Press release
Recreation Market Outlook: Investigating Market Size, Share, Demand Trends, Key Growth Drivers, and Future Scope
Recreation Market
Recreation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2188.18 billion In 2028 At A CAGR Of 6.1% :
The recreation market size has grown strongly in recent years. It will grow from $1624.5 billion in 2023 to $1729.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to leisure time availability, economic conditions, demographic trends, urbanization, government policies.
The recreation market size is expected to see strong growth in the next few years. It will grow to $2188.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to virtual and augmented reality experiences, wellness and mindfulness, sustainable recreation, personalized leisure experiences, inclusive recreation. Major trends in the forecast period include outdoor adventure tourism, experiential tourism, digital detox retreats, culinary and food tourism, community-based recreation programs.
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Recreation Market Major Segments
The recreation market covered in this report is segmented -
1) By Type: Amusements, Arts, Sports
2) By Age Group: Aged 35 and Younger, Aged 35-54, Aged 55 and Older
3) By Revenue Source: Media Rights, Merchandising, Tickets and Sponsorship
Subsegments Covered: Amusement Parks, , Museums, Historical Sites, Zoos, And Parks, Independent Artists And Performing Art Companies, Sports And Arts Promoters, Spectator Sports, Participatory Sports
Key Driver - Economic Growth Driving Forces In The Global Recreation Market
The recreation market growth is aided by stable economic growth forecasted in many developed and developing countries. For instance, according to International Monetary Fund (IMF), a US-based financial agency, China's gross domestic product (GDP) grew from $17.75 trillion in 2021 to $18.1 trillion in 2022. In addition, the emerging markets and developing economies registered a growth of 3.9% in 2020, which increased to 6.1% in 2022. Stable economic growth is expected in end-user markets, thereby driving the market during the forecast period. This continued economic growth is expected to increase investments in the end-user markets and be a driver of the recreation market as greater affluence allows consumers to visit recreation centers.
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Prominent Trend - Amusement Parks Embrace Virtual And Augmented Reality For Immersive Experiences
Amusement parks are increasingly using virtual and augmented reality technology to provide an immersive experience to customers. Virtual reality is a 3D, computer-generated environment that 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.
Recreation Market Players
Major companies operating in the recreation market report are The Hong Kong Jockey Club, The Walt Disney Company, China Sports Lottery, Cheil Jedang Corp., China Welfare Lottery, Sociedad Estatal Loterías y Apuestas del Estado S.A., Flutter Entertainment plc, Cinemark Holdings Inc., Tabcorp Holdings Ltd., Cineworld Group plc, Compagnie du Mont-Blanc S.A., Compagnie des Alpes S.A., Oriental Land Company Ltd., Hyland Ranch Inc., Cinplex Inc., Jelly Belly Candy Co., Gym Group plc, City Sports & Recreation plc, Club de Futbol Intercity SAD, Guangzhou Jinyi Media Corp. A, Guangdong Jinma Entertainment Corp. Ltd., Grupo Sports World S.A.B. de C.V., Creative China Holdings Ltd., China Tangshang Holdings Ltd., Herschend Family Entertainment Corp., Hall of Fame Resort & Entertainment Co., Guild eSports plc, Country Club Hospitality & Holidays Ltd., Maruhan Corp., City Pulse Multiplex Ltd.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the recreation market in 2023. Eastern Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the recreation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Recreation Market Report Structure
3. Recreation Market Trends And Strategies
4. Recreation Market - Macro Economic Scenario
5. Recreation Market Size And Growth
…..
27. Recreation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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