Thursday, January 28, 2021 1:57:03 PM
Major companies in the amusement parks market include Disney Parks and Resorts; Merlin Entertainment; Universal Studios; Six Flags Entertainment and Oct parks China.
The global amusement parks market is expected to grow from $51.67 billion in 2020 to $63.89 billion in 2021 at a compound annual growth rate (CAGR) of 23.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $89.17 billion in 2025 at a CAGR of 9%.
The amusement parks and arcades market consists of sales of amusement parks and arcades entertainments and related goods by entities (organizations, sole traders and partnerships) that operate amusement parks and arcades. The amusement parks and arcades market also includes sales of amusement arcades such as family fun centres, pinball arcades and amusement device parlors. This market includes sales of entry fees and ticket sales for rides, games, food and beverages, merchandise goods, and hotels and resorts. However, this market excludes sales of exclusive restaurants such as fast food chains operating within the amusement parks. Amusement and theme park companies operate mechanical rides, water rides, water games (includes both spectator sports and crowd engagement games), events, games, shows, themed exhibits, refreshment stands and other visitor attractions for entertainment. The amusement parks market is segmented into theme parks; water parks and amusement arcades.
North America was the largest region in the global amusement parks market, accounting for 33% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global amusement parks market. Africa was the smallest region in the global amusement parks market.
Amusement parks are increasingly using virtual and augmented reality technology to enhance customer experience. Virtual reality is a 3D, computer generated environment which can interact with a person, whereas augmented reality turns an environment into a digital interface by placing virtual objects in the real world. Amusement parks are implementing this technology in rides and theater-based attractions. For instance, Plopsaland De Panne in De Panne, Belgium has a new virtual reality wooden roller coaster called Heidi the Ride, which can reach speeds of more than 43 mph. Amusement park SeaWorld has started operating a new Kraken Virtual Reality Roller Coaster in Orlando. The Weave Breaker coaster brings the reality of jet skiing in an amusement park. Universal Studios have The Walking Dead mazes with augmented reality elements.
Coronavirus Pandemic: The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the amusement parks market in 2020 as governments globally imposed lockdowns and restricted domestic and international travel limiting the need for services offered by these establishments. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in closure of recreational facilities such as amusement parks with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the amusement parks market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Increasing Use Of Social Media: Increasing use of social media and access to mass media is positively influencing the amusement parks market. Visitors in amusements facilities such as amusement parks like sharing their experiences, photographs and videos on social media platforms which helps other people know the experiences offered by the amusement parks. According to a study conducted by Visa, a cards and payments company, 73% of Asians check-in online while on a holiday and as many as 71% people share their experiences on social media sites. Social media is the most effective marketing tool for amusements parks to acquire new customers. Extensive use of social media is expected to drive the amusement parks market going forward.
Recent SIX News
- Six Flags Launches Groundbreaking Metaverse Experience on Roblox, Bridging Physical and Digital Worlds: A First in the Theme Park Industry • Business Wire • 06/28/2024 02:00:00 PM
- Cedar Fair and Six Flags Announce the Satisfaction of Regulatory Conditions for the Proposed Merger of Equals • Business Wire • 06/26/2024 10:00:00 AM
- Cedar Fair and Six Flags Announce the Satisfaction of Regulatory Conditions for the Proposed Merger of Equals • Business Wire • 06/26/2024 10:00:00 AM
- Six Flags Unmasks Fright Fest Extreme With the SAW Franchise, The Conjuring, Annabelle, The Nun, Stranger Things, Army of the Dead, Texas Chainsaw Massacre, Trick ‘r Treat & DC Comic Book Series, DCeased • Business Wire • 06/25/2024 03:31:00 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 06/18/2024 11:54:58 AM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 06/18/2024 11:51:26 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/18/2024 11:44:30 AM
- Cedar Fair and Six Flags Announce Senior Management Team That Will Lead Combined Company Following Completion of Planned Merger of Equals • Business Wire • 06/18/2024 11:05:00 AM
- Cedar Fair and Six Flags Announce Anticipated Closing Date of the Mergers and Six Flags’ Related Special Dividend • Business Wire • 06/18/2024 11:00:00 AM
- Cedar Fair and Six Flags Announce Anticipated Closing Date of the Mergers and Six Flags’ Related Special Dividend • Business Wire • 06/18/2024 11:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 08:37:42 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/21/2024 08:24:27 PM
- Six Flags Delivers on Record-Setting Investments in New Rides, Attractions & Experiences • Business Wire • 05/13/2024 02:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 08:20:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 08:19:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 08:19:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 08:18:11 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 10:02:53 AM
- Six Flags Reports First Quarter 2024 Performance • Business Wire • 05/09/2024 10:00:00 AM
- Six Flags Announces Closing of Offering of $850 Million of 6.625% Senior Secured Notes due 2032 • Business Wire • 05/02/2024 01:20:00 PM
- Revolutionizing Thrills: Six Flags Sets New Standards in a Digital Transformation Overhaul to Elevate the Guest Experience • Business Wire • 04/29/2024 02:15:00 PM
- Six Flags Sets Date to Announce First Quarter 2024 Earnings • Business Wire • 04/19/2024 07:22:00 PM
- Six Flags Announces Pricing of $850 Million of 6.625% Senior Secured Notes due 2032 • Business Wire • 04/18/2024 07:49:00 PM
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