Family/Indoor Entertainment Center Market
The number of options for gaming is driving the growth of the family entertainment center market, especially in the North American region over the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATES, Oct. 25, 2022 /EINPresswire.com/ – According to the report, the global family/indoor entertainment center industry generated $25.14 billion in 2020, and is expected to reach $69.55 billion by 2030. CAGR of 10.9% from 2021 to 2030.
The key factor driving the growth of the family/indoor entertainment center market includes favorable youth demographics and the continuous launch of new FECs that support family activities, F&B integration, and participatory play that contribute to the growth of the global family/indoor entertainment center market. In addition, increasing the number of malls has a positive impact on market growth.
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However, the increase in ticket prices and the rise in popularity of home and mobile gaming hinders the growth of the market. On the contrary, the boom in investments in games and new items is expected to provide rewarding opportunities to expand the market during the forecast period.
Depending on the size of the facility, the 1 to 10 acre segment has the largest market share in the family/indoor entertainment center segment due to the large number of FECs. FECs of such huge sizes are usually seen as theme parks or amusement parks. However, 10,001 to 20,000 square feet segment is expected to grow at the highest rate during the forecast period, due to rise in the number of indoor family entertainment centers integrated with arcades, restaurants and music.
Regionally, North America dominated the home / indoor entertainment center market in 2020, and is expected to maintain 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 prefer modern entertainment channels to traditional entertainment options. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the steadily growing middle class population and increase in disposable income.
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The family/indoor entertainment center industry has grown significantly in recent years; However, due to the outbreak of the COVID-19 pandemic, the market is expected to experience a sudden decline in 2020. This has been attributed to global fear of the virus and unprecedented travel restrictions, which have reduced the demand for travel services a lot. The family/indoor entertainment center industry is expected to thrive in the coming years following the recovery from the COVID-19 pandemic.
Various tourist destinations across the Middle East, Asia-Pacific, Europe, and the US have implemented restrictions since January 2020. Following the outbreak of the COVID-19 virus in December 2019, the disease has spread to almost 180+ countries around the globe. and the World Health Organization declaring it a public health emergency. The global pandemic has already begun to adversely affect the size of the family/indoor entertainment center market.
Due to lockdown, countries around the world have implemented travel bans, which has resulted in more people claiming holidays and canceled family trips. This has resulted in a negative impact on the growth of family/indoor entertainment venues.
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Key players profiled in the family/indoor entertainment center market analysis are Cinergy Entertainment Group, CEC Entertainment, Inc., Dave & Buster’s, Inc., Disney, Fun City, Funriders, KidZania, Lucky Strike Entertainment, Scene75 Entertainment Centres, 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 acre segment accounted for the largest market share for family/indoor entertainment centers in 2020.
• In terms of region, North America generated the highest revenue in 2020.
• Based on visitor demographics, teenagers (13-19) generated the highest revenue in 2020.
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