Rise in innovation in the tourism industry, consumer shift toward experiencing thrill and entertainment, and increase in edutainment are expected to propel the growth of the global theme park vacation market
PORTLAND, Oregon, Oct. 8, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Theme Park Vacation Market by Type (Water Park, Children's Play Park, Adventure Park, and Others), Age Group (Baby Boomers, Generation X, Millennials, and Generation Z), Travelers Type (Solo and Group), and Sales Channel (Online Channel and Direct Channel): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global theme park vacation market was pegged at $47.2 billion in 2018 and is projected to garner $74.7 billion by 2026, registering a CAGR of 6.0% during the forecast period.
Chief reasons for market fluctuations
Consumer shift toward experiencing thrill and entertainment and rise in innovation in the tourism industry have boosted the growth of the global theme park vacation market. However, increase in accidents and government rules and regulation hamper the market. On the contrary, expanding theme inclusion of new ideas and increase in edutainment are expected to create lucrative opportunities in the near future.
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Adventure park segment held the largest share
By type, the adventure part segment held the largest share in 2018, contributing more than half of the market, owing to increase in edutainment as these parks use advanced concepts and technologies and outdoor activities such as trekking and rock climbing. However, the children's play park segment is projected to register the fastest CAGR of 8.5% during the forecast period.
Online channel to portray fastest CAGR by 2026
By sales channel, the online channel segment is estimated to registering a CAGR of 7.7% through 2026, owing to ease of payments and availability of price discounts and voucher. However, the direct segment held the largest share in 2018, accounting for more than three-fourths of the market, as the offices of theme park are situated in cities so consumers can collect the tickets easily.
Group traveler type to open new opportunities
The group traveler segment dominated the market in 2018, contributing more than four-fifths of the market and is estimated to continue its dominance throughout the study period. Moreover, the segment is projected to register a CAGR of 6.4% during the forecast period, owing to stakeholders in theme park vacations provide various offers related to rises, game, and water parks if consumers visit in groups.
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North America dominated the market
The market across North America held the largest share in 2018, contributing nearly three-fifths of the market, owing to rising technological advancements including virtual reality (VR) and augmented reality (AR) in countries such as the U.S., Canada, and Mexico. However, the market across the Asia-Pacific region is anticipated to manifest the fastest CAGR of 9.6% during the forecast period, owing to rising investment of evolving technologies for providing better experience to consumer.
Major market players
- Walt Disney Attraction
- Merlin Entertainment Group
- Oct Parks China
- Universal Parks and Resorts
- Chimelong Group
- Six Flags Inc.
- Cedar Fair Entertainment Company
- Seaworld Parks & Entertainment
- Parques Reunidos
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SOURCE Allied Market Research