South Korea Amusement Park Market to Reach USD 1,825.8 Million by 2028 | Infinium Global Research

The South Korea Amusement Park Market, valued at USD 1,112.7 million in 2021, is set for substantial growth, with a projected CAGR of 7.44% during the forecast period. By 2028, the market is anticipated to reach USD 1,825.8 million. The driving force behind this growth is the rising disposable income among the South Korean population, which has led to increased spending on entertainment and amusement park experiences. The addition of new theme parks and rides is also expected to boost the market's expansion, although negative demographic trends pose a challenge. Nevertheless, the adoption of advanced technologies such as AR, VR, and robotics in amusement parks is poised to create growth opportunities.

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Rising Disposable Income Fuels Market Growth

South Korea boasts a highly developed mixed economy, ranking as the fourth largest in Asia and the tenth largest in the world in terms of nominal GDP. This robust economic status has contributed to a better lifestyle for the population. In 2021, disposable personal income in South Korea surpassed KRW 2,000,000 billion (USD 1,750 billion), marking a growth of over 7% year-on-year. With a growing economy and increased disposable income, consumers are more inclined to spend on recreational goods and services. In 2021, Korean households allocated over 5% of their average monthly expenditure to recreation and culture, reflecting an 11% year-on-year increase in expenditure on recreation and culture. This trend substantially drives the growth of the amusement park market in South Korea.

Expansion of New Theme Parks and Rides

South Korea has witnessed the completion of various projects and the opening of new theme parks in recent years. Notably, Lotte World Adventure Busan, which opened in March 2022, offers 17 outdoor rides, including Giant Digger, Giant Splash, and Giant Swing. Additionally, Legoland Korea Resort, inaugurated in May 2022, is a Lego-themed amusement park featuring 40 Lego-themed rides and a hotel across 280,000 square meters. With the addition of such thrilling new amusement parks and rides, South Korea offers visitors a multitude of options, ultimately boosting the growth of the amusement park market.

Demographic Challenges

South Korea has been experiencing demographic shifts since the early 20th century. While mortality rates have declined and life expectancy has increased, the population growth rate has steadily declined, reaching 0.2% in 2005. In 2020, South Korea's population declined for the first time, with a 10% drop in the birth rate compared to the previous year. The total fertility rate in South Korea reached a global low of 0.8 births per woman in 2021. These unfavorable demographic trends are likely to impact the growth of the amusement park market negatively, as a smaller population leads to a reduced visitor base, affecting amusement park revenue.

Emergence of Innovative Technologies

Innovation in technology has revolutionized various industries, including the entertainment sector. Amusement parks, a vital part of the entertainment industry, are adopting modern technologies such as AR, VR, IoT, and blockchain to enhance visitor experiences. Live Park, a modern amusement park in South Korea, employs mixed reality architecture, 3D video, holograms, and augmented reality to create immersive experiences for visitors. Robotland, set to open in Incheon in 2025, will feature a robot museum, a daily robot parade, and a robot rollercoaster. These technological advancements are expected to attract more visitors to amusement parks, thereby boosting market growth during the forecast period.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for South Korea Amusement Park Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in South Korea Amusement Park Market

Chapter 4. South Korea Amusement Park Market by Age Limits

4.1. Up To 18 Years

4.2. 19 To 35 Years

4.3. 36 To 50 Years

4.4. 51 To 65 Years

4.5. More Than 65 Years

Chapter 5. South Korea Amusement Park Market by Rides

5.1. Mechanical Rides

5.2. Water Rides

5.3. Other Rides

Chapter 6. South Korea Amusement Park Market by Revenue Source

6.1. Tickets

6.2. Hospitality

6.3. Merchandizing

6.4. Food & Beverage

6.5. Other Revenue Sources

Chapter 7. Company Profiles

7.1 Competitive Landscape in the South Korea Amusement Park Market

7.2 Companies Profiles

7.2.1 Lotte World

7.2.1.1 Overview

7.2.1.2 Company Snapshot

7.2.1.3 Product Portfolio

7.2.2 Everland Theme Park

7.2.2.1 Overview

7.2.2.2 Company Snapshot

7.2.2.3 Product Portfolio

7.2.3 Seoulland.

7.2.3.1 Overview

7.2.3.2 Company Snapshot

7.2.3.3 Product Portfolio

7.2.4 Gyeongju World

7.2.4.1 Overview

7.2.4.2 Company Snapshot

7.2.4.3 Product Portfolio

7.2.5 E-World

7.2.5.1 Overview

7.2.5.2 Company Snapshot

7.2.5.3 Product Portfolio

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of South Korea Amusement Park.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2028.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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