The amusement parks market grew at a CAGR of around 7% during 2014-2019. Amusement parks refer to open-air recreational and entertainment zones that are based on fictional characters and themes.
They are commercially operated extensions to fairs and picnic gardens and cater to individuals of all age groups.
They offer various amusement facilities, such as mechanical rides, water parks, theme parks, arcades, casinos, sports betting facilities, hotels, resorts and refreshment zones.
They may also offer immersive cinematic experiences with high-definition (HD) music and light shows and theatrical plays that are enjoyed by both children and adults alike.
Rapid urbanization, along with significant growth in the travel and tourism industry is one of the key factors creating a positive outlook for the market.
Furthermore, the availability of innovative rides, accommodation facilities and official merchandise in the amusement parks is also providing a boost to the market growth.
For expanding their reach, park owners are offering numerous adventurous and fascinating experiences through theme-based attractions, such as foods, beverages, clothes and goodies.
Additionally, the increasing adoption of technologically advanced solutions, such as hydraulics, pneumatics, animatronics and the Internet-of-Things (IoT), is acting as another growth-inducing factor.
These solutions aid in tracking and monitoring all activities in the park and offering interactive experiences to the visitor through augmented reality (AR) and virtual reality (VR) technologies.
Other factors, including rising disposable incomes and consumer expenditure capacities on entertainment, along with increasing investments in themed amusement parks and the development of 4D rides and giant roller coasters and rides, are expected to drive the market further.
However, owing to the coronavirus pandemic (COVID-19), the market growth is expected to stagnate in the short-term.
This can be attributed to the social distancing norms established in numerous countries.
Looking forward,, the publisher expects the global amusement parks market to exhibit moderate growth during the next five years.
The report has also analysed the competitive landscape of the market with some of the key players being Ardent Leisure Group, Cedar Fair Entertainment Company, Chimelong Group Co. Ltd., Comcast Corporation, Fantawild Holdings Inc. (Shenzhen Huaqiang Holdings Ltd.), IMG Worlds of Adventure, Merlin Entertainments (The Blackstone Group), SeaWorld Parks & Entertainment Inc., Warner Media LLC and The Walt Disney Company.
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