre park will feature a range of live performances along with an American theme. In the near future, higher revenue will result from this region's countries' increased development activity.
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Competitive Landscape
In order to draw tourists, big industry players constantly spend on immersive experiences, innovation, and intellectual property rights in the competitive global theme park tourism market. A key component of their growth plans is the combination of mergers and acquisitions with strategic local and foreign expansions.
Additionally, as they improve visitor satisfaction and engagement, technological developments and the incorporation of digital experiences have become essential for remaining competitive.
Market's Common Questions Answered in the Report
- What is the market value of theme park tourism during the forecast period?
- How much is the CAGR growth rate of the theme park tourism market?
- Which factors are propelling the market growth?
- What segments are experiencing the greatest growth in the market?
- Which region is dominating the industry?
- What are the theme park tourism market trends and opportunities?
- Who are the leading players in the market?
Polaris Market Research has segmented the theme park tourism market report based on revenue source, booking channel, tourist type, tour type, consumer orientation, age group and region:
By Revenue Source Outlook
- Tickets
- Merchandise
- Lodging
- Food and Beverage
By Booking Channel Outlook
- Phone Booking
- Online Booking
- In Person Booking
By Tour Type Outlook
- Independent Traveler
- Package Traveler
- Tour Group
By Consumer Orientation Outlook
- Men
- Women
By Age Group Outlook
- 15-25 years
- 26-35 years
- 36-45 years
- 46-55 years
- 66-75 years
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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