Embedded Files
The theme park market size was valued at USD 51.66 billion in 2023 and is expected to be worth USD 55.90 billion in 2024. The market is projected to reach USD 124.71 billion by 2032, recording a CAGR of 10.55% during the forecast period.
A theme park is characterized by a central theme that unifies its attractions and experiences. The rise in disposable incomes, particularly in emerging countries, which has led to increased consumer spending on leisure activities, such as amusement park visits, will fuel the growth of the market.
Get A Free Sample Research Report PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/theme-park-market-110644
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
Disney (Walt Disney World/Magic Kingdom Park) (U.S.)
Merlin Entertainments (U.K.)
Overseas Chinese Town Company (China)
Universal Studios (U.S.)
Cedar Fair Entertainment Company (U.S.)
Six Flags Entertainment Corporation (U.S.)
United Parks & Resorts Inc. (U.S)
PARQUES REUNIDOS (Spain)
Fantawild Holdings Inc. (China)
Aspro Parks (Spain)
Segmentation:
Rides Segment Dominated Market Due to Increasing Number of Innovative Theme Rides
Based on service type, the market is segmented into rides, event & tour, food & beverage, merchandise & retail, and others. The rides segment exhibited significant dominance in the global market in 2023, driven by the increasing availability of thematic rides and burgeoning popularity of adventure-based rides.
Adult Segment Dominates Market Owing to Widespread Availability of Adult Rides
Based on end users, the market is segmented into kids and adults. The adult segment holds the largest market share, fueled by the widespread availability of rides catering to adult audiences, rise in disposable incomes, and growing demand for unique leisure and entertainment experiences.
Theme Parks Gained Popularity Among Domestic Tourists Due to Their Increasing Disposable & Spending Power
Based on visitor type, the market is segmented into domestic and international. The domestic segment dominated the theme park market share in 2023, driven by the increasing disposable & spending power of these tourists.
The market analysis covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as prominent companies, service types, end-users, and visitor types. It has also focused on the latest market trends and highlights vital industry developments and market outlook. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Growing Influx of Domestic and International Tourists to Propel Market Growth
The global tourism industry is witnessing a significant surge in international tourists seeking leisure and unique experiences. According to the United Nations World Tourism Organization (UNWTO), more than 975 million tourists made international travel between January and September 2023, representing a 38% increase compared to the same period in 2022. The growth is further fueled by the increasing number of domestic tourists and family-oriented short vacations. Theme parks with local cultural themes and attractions are particularly popular among domestic tourists seeking experiences that reflect their cultural heritage. Additionally, domestic tourists are drawn to the parks that host special events, festivals, and seasonal offers throughout the year.
However, maintenance of these attractions and adherence to safety standards necessitate significant financial investment and ongoing training and retention efforts. This can pose a financial burden, particularly for new market entrants, thereby hindering the market’s growth.
Regional Insights:
Asia Pacific Dominated Market Due to Increasing Disposable Incomes and Tourist Arrivals
Asia Pacific held a significant market share in 2023, driven by the increasing disposable incomes and tourist arrivals across the region. This growth was further bolstered by the presence of globally renowned themed amusement parks, such as Universal Studios Japan, Universal Studios Singapore, Disneyland Tokyo, Disneyland Hong Kong, and LEGOLAND Malaysia.
North America is anticipated to experience substantial growth throughout the forecast period due to the presence of prominent players, such as Disney Experiences, Universal Studios, Six Flags Entertainment Corporation, and Cedar Fair Entertainment Company.
Competitive Landscape:
Organizations Emphasize on Family-Friendly Theme Parks to Increase Customer Base
The leading companies operating in this market are increasing their focus on mergers and acquisitions as one of their key strategies to gain a competitive advantage. They are introducing family-friendly and attractive entertainment options to cater to a broad demographic, positively influencing market trends. Prospective industry participants are also expected to offer attractive discounts in amusement parks and resorts to enhance the visitor experience.
Notable Industry Development:
March 2024: Qiddiya Investment Company, Saudi Arabia-based entertainment developer, collaborated with Toei Animation, a renowned Japanese animation studio, to introduce a new dragon ball theme park in Qiddiya City, located near Riyadh.
Browse Detailed Research Report PDF: https://www.fortunebusinessinsights.com/theme-park-market-110644
Page updated
Google Sites
Report abuse