Global Amusement Parks Market Overview
An amusement park is an active and family-friendly form of entertainment. They have shaped to much extent. Amusement parks have been among the most popular segments of the entire entertainment and recreation industry. It is one of the best vacation attractions. The amusement park offerings range from immersive theme parks to thrilling coaster parks. Countless simpler theme parks exist across the world. Amusement parks have something to offer for everyone with a diverse combination providing a variety of foods, drinks, shows, and attractions, thrilling and casual family rides. Rising interest in recreational activities, a growing trend shift to western traditions, expanding nuclear families, and increasing disposable income propel amusement parks market growth. Amusement parks are gaining robust popularity attributed to the increasing use of social media, access to mass media, expanding working parents, and hectic life.
According to Value Market Research, the global amusement parks market size was valued at about USD 54.7 billion in 2020 and is estimated to grow at a CAGR of around 6 % during the forecast period 2021 to 2027.
Amusement parks help the community to live a better life. Amusement Parks play an important role in catering to the family, but they also increase the community bond in a nuclear family, when both the parents are working, and there is less time for parents and children to bond. Amusement parks provide an opportunity to keep the family bonded for six to eight hours at a stretch, improving the relationships. The global amusement parks market has witnessed radical ascension in the past decades. An increase in the number of parks, escalating entertainment requirements, ease of access, and various quality foods and drinks contribute to the thriving demand. Moreover, innovative rides, accommodation facilities, and merchandise in amusement parks boost the market size. However, the high initial and operating cost of amusement parks and other alternative recreational and entertainment options during off seasons are some of the factors that restrain the market growth.
The market is featured by competition due to the presence of major global players such as Cedar Fair Entertainment Company, Walt Disney Company, Comcast Corporation, Chimelong Group Co., Ardent Leisure Group, SeaWorld Parks & Entertainment, Inc., Six Flags Entertainment Corporation, Fantawild Group, Ilyas Mustafa Galadari Group, and Sea Park Entertainment, Inc.
In this research report, the amusement parks market is segmented by type, application, and region.
Analysis By Type
By type, the global amusement park market is divided into science theme-based parks, music or art theme-based parks, and other themes. Music or art theme-based parks segment accounted for a larger share in the global amusement park market. Adults are more frequently look to visit music or art theme-based parks as their primary aim remains to entertain themselves, facilitate fun, release stress, boost mood, and provide memories for friends and family to enjoy. On the other hand, child visits Science theme-based parks and their parent to promote knowledge creatively and distinctly.
Analysis, By Application
By application, the global amusement park market is segmented into adults and children. The adult segment grabbed the maximum share in the worldwide amusement park market. Adults more often visit amusement parks to provide adventure, fun, relieve stress, improve mood, go crazy rides, overcome fears, and cherish memories for friends and family to enjoy. The amusement park is recognized as a great way to boost bonding time with family and friends and socialize. The child segment is also anticipated to perform well in the coming years due to the increasing working parents and wish to aid family bonds by spending quality time with their children.
Analysis, By Region
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific is estimated to swell at a lucrative rate. A large population with increasing income and desire for travel and leisure across a large landmass with ever-better transportation infrastructure drives the regional growth. Increasing employment level, growing awareness about the benefits of enjoying amusement parks, and expanding investors' participation stimulate growth further. The global brands are switching towards Asian countries due to the high population and positive attributes. The top global brands like Walt Disney, Marvel, Universal Studios, Legoland, and Cartoon Network have a profound presence in Asian countries.
Market Segmentation covered in the Report:
- Science Theme-based Parks
- Music/Art Theme-based Parks
- Other Themes
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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