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LONDON, March 24, 2023 /PRNewswire/ — As per The Business Research Company’s Amusement Parks Global Market Report 2023, players in the amusement parks market are using green energy to power their rides and other attractions. The adoption of solar, wind and other renewable energy enables these parks to save costs, reduce the emission of carbon particles into the air and contribute to corporate responsibilities by being eco-friendly. For instance, in 2019, US based Six Flags, an amusement park corporation, has transformed two of its Californian parks to run their rides entirely with solar power. The company has also adopted green solutions to reduce their carbon footprint by using alternative fuels such as vegetable oil instead of diesel in their theme park vehicles.
In addition, Six Flags company is using recycled water from rides for further use. The company is using innovative water recycling technologies to improve the water table and contribute to sustainability. Other Companies are also introducing vegan and plant-based food options for its visitors, to increase sustainability of theme parks.
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The global amusement parks market size will grow from $67.16 billion in 2022 to $106.57 billion in 2023 at a compound annual growth rate (CAGR) of 58.7%. The amusement parks market value is then expected to grow to $122.50 billion in 2027 at a CAGR of 3.5%. Going forward, government support, rising urbanization, increase in use of social media and increasing investments in themed amusement parks will drive the amusement parks market growth.
The global amusement parks market segments are categorized –
1) By Type: Theme Parks, Water Parks, Amusement Arcades
2) By Revenue Source: Tickets, Merchandise, Food and Beverages, Hotels & Resorts, Other Revenue Sources
3) By Age Group: Below 25 Years, 25 to 39 Years, 40 to 59 Years, 60 to 74 Years, 75 Years and Above
4) By Visitors’ Gender: Male, Female
The top opportunities in the amusement parks market segmented by type will arise in the theme parks segment, by revenue source will arise in the tickets segment, by age group will arise in the below 25 Years segment, by visitors’ gender will arise in the male segment. The amusement parks market size will gain the most in the USA at $11.7 billion.
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The amusement parks market is highly concentrated, with a few large players. The top ten competitors in the market made up to 57.02% of the total market in 2021. The Walt Disney Company was the largest competitor with 23.27% amusement parks market share, followed by Comcast Corporation, Oriental Land Company Ltd., Seaworld Entertainment, Inc., Six Flags Entertainment Corporation, Maruhan, Cedar Fair Entertainment, Merlin Entertainment Plc, Vail Resorts, Inc., and Aspro Parks.
According to the amusement parks market analysis, the player-adopted strategies in the amusement parks market include strong capital expenditure, enhancing operational capabilities through business expansions, strengthening business operations and upgrading theme park offerings.
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