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Amusements Market Outlook, Trends, Analysis, Insights, Overview And Forecast To 2033
Amusements Market Outlook
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According to The Business Research Company's, 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 in the historic period can be attributed to the increasing availability of leisure time, tourism growth, advances in entertainment technology, family entertainment, event marketing and promotion.
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 growth in the forecast period can be attributed to sustainability initiatives, experience economy, digital and augmented reality (AR), health and wellness focus, personalized experiences. Major trends in the forecast period include hybrid virtual and physical experiences, pop-up and mobile attractions, themed entertainment, sustainable design and practices, art and culture integration.
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Market Drivers and Trends:
Increasing use of social media and access to mass media is positively influencing the amusement market. Visitors in amusement facilities such as amusement parks such as sharing their experiences, photographs, and videos on social media platforms which helps other people know about the experiences offered by the amusement parks. According to a study conducted by Visa, a cards and payment company, 73% of Asians check in online while on a holiday, and as many as 71% of people share their experiences on social media sites. Social media is the most effective marketing tool for amusement facilities such as casinos and amusement parks to acquire new customers. Extensive use of social media is expected to drive the amusement market going forward.
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 43mph. 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.
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Major Key Players of the Market:
China Sports Lottery, China Welfare Lottery, The Walt Disney Company, Sociedad Estatal Loterías 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).
Amusements Market 2024 Key Insights:
• 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 Influence Of Social Media On The Amusement Market:
• Elevating The Amusement Park Experience With Virtual And Augmented Reality Technology
• Asia-Pacific was the largest region in the amusements market in 2023
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