Invest in Water Fun Park (Amusement Park)
Business About
A water park is an amusement park which has water play areas like swimming pools, water slides, splash pads, water playgrounds and lazy rivers. It also has areas for floating, bathing, swimming and other barefoot environments. Some water parks may also have artificial surfing or body boarding environment. Water parks were first introduced in the late 1940s and early 1950s. United States has the largest number of water parks in the world. Water parks can be indoor or outdoor.
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5 best water parks in the world
- Aquatica – Orlando, Florida
- Aquaventure Waterpark – Dubai, UAE
- Area 47 – Innsbruck, Austria
- Beach Park – Fortaleza, Brazil
- Caribbean Bay – Gyeonggi-do, South Korea
Important aspects of a good water park
In a world where people are running a mad rat race, they need some time to relax and have fun. In fact, people do seek new forms of entertainment every now and then. Both types of water parks face some challenges. In case of outdoor water park, weather plays a very important role. Adverse weather conditions, winter season are some of the challenges faced by water parks businessmen. With indoor water parks, there are no seasonal problems but they should be able to present a warm, all-year summer climatic condition so that people would enjoy swimming even in winter!
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LAYOUT Water parks need to as approachable as possible. Only providing some basic amenities would not increase the sales and reputation. They need to be strategically planned so that people are able to see the rides from distance, walk up to them and purchase them.
SERVICE Hospitality before anything! The needs of guests come first and creating a relaxing environment for them is very important. Sometimes it becomes difficult to provide personalized service to guests when there is large number of people. The staffs should be trained to provide as quick service as possible. This will ensure that people would come back and the business will rise in reputation.
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MANAGEMENT You can have the world’s best water park with the sales rate going down. If finance, marketing and operation are not maintained properly, the business curve will go down.
Global Analysis – 2018-2025
The global water parks market accounted for US$ 45.2 billion in 2017. It would expand at a rate of 5.8% CAGR from 2018 to 2025. New rides, hotel and lodges and merchandise in amusement park are gaining popularity. There is a rise in number of children and adults visiting water parks. Sale of merchandise and restaurants inside the parks contribute much to the revenue of water parks. Additionally, rise in urban population, international tourism and increase in disposable income of middle class population are the driving forces behind the up thrust of water parks. Nowadays, water parks are introducing wristbands.
Age Insights On the basis of age, global water parks have been divided into up to 18 years, 19-35 years, 36-50 years, 51-65 years and more than 65 years groups. The second group occupied a share of more than 30% in 2017. This segment will dominate the forecast period with a CAGR of 6.5%. The 36-50 years group is projected to post a CAGR of more than 6%. The growth of this segment can be attributed to increasing number of parents accompanying their children.
Related Project:- Start Your Own Water Park, Amusement Park Business
Revenue Source Insights
Regional Insights The Asia Pacific dominated the market in 2017 with a share of more than 35%. The European market will progress at a CAGR of 2.9% during the forecast period.
Indian Water Park Industry The Water Park industry in India is two decades old and comparatively new to USA and Europe. The size of Indian Water Park is estimated to be around Rs 4000 crores with a CAGR of 10% per annum in the next couple of years. It accounted for Rs 10000 crores in 2020. India has a population of 1.15 billion but there are few water parks in India. This indicates that the growth potential of water parks in India is substantial.
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Here are five frequently asked questions about investing in a Water Fun Park (Amusement Park) business:
What are the key factors to consider when planning to invest in a water park?
When considering an investment in a water park, it's crucial to evaluate location, accessibility, local climate, and competition. The design and theme of the park should appeal to a broad audience, and amenities must cater to various age groups. Operational aspects such as safety measures, staff training, and the quality of attractions are also important. Finally, ensure that the business plan includes a robust marketing strategy to attract visitors year-round.
How much capital is typically required to start a water park?
The initial capital investment for starting a water park can vary significantly depending on the scale, location, and type of attractions included. This investment typically covers land acquisition, construction, rides and facilities, initial marketing, and operational setup. It is advisable to prepare for substantial upfront costs and consider options for financing such as loans or investment partners.
What are the potential revenue streams for a water park?
Revenue for a water park can be generated from multiple sources including ticket sales, season passes, group bookings, in-park purchases such as food and merchandise, events and parties, and potentially on-site accommodations if applicable. Additionally, strategic partnerships or sponsorships can provide alternative revenue channels.
What are the challenges of running a water park?
Key challenges in managing a water park include seasonal variations in visitor numbers, high operational costs, maintaining safety and cleanliness standards, and continuously innovating to keep the attractions exciting and new. Weather dependency, especially for outdoor parks, can significantly impact attendance and revenue.
How does one ensure a water park's success in a competitive market?
To thrive in a competitive market, a water park must offer unique and high-quality attractions that differentiate it from others. Maintaining high standards of guest service, ensuring operational efficiency, and actively marketing the park to potential visitors are crucial. Regularly updating attractions and hosting special events can also help increase repeat visitation.
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