LONDON, April 28, 2021 (GLOBE NEWSWIRE) -- Global Amusement Parks Market Size, Restraints, And Impact Of COVID-19
The market for amusement parks reached a value of nearly $52 billion in 2020, having grown at a compound annual growth rate (CAGR) of -0.3% since 2015 and is expected to recover and grow at a compound annual growth rate (CAGR) of 11.5% to reach almost $89 billion by 2025. Factors that negatively affected growth of the global amusement parks market in the historic period are political instability, increased input costs and decline in margins, and furthermore the global outbreak of COVID-19.
The coronavirus pandemic has caused a global economic slowdown and impacted various industries across the world. Nationwide lockdowns and restrictions on activity were implemented to contain COVID-19, which impacted the amusement parks market negatively. It forced all amusement parks to shut their operations and halt the construction on new rides and attractions. Most employees took pay cuts, and job losses became very common in the industry. The negative effect on the bottom-line obligated companies to lay-off employees to manage operations smoothly and reduce burden on the operational expenditure.
In November 2020, Disney announced that it was laying off 32,000 workers in the first half of 2021 with ambiguity lying around the reopening of theme parks in in Southern California. The company estimated a ballpark of a $1 billion loss in operating income in the first quarter of 2020. Earnings for the quarter ending June fell by 63% when compared with previous year. The net income fell by 91% to $475 million.
Amusement Parks Global Market Report 2021: COVID-19 Growth And Recovery is one of a series of new reports from The Business Research Company that provide amusement parks market overviews, analyze and amusement parks forecast market size and growth for the whole amusement parks market, amusement parks market segments and amusement parks market geographies, amusement parks market trends, amusement parks market drivers, amusement parks market restraints, amusement parks market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
Read More On The Global Amusement Parks Market Report Now:
Future And Recovery Of The Global Amusement Parks Market
The global amusement parks market is expected to grow from $89 billion in 2025 to nearly $126 billion by 2030 at a compound annual growth rate (CAGR) of 7.2%. The faster growth in the forecast period as compared to the historic one can be attributed to the global economic recovery of the amusement parks market from COVID-19 and increased use of social media.
Increasing use of social media and access to mass media is expected to positively impact the amusement parks market. Visitors like sharing their experiences, photographs and videos on social media platforms, which helps other people know the experiences offered by amusement parks around the world. According to a study conducted by Visa, a cards and payments 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 after returning home. Sharing a post on social media motivates or inspires others to visit those places, thereby increasing the demand for the place. Extensive use of social media is expected to drive growth in the amusement parks market during the forecast period.
Request For A Sample Of The Global Amusement Parks Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2883&type=smp
The Business Research Company’s report Amusement Parks Global Market Report 2021: COVID-19 Growth And Recovery covers major amusement parks companies, amusement parks market share by company, amusement parks market players.
Competitive Landscape Of The Global Amusement Parks Market
The amusement park market is highly concentrated with a small number of large players dominating the market. The top ten competitors in the market made up to 55.65% of the total market. The key players in the market include The Walt Disney Company (Walt Disney Parks And Resorts), Comcast Corporation (Universal Parks And Resorts), Oriental Land Company Ltd., Merlin Entertainment Group, and Cedar Fair Entertainment Company. The key players in the market are focusing on investing in new theme parks, developing of visitor loyalty programs through digital technologies to enhance customer experience and socialization.
For instance, the Cedar Fair Entertainment Company growth strategy aims to gain superior visitor loyalty by embracing digital technologies in all aspects that will enhance guest experience, promote sharing and socialization. As part of this, it offers mobile apps and free park-wide Wi-Fi. For improving the guest experience, the company is renovating the wooden roller coasters to newer rides such as Steel Vengeance at Cedar Point and also introduced self-service kiosks. It is also focusing over the development of the adjacent lands to the parks by opening hotels and cabins to increase accommodation services to the guests.
Here Is A List Of Similar Reports By The Business Research Company:
Recreation Global Market Report 2021: COVID-19 Impact And Recovery To 2030
Global Sports Market - By Type (Participatory Sports, Spectator Sports), By Revenue (Media Rights, Sponsorship, Merchandising And Tickets), And By Region, Opportunities And Strategies – Global Forecast To 2030
Online Gambling Market - By Game Type (Betting, Casino, Lottery, Poker, Online Bingo, Others), By Device (Desktop, Mobile, Others), And By Region, Opportunities, Trends And Strategies – Global Online Gambling Market Forecast To 2030
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.