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).
About the author
Nigel Benton
Co-founder/Publisher, Australasian Leisure Management
Nigel Benton is the co-founder and Publisher of Australasian Leisure Management, Australia and New Zealand’s only magazine for professionals in all areas of the leisure industry. Having established the magazine in 1997, shortly after his relocation to Australia, he has managed its readership rising to over 11,500 and its acceptance as the industry journal for professionals in aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues.
In 2020, he launched the new Asian Leisure Business website.
Among a range of published works and features, his comments on a Blog (blogspot) from 2007 to 2011, when this website went live in its current form, may be interesting to reflect back on.
Click here to connect with him via LinkedIn.
Read more from this author
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