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Full Article: Family/Indoor Entertainment Centers Market to Gain $88.70 Billion by 2032 at 11.5% CAGR: Allied Market Research
Wilmington, DE, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Global Family/Indoor Entertainment Centers Market by Activity Area (Arcade Studios, AR and VR Gaming Zones, Physical Play Activities, Skill/Competition Games, and Others), Facility Size (Up to 5,000 Sq. Ft., 5,001 to 10,000 Sq. Ft., 10,001 to 20,000 Sq. Ft., 20,001 to 40,000 Sq. Ft., 1 to 10 Acres, 11 to 30 Acres, and Over 30 Acres), Revenue Source (Entry Fees & Ticket Sales, Food & Beverages, Merchandising, Advertisement, and Others), Type (Children Entertainment Centers (CECs), Children Edutainment Centers (CEDCs), Adult Entertainment Centers (AECs), and Location-Based VR Entertainment Centers (LBECs)), and Visitor Demographics (Families With Children (0-9), Families With Children (9-12), Teenagers (12-18), Young Adults (18-24), and Adults (Ages 24+)): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global family indoor entertainment centers industry generated $30.9 billion in 2022, and is anticipated to generate $88.7 billion by 2032, witnessing a CAGR of 11.5% from 2023 to 2032.
Prime determinants of growth
Favorable youth demographics and the continuous launch of new FECs supporting family activities, food & beverages (F&B) integration, and participatory play boost the growth of the global family indoor entertainment centers market. In addition, the increase in the number of malls positively impacts the growth of the market. On the contrary, the surge in investments on new games and attractions is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
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Report coverage & details:
Forecast Period 2022–2032
Base Year 2022
Market Size in 2022 $30.9 billion
Market Size in 2032 $88.7 billion
Favorable youth demographics Increase in number of malls Opportunity Surge in investments in new games and attractions Restraints Increase in ticket prices Rise in popularity of home and mobile gaming
Covid-19 Scenario
Due to the COVID-19 pandemic and the subsequent global lockdowns, the family indoor entertainment centers market faced a downturn.
However, as the global situation started ameliorating, with fewer customers and more pricing, theme parks are expected to add value to their experiences and make them more immersive. This, in turn, presented various growth opportunities for companies operating in the family indoor entertainment centers market.
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The physical play activities segment to maintain its leadership status throughout the forecast period
Based on activity area, the physical play activities segment held the highest market share in 2022, accounting for more than one-fourth of the global family indoor entertainment centers market revenue, and is estimated to maintain its leadership status throughout the forecast period, as physical play activities attract families with children, which is the major factor that drives the market growth. However, the AR and VR gaming zones segment is projected to manifest the highest CAGR of 14.6% from 2023 to 2032, as it provides tremendous fun experiences. Owing to their realistic and engaging experiences, not only young children, however, adults also get attracted towards the AR & VR gaming zones, which is the major factor that fuels the market growth.
The 1-10 acres segment to maintain its leadership status throughout the forecast period
Based on facility size, the 1-10 acres segment held the highest market share in 2022, accounting for more than one-fourth of the global family indoor entertainment centers market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the presence of a large number of FECs. FECs of such huge sizes are usually considered theme parks or amusement parks. However, the 10,001 to 20,000 Sq. Ft. segment is projected to manifest the highest CAGR of 15.5% from 2023 to 2032, owing to the rise in the number of indoor family entertainment centers integrated with arcades, restaurants, and music.
The entry fees and ticket sales segment to maintain its lead position during the forecast period
Based on revenue source, the entry fees and ticket sales segment accounted for the largest share in 2022, contributing to more than one-third of the global family indoor entertainment centers market revenue, owing to the increase in the number of innovative attractions provided by many family entertainment centers....
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