A theme park is a place where there is an occupancy of many attractive and thrilling rides based on an individual theme or a combination of two. Usually, it includes different type of rides, along with a variety of shops, restaurants, and many other entertainment units. Theme park tourism is a high technology and capital intensive sector and is dominated by amusement park companies including Universal Studio, Merlin, and Walt Disney among others. The theme park market emerged as an organised business in 1980 and is experiencing tremendous growth in the travel and tourism industry. Despite the soft economy, the population of North America is more inclined towards adventure travelling especially in the United States, which is the origin of many theme parks such as Walt Disney Company, Universal Studios etc. and consists of a large proportion of tourists travelling to the country throughout the year.
Theme Park Tourism Market: Drivers
Mainly, growth in per capita income is fuelling the demand for theme park tourism all over the globe. The important drivers that trigger demand in the theme park tourism market are increasing tourism expenditure, growing urban and middle-class population and rising GDP globally. Most importantly, constant technological up-gradation in theme park projects is driving the theme park tourism market.
Theme Park Tourism Market: Opportunities
As an opportunity for theme park tourism, the tourism industry is booming as a fastest growing industry and many new theme parks are being set up in regions including the Middle East, Europe, and Asia, which offer good leisure options and excellent prospects for visitors.
Theme Park Tourism Market: Trends
There is a growing trend of practicing technologically developed animatronics, pneumatics, and hydraulics, which enhances hi-tech delights or thrills to the rides, thereby ensuring redefined development in the theme park tourism market. Moreover, large household spending on outdoor activities and rising adventurist attitudes are other prominent trends shaping the growth of the market.
Theme Park Tourism Market: Restraints
Although demand for theme parks in the tourism market can be seen significantly there are certain factors that are hindering the growth of theme parks such as the time-consuming manufacturing and installation process of advanced rides installed in theme parks. Moreover, the high maintenance cost of electrical and mechanically driven rides are further limiting the growth of this market, especially for the new entrants in the business.
Theme Park Tourism: Options
There are thousands of theme parks across the world visitors can visit if they wish to explore. Some of the notable global theme parks includeWalt Disney Attractions (U.S), Merlin Entertainments Group (U.K), Universal Studios Recreation Group (U.S), OCT Parks (China), Six Flags Inc. (U.S), Cedar Fair Entertainment Company (U.S), Chimlong Group (China), Fantawild Group (China), Parques Reunidos (Spain), Compagnie des Alpes (France) and many others.
Theme Park Tourism Market: Key Players
Some of the major players operating in the global theme park tourism market include Walt Disney Company, Blackpool Pleasure Beach, Yokohama Hakkeijima Sea Paradise, Cedar Fair Entertainment Company, Universal Studios, Compagnie des Alpes, and Efteling B.V. Other prominent players in the market of theme park tourism are The Adventuredome, Everland, Six Flags Entertainment Corp., Lotte World, Leofoo Tourism Group, SeaWorld Parks & Entertainment, Inc., Merlin Entertainments, Parques Reunidos, MGM Resorts International, Overseas Chinese Town Enterprises Co. (OCT Group), NBC Universal Media, LLC, Oriental Land Company Ltd., and Nagashima Spa Land, Inc.
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Theme Park Tourism Market
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