Amusement Parks | Rise in the demand for theme parks
As per the report by Grand View Research, Inc., the amusement parks market is projected to exhibit a healthy CAGR of 5.8% over the forecast period (2018-2025) and was valued at USD 45.2 billion in 2017. Increasing spending power of consumers and increase in number of resorts and hotels are anticipated to fuel the growth of the market.
Amusement parks are attractive destinations that offer various entertainment choices for the entire family. They include live entertainment shows, multiple theme-based attractions, and numerous rides for people of all age groups, which is estimated to surge the demand in the forecast period.
The increasing number of people visiting amusement parks along with growing disposable income are the factors that propel the market of amusement parks. Furthermore, accommodation facilities, innovative rides, and merchandise in amusement parks are also fueling the market growth. On the other hand, high operational costs of amusement parks during off seasons are likely to hamper the market growth in the near future.
One of the famous adventure parks are Disney’s theme parks that are set up in various continents around the world. In addition, these parks draw millions of visitors annually. As stated by the Themed Entertainment Association (TEA), 18.3 million people visited Disneyland California in 2017, whereas Tokyo Disneyland witnessed 16.8 million visitors.
The highly popular studios among visitors is Universal Studios Orlando for its Wizarding World of Harry Potter that comprises iconic infrastructures from the Harry Potter series and Hogwarts castle. Likewise, Universal Studios Florida is recognized for its Diagon Alley theme park where multidimensional and adventurous rides are quite popular.
In 2016, Six Flags Entertainment Corporation presented a novel wristband termed as THE FLASH Pass. This wristband is an IoT-enabled band that approves and tracks the queue and helps in time management. Such technical innovations have an optimistic influence on the customers and boost the footfall thereby strengthening park’s client base.
Asia Pacific will continue to account for a large share in the global arena throughout the forthcoming period due to presence of numerous main players such as Chimelong Ocean Kingdom, Shanghai Disneyland, Tokyo Disneyland, Hong Kong Disneyland, Universal Studios Japan, and Universal Studios Singapore.
Key companies operating in the amusement parks market include Walt Disney Company, Cedar Fair Entertainment Company, Chime long Group Co., and Comcast Corporation.