rising disposable income is driving the Amusement Center Market
Technavio analyzes that the Amusement Center Market is expected to grow at a CAGR of 10.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 87.7 million.There are various factors that contribute to the growth of the market. The amusement center market is experiencing significant growth due to the increasing disposable income of consumers. With more financial resources at their disposal, individuals are seeking entertainment experiences that provide value and excitement. Amusement parks, arcades, and other entertainment venues are capitalizing on this trend by offering innovative attractions and engaging activities. This upward trajectory is expected to continue as disposable income continues to rise, making the amusement center industry an attractive investment opportunity.
The amusement parks sector within the global amusement center market is a substantial segment, distinguished by its diverse array of attractions and experiences, catering to a broad demographic. This segment's growth is driven by the escalating demand for leisure activities and family entertainment. Notably, Wonderla Holidays, India's leading amusement park chain, expanded its footprint with the May 2024 launch of its fourth park in Kumbharbasta, Bhubaneswar. Joining its existing parks in Kochi, Bengaluru, and Hyderabad, this new location is projected to welcome over 3,500 guests daily, featuring water parks, mobile gaming zones, handheld devices, gaming technology with 3D capabilities, simulation games, indoor playgrounds, and special events suitable for birthdays and casual gatherings.
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Amusement Center Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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Family Entertainment Centers (FECs) encompass various types of indoor amusement parks, including family fun centers and amusement parks, that offer a mix of entertainment for all ages. These centers provide a range of activities and attractions such as science museums, children's museums, arcade studios, edutainment experiences, VR and AR technology, family-friendly entertainment, active entertainment, esports, escape rooms, and more. Visitor demographics include families, children, and individuals seeking immersive, interactive, and immersive experiences. Attractions include arcade games, mini-golf, laser tag, trampoline parks, laser tag arenas, and virtual reality experiences.
The amusement center market, encompassing family entertainment centers, indoor amusement parks, science museums, children's museums, arcade studios, and edutainment experiences, is a significant segment of the global leisure facilities industry. According to Technavio, this market falls under the broader umbrella of the global leisure facilities market, which includes companies operating in sports and fitness, stadiums, golf courses, and amusement parks. The overall hotels, restaurants, and leisure market, which includes the revenue generated by casinos and gaming, hotels, resorts, and cruise lines, leisure facilities, and restaurants, is projected to grow due to the rise in disposable income leading to increased spending on discretionary activities such as sports, arts, entertainment, and recreation.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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