Notwithstanding the impact of the Coronavirus pandemic, the global amusement and theme park market will grow by US$19.84 billion during the years 2020 to 2024, progressing at a compound annual growth rate (CAGR) of almost 7% during the forecast period.
The prediction, from UK-based market research reports company Technavio, suggest that increasing investments in international tourism will offer immense growth opportunities for leading international companies in the sector, including Aspro Parks SA, Cedar Fair LP, Comcast Corp., Compagnie des Alpes SA, Merlin Entertainments Plc, Parques Reunidos Servicios Centrales SA, SeaWorld Entertainment Inc., Six Flags Entertainment Corp. and The Walt Disney Co.
Technavio’s findings are in contrast to the most recent TEA/AECOM Theme Index and Museum Index which found that 2019 was a year of moderate performance for the world’s most popular theme parks and water parks, and a variable year for museums.
Released in July last year (and covering a period prior to the impact of Coronavirus), the 2019 TEA/AECOM Theme Index and Museum Index showed stable results in the established European and American markets in calendar year 2019, and moderate growth in Asia.
Speaking at the time the Index was released, AECOM Senior Vice President - Economics, John Robinett stated "after clearing the half billion attendance mark in 2018, the world’s top theme parks, water parks and attractions continued to climb to 521.2 million in 2019 for a 4% annual growth rate as represented by the top 10 attraction groups. The Asian operators once again dominated - with OCT, Chimelong, and Fantawild all reporting high single- or double-digit increases.
“As a whole, 2019 was a rather mild-mannered year in the industry, with stable results in the established European and American markets being supplemented by moderate growth in Asia. This could indicate that some pre-recessionary pressures were building under the surface before the tectonic COVID-19 shifted the foundation of the world’s health and economies.”
Going on to note that the visitor attractions sector in the Asia-Pacific region overall showed attendance growth of 1.6% for calendar year 2019, Chris Yoshii, AECOM’s Vice President - Economics, Asia-Pacific, stated “the most dramatic increases in Asia’s theme park markets in 2019 were in China (where) Chimelong Ocean Kingdom became China’s top-attended theme park.
“Its 11.7 million visits in 2019 reflect an 8.4% increase from the prior year, coming in about 500,000 higher than Shanghai Disneyland. OCT, already the largest theme park operator in China, rose in the ranks above Universal Parks and Resorts to be the third-largest in the world.”
The Index noted that globally, Disney remained the top theme park operator, and the Louvre in Paris was the world’s top-attended museum.
The TEA/AECOM Theme Index and Museum Index is an annual, calendar-year study, jointly produced by the Themed Entertainment Association and the Economics Practice at AECOM since 2006, tracking attendance numbers of the world’s top visitor attractions.
Click here for more information on Technavio’s Amusement Park Market by Geography - Forecast and Analysis 2020-2024 report.
Images: Chimelong Ocean Kingdom became China’s top-attended theme park in 2019 (top) and guests at Shanghai Disney (below).
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16th October 2020 - Theme park marketeers reach out to guests and new audiences
24th September 2020 - Malaysian theme parks call for removal of entertainment tax
20th September 2020 - Tokyo Disneyland expansion to open on 28th September
21st August 2020 - Asian attractions and theme parks events look to bounce back in 2021
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14th July 2020 - IAAPA outlines COVID-19 safety protocols for parks and guests as attractions reopen
2nd May 2020 - Guangzhou Chimelong Resort partially reopens after Coronavirus closure
12th March 2020 - East Asian theme parks remain closed as others continue to operate during Coronavirus crisis
5th August 2019 - Reports chart ongoing growth of Chinese theme parks
24th December 2019 - Formal opening for new integrated resort on China’s Hengqin Island
23rd May 2019 - Attendance at the world’s themed attractions exceeds half a billion visits for the first time in history
3rd September 2018 - Dubai Safari to reopen under Meraas management
18th May 2018 - Historic levels of growth in global theme park industry in 2017
23rd April 2014 - Aquarium at Chimelong Ocean Kingdom confirmed as world’s largest