The global leisure center market is expected to gain prominence over the forecast period owing to increasing adult participation and involvement in recreational and leisure activities. Rising disposable incomes amongst people across different industry sectors and regions have fueled the growth of the market. The market is perceived to bolster job-creation and generate multiple employment opportunities, thereby stimulating economic growth. The market is anticipated to re-ignite growth in the travel and tourism sectors. Leisure centers are focusing on brand management, innovation, and are capitalizing on international opportunities. Moreover, high emphasis is being laid on developing & improving skill-base and encouraging entrepreneurship along with offering quality service. Over the years, the market has emerged as a very competitive and dynamic industry vertical. The market aims at meeting people’s demand for recreation and leisure opportunities, facilities, and experiences by providing recreational services and products to consumers.
The market predominantly capitalizes on recreational activities such as entertainment, travel & accommodation, sports, betting & gaming, eating & drinking, and cultural activities. Increasing the global urban population and the rise in disposable incomes drive the leisure center market growth. In addition, changing lifestyles, a wider variety of recreational activities, and escalating household incomes subsequently leading to high discretionary spending are the major factors that have fueled the market development. The market has created a favorable environment for capitalists and has propelled entrepreneurial activities. Such opportunities in the market have allowed easy entry of new entrepreneurs into the market and the opportunity to develop recreational business from scratch at average start-up rates. This growth is instrumental in spurring employment opportunities and innovations in the market. The majority of the vendors in this market are small and middle-sized enterprises. This has created a competitive setting in the market for vendors that are vying to acquire a larger market share. It has consequently ensued market growth.
The global leisure centers market can be categorized into several industrial subsectors. It comprises various popular leisure sites such as cinema halls and live entertainment venues, tourist attractions, casinos & bingo halls, sports clubs, gaming centers & betting shops, health & fitness clubs, hotels & restaurants, and pubs & night clubs. Moreover, recreational centers such as museums, libraries, zoos, theme parks, and heritage sites contribute largely to the growth of the tourism sector. The theme parks and cinema halls prove to be the most lucrative leisure sites of them all.
Complicated macroeconomic conditions and government intervention have hindered the global leisure centers market growth. In addition, stringent tax policies have adversely impacted the market. Regulatory costs and tariffs along with high excise duty and entertainment tax have hampered the market expansion and subsequently have limited the job opportunities. The onset of the financial crisis greatly exacerbated the augmentation of the market. The growth of a particular subsector in the leisure market usually results in loss of parallel or alternative industrial subsector.
North American countries such as the U.S. and Canada have a large portion of the entire population reside in urban areas. A rise in disposable income among the population is expected to stimulate this market. European countries such as France, Italy, and the U.K. are experiencing remarkable growth in tourism, travel, and sightseeing activities. These factors drive the market expansion in the European region, subsequently making them home to some of the key leisure centers across the world. In the Asia Pacific region, countries such as India and China have a high potential for expansion. Owing to improving pecuniary conditions and rising GDP levels in these countries, the market is anticipated to grow significantly. These countries being developing economies possess great opportunities for infrastructural development. Due to these opportunities, the market is expected to gain prominence in the Asia Pacific region as well.
Key players dominating the global leisure centers market are Bourne Leisure, Caldicot, Castle leisure, Deeside, Go Ape, INOX Leisure Limited, Lakeside, Merlin Entertainments, Olympiad leisure centers, Park Resorts, SeaWorld Parks & Entertainment, Swansea, Virgin Oceanic, and Walt Disney Parks & Hotels.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.