Amusement Park Market size is set to grow by USD 41.97 billion from 2024-2028, Emphasis on family-centric offerings at amusement parks boost the market, Technavio

NEW YORK, June 4, 2024 /PRNewswire/ -- The global amusement park market size is estimated to grow by USD 41.97 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 10.75%  during the forecast period. 

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Market Driver

Amusement parks integrate IoT technology to enhance guest experience and park operations. Wearable devices and apps enable personalized features, real-time updates, and resource optimization. Disney's MagicBand is an example of this technology, offering admission, purchases, and FastPass+ access.

IoT sensors monitor equipment performance, energy consumption, and crowd flow, enabling dynamic adjustments to minimize wait times and improve efficiency. Additionally, IoT supports sustainability initiatives by optimizing energy consumption and reducing waste. This integration of technology will continue to drive the growth of the amusement park market. 

The amusement parks market is thriving with various trends shaping the industry. Theme parks are a major attraction, offering a mix of shows, rides, and amenities. Families are the primary target audience, with parks catering to all age groups. Comfort and convenience are key factors, with operators focusing on improving park facilities and services.

Technology plays a significant role, with virtual reality and augmented reality experiences gaining popularity. Urban areas are witnessing the growth of miniaturized amusement parks, providing easy access to consumers. Sustainability is another trend, with parks implementing eco-friendly practices to reduce their carbon footprint. Overall, the amusement parks market is seeing innovation and growth, with operators striving to provide unique and memorable experiences for visitors. 

Market Challenges

• Amusement parks offer thrilling experiences, but safety concerns persist. CPSC data from 2021 reported 1,299 injuries from US amusement park accidents. Instances of ride malfunctions and operator negligence have resulted in tragic incidents, including fatalities. Roller coasters, water slides, and bumper cars have high accident rates, primarily affecting children. These safety issues may hinder the growth of the global amusement park market.
• The amusement park market faces several challenges in providing unique and entertaining experiences for visitors. These include the need to adapt to changing consumer preferences, implement advanced technology for rides and attractions, maintain high safety standards, and offer diverse food and merchandise options.
• Competition from other leisure activities and increasing operational costs are also significant challenges. To remain competitive, amusement parks must continually innovate and offer new experiences while ensuring affordability and value for money. Additionally, sustainability and eco-friendly practices are becoming increasingly important to attract environmentally-conscious consumers.

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Segment Overview 

1. Type 
• 1.1 Tickets
• 1.2 Hospitality
• 1.3 Merchandising
• 1.4 Others
2. Variant 
• 2.1 Mechanical rides
• 2.2 Water rides
• 2.3 Other rides
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Tickets-  Amusement parks generate significant revenue through ticket sales, food and merchandise businesses. Rides and attractions are the main draw, attracting large crowds. Well-planned parks offer a variety of experiences, ensuring repeat visits. Effective marketing strategies, such as season passes and group discounts, boost attendance. Parks also provide employment opportunities, contributing to the local economy. Overall, amusement parks are thriving businesses that cater to the public's desire for entertainment and leisure.

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Research Analysis

The Amusement Park Market caters to a diverse target audience, including adults and children, with innovative rides and attractions that appeal to the urban population and international tourists. Ancillary revenue streams, such as accommodation facilities, merchandise, and ferry rides, contribute significantly to the industry's growth.

Family entertainment is a key focus area, with themed areas, shows, amenities, and water parks offering unique experiences for consumers. The demand for tickets remains high in emerging economies, making this market an attractive investment opportunity for businesses seeking to expand their customer base. The retro theme adds nostalgic value, further enhancing the overall appeal of amusement parks.

Market Research Overview

The Amusement Park Market is a thriving industry that offers various forms of entertainment and recreation for people of all ages. These facilities feature a range of attractions, including roller coasters, water rides, Ferris wheels, haunted houses, and arcade games. The market is characterized by its ability to provide unique experiences, creating memorable moments for visitors. Additionally, amusement parks often incorporate food and merchandise vendors, adding to the overall experience.

The industry continues to evolve, with trends such as virtual reality and augmented reality attractions gaining popularity. The market also faces challenges, such as safety concerns and competition from other forms of entertainment. Despite these challenges, the Amusement Park Market remains a significant contributor to the global leisure and tourism industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Tickets
• Hospitality
• Merchandising
• Others
• Variant
• Mechanical Rides
• Water Rides
• Other Rides
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio