Family/Indoor Entertainment Centers Market – Highest Revenue Generating Segments, Key Trends, and Competitive Scenario
Number of options for gaming is driving the growth of the family entertainment centers market, especially in the North America region over the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATE, October 25, 2022 /EINPresswire.com/ — According to the report, the global family/indoor entertainment centers industry generated $25.14 billion in 2020, and is expected to reach $69.55 billion by 2030, witnessing a CAGR of 10.9% from 2021 to 2030.
The key factor that drives the growth of the family/indoor entertainment centers market includes favorable youth demographics and the continuous launch of new FECs supporting family activities, F&B integration, and participatory play boosting the growth of the global family/indoor entertainment centers market. In addition, an increase in the number of malls positively impacts the growth of the market.
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However, the increase in ticket prices and the rise in the popularity of home and mobile gaming hamper the market growth. On the contrary, the surge in investments in new games and attractions is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
Depending on facility size, the 1 To 10 acres segment holds the largest family/indoor entertainment centers market share of the market due to the presence of a large number of FECs. FECs of such huge sizes are usually considered theme parks or amusement parks. However, 10,001 to 20,000 sq ft segment is expected to grow at the highest rate during the forecast period, owing to a rise in the number of indoor family entertainment centers integrated with arcades, restaurants, and music.
Region-wise, the family/indoor entertainment centers market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to the large-scale integration of new technologies such as 3D technology and virtual reality gaming, which are trending, and consumers are preferring modern ways of entertainment over traditional entertainment options. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the consistently growing middle-class population and increase in disposable income.
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The family/indoor entertainment centers industry has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a sudden downfall in 2020. This is attributed to global fear of the virus and unprecedented travel restrictions, which have tremendously reduced the demand for travel services. The family/indoor entertainment centers industry is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic.
Various tourism destinations across the Middle East, Asia-Pacific, Europe, and the U.S. have implemented restrictions since January 2020. In the wake of the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the World Health Organization declaring it a public health emergency. The global pandemic has already started adversely affecting the family/indoor entertainment centers market size.
Owing to lockdown, countries across the world have imposed travel ban, which has resulted in a greater number of people claiming canceled holidays and family trips. This has resulted in negative impacting the growth of family/indoor entertainment centers.
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The key players profiled in the family/indoor entertainment centers market analysis are Cinergy Entertainment Group, CEC Entertainment, Inc., Dave & Buster’s, Inc., Disney, Fun City, Funriders, KidZania, Lucky Strike Entertainment, Scene75 Entertainment Centers, and SMAAASH. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Findings Of The Study:
• By facility size, the 1 To 10 acres segment accounted for the largest family/indoor entertainment centers market share in 2020.
• Region wise, North America generated highest revenue in 2020.
• On the basis of visitor demographic, the teenagers (13-19) segmented generated the highest revenue in 2020.
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