PUBLISHER: The Business Research Company | PRODUCT CODE: 1387533
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387533
“Amusements Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on amusements market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for amusements? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The amusements market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Amusement refers to the state of experiencing enjoyable and entertaining events or circumstances, often leading to satisfaction, happiness, laughter, and pleasure. Amusement plays a significant role in enabling individuals, including children, to have fun and derive enjoyment from various activities.
The primary categories of amusement include amusement parks and gambling. Amusement parks are businesses that offer a range of rides, games, and other forms of entertainment. Different age groups are typically catered to, including those below 25 years, individuals aged 26 to 39 years, those between 40 to 59 years, and those in the 60 to 74 years age range. Visitors to these amusement venues come from various gender groups, including males and females.
The amusements market research report is one of a series of new reports from The Business Research Company that provides amusements market statistics, including amusements industry global market size, regional shares, competitors with an amusements market share, detailed amusements market segments, market trends, and opportunities, and any further data you may need to thrive in the amusements industry. This amusements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The amusements market size has grown strongly in recent years. It will grow from $619.95 billion in 2023 to $664.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period can be attributed to factors such as the expanding availability of leisure time, the growth of tourism, advancements in entertainment technology, the popularity of family entertainment, and effective event marketing and promotion strategies.
The amusements market size is expected to see strong growth in the next few years. It will grow to $850.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be attributed to several factors, including sustainability initiatives, the emergence of the experience economy, the integration of digital and augmented reality (AR) technologies, a heightened focus on health and wellness, and the emphasis on providing personalized experiences. Noteworthy trends expected in the forecast period encompass the rise of hybrid virtual and physical experiences, the proliferation of pop-up and mobile attractions, the development of themed entertainment offerings, the adoption of sustainable design and practices, and the integration of art and culture into the amusement industry.
The amusement market is experiencing a positive impact from the increasing use of social media and widespread access to mass media. Visitors at amusement facilities, such as amusement parks, often share their experiences, photos, and videos on social media platforms, enabling others to learn about the enjoyable experiences provided by these venues. According to a study conducted by Visa, a prominent cards and payment company, a significant number of Asians, approximately 73%, engage in online check-ins while on holiday, and as many as 71% of people share their experiences on various social media platforms. Social media has proven to be an exceptionally effective marketing tool for amusement facilities like casinos and amusement parks to attract new customers. The extensive use of social media is expected to play a pivotal role in driving the growth of the amusement market in the future.
The continued rise in the use of social media is expected to be a significant driver of growth for the amusement market in the future. Social media, a digital technology that facilitates the sharing of ideas and information, including text and images, through online networks and communities, plays a crucial role in connecting attractions with potential and existing customers. For instance, as of April 2023, there were 4.8 billion active social media users globally, and the average daily time spent online was approximately 6 hours and 35 minutes, as reported by Social Media Perth, an Australia-based provider of marketing strategy. This surge in social media usage is a key factor contributing to the growth of the amusement market.
The outbreak of the COVID-19 disease had a significant and widespread impact on the amusements market in 2020. Governments worldwide imposed lockdowns and restrictions on domestic and international travel, effectively reducing the demand for services provided by amusement establishments. COVID-19, characterized by flu-like symptoms such as fever, cough, and breathing difficulties, was initially identified in Wuhan, Hubei province, China, in 2019 and subsequently spread across the globe, affecting regions including Western Europe, North America, and Asia. To contain the virus's transmission, national governments took steps that led to the closure of recreational facilities, including amusement parks, museums, and casinos, with countries implementing lockdown measures. This outbreak significantly impacted businesses throughout 2020 and into 2021. However, it is anticipated that the amusements market will gradually recover from this unforeseen 'black swan' event over the forecast period. This disruption was not indicative of underlying weaknesses within the market or the global economy but rather a result of extraordinary and exceptional circumstances.
Amusement parks are increasingly leveraging virtual and augmented reality technologies to provide customers with immersive and engaging experiences. Virtual reality creates a 3D, computer-generated environment with which users can interact, while augmented reality enhances the real world by overlaying digital elements or virtual objects. Amusement parks are incorporating these technologies into their rides and theater-based attractions to enhance the overall experience. For instance, Plopsaland De Panne in De Panne, Belgium, offers an innovative virtual reality wooden roller coaster named 'Heidi the Ride,' which can reach speeds exceeding 43 mph. SeaWorld, an amusement park in Orlando, has introduced the 'Kraken Virtual Reality Roller Coaster.' Additionally, the 'Wave Breaker' coaster provides a jet skiing experience within an amusement park. Universal Studios offers 'The Walking Dead' mazes with augmented reality elements, further enhancing the attractions at their parks. These developments showcase the growing integration of virtual and augmented reality in the amusement park industry to create more captivating and interactive experiences for visitors.
Leading companies in the amusement market are dedicating their efforts to the development of innovative products, notably steel roller coasters, as a means to provide customers with more reliable and thrilling services. Steel roller coasters, characterized by tubular steel tracks and polyurethane-coated wheels, offer the advantages of increased height, speed, and smoothness compared to traditional wooden roller coasters. For instance, in May 2023, Dollywood Parks & Resorts, a United States-based family amusement park, introduced the 'Big Bear Mountain' coaster. This family-friendly roller coaster reaches speeds of up to 45 mph and features three launches, multiple drops, and an array of turns and twists. Passengers are accommodated in two-across trains with a single row of seats, and the coaster is equipped with onboard audio, encompassing music and announcements. The ride spans almost 4,000 feet of track, taking passengers on an exhilarating journey around Wildwood Grove for approximately two minutes. This highlights the industry's commitment to offering new and exciting experiences to amusement park visitors.
Major companies operating in the amusements market include China Sports Lottery, China Welfare Lottery, The Walt Disney Company, Sociedad Estatal Loterias y Apuestas del Estado S.A., Maruhan, Flutter Entertainment PLC, The Hong Kong Jockey Club, Tabcorp Holdings Ltd., Oriental Land Company Ltd., Penn National Gaming Inc., Comcast Corporation (Universal Studios), Six Flags Entertainment Corporation, Cedar Fair Entertainment Company, SeaWorld Entertainment Inc., Merlin Entertainments, Sony Interactive Entertainment (PlayStation), Nintendo Co. Ltd., Activision Blizzard Inc., Electronic Arts Inc., Capcom Co. Ltd., Bandai Namco Entertainment Inc., Hasbro Inc., Mattel Inc., LEGOLAND Parks, Live Nation Entertainment Inc., ViacomCBS Inc. (Nickelodeon), Discovery Inc. (Discovery Theme Parks), Cineworld Group, AMC Entertainment Holdings Inc., Dave & Buster's Entertainment Inc., The Hershey Company (Hersheypark), Carnival Corporation (Carnival Cruise Line), Royal Caribbean Group (Royal Caribbean International), SeaDream Yacht Club, Palace Entertainment, Parques Reunidos, Vail Resorts Inc., Dalian Wanda Group (Wanda Cultural Tourism).
Asia-Pacific was the largest region in the amusements market in 2023. Eastern Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the amusements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the amusements market are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The amusements market includes revenues earned by entities by operating amusements facilities such as theme parks, water parks, amusement arcades, casinos, and sports betting facilities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.