Recreation Global Market Report 2023
Major companies in the recreation market include China Sports Lottery, China Welfare Lottery, The Walt Disney Company, Sociedad Estatal Loterías y Apuestas del Estado S.A., Maruhan, Flutter Entertainment plc, The Hong Kong Jockey Club, Tabcorp Holdings Ltd.
New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Recreation Global Market Report 2023" - https://www.reportlinker.com/p06236969/?utm_source=GNW
, CJ Corp, and Oriental Land Company Ltd.
The global recreation market grew from $1,443.83 billion in 2022 to $1,900.67 billion in 2023 at a compound annual growth rate (CAGR) of 31.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The recreation market is expected to grow to $2,194.09 billion in 2027 at a CAGR of 3.7%.
The recreation market includes revenues earned by entities by operating amusements facilities, operating facilities or providing services for cultural, entertainment, and recreational interests, providing live sporting events before a paying audience, and operating golf courses and country clubs, skiing facilities, marinas, fitness, and recreational sports centers, and bowling centers.Gambling, except casino hotels, can also be considered to be part of the recreation market.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Recreation refers to all the activities that people choose to refresh their minds and bodies and make their free time more enjoyable and interesting.Recreation improves concentration skills and the ability to manage anxiety and stress.
Enhanced social skills develop skills such as cooperation and teamwork, and a great way to have fun, meet new people and develop friendships.
Asia-Pacific was the largest region in the recreation market in 2022.Eastern Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the recreation market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of recreation are amusements, arts, and sports.Sports services provide live sporting events before a paying audience or entities that operate golf courses and country clubs, skiing facilities, marinas, fitness and recreational sports centers, and bowling centers.
The different age groups include aged 35 and younger, aged 35-54, aged 55 and older, and involve various revenue sources such as media rights, merchandising, tickets and sponsorship.
The recreation market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) stated that the global GDP growth was 3.5% in 2020, up from 3.2% in 2019. Recovering commodity prices are further expected to aid market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. For instance, India’s GDP grew by 7.2%, whereas China registered a GDP growth of 6.0% in 2020. Stable economic growth is expected in end-user markets, thereby driving the market during the forecast period. This continued economic growth is expected to increase investments in the end-user markets and be a driver of the recreation market as greater affluence allows consumers to visit recreation centers.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the recreation market in 2020 as governments globally imposed lockdowns and restricted domestic and international travel limiting the need for services offered by these establishments.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in the closure of recreational facilities such as amusement parks, museums, and casinos with countries entering a state of ’lockdown’ and the outbreak hurt businesses throughout 2020 and into 2021.
However, it is expected that the recreation market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Amusement parks are increasingly using virtual and augmented reality technology to provide an immersive experience to customers.Virtual reality is a 3D, computer-generated environment that can interact with a person, whereas augmented reality turns an environment into a digital interface by placing virtual objects in the real world.
Amusement parks are implementing this technology in rides and theater-based attractions.For instance, Plopsaland De Panne in De Panne, Belgium has a new virtual reality wooden roller coaster called Heidi The Ride, which can reach speeds of more than 43 mph.
Amusement park SeaWorld has started operating a new Kraken Virtual Reality Roller Coaster in Orlando.The Weave Breaker coaster brings the reality of jet skiing in an amusement park.
Universal Studios have The Walking Dead mazes with augmented reality elements.
The countries covered in the recreation market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The recreation market research report is one of a series of new reports that provides recreation market statistics, including recreation industry global market size, regional shares, competitors with a recreation market share, detailed recreation market segments, market trends, and opportunities, and any further data you may need to thrive in the recreation industry. This recreation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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