LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global amusement park market to grow at a CAGR of over 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global amusement park market for 2017-2021. To calculate the market size, Technavio analysts consider the revenue generated from sources like tickets, hospitality, merchandising, and others.
The growth of the global amusement park market is supported by the growing interest of individuals in adventurous activities. In the 1990s, individuals preferred relaxing at home or enjoying peaceful vacations. Technological advances and the growing innovation and creativity among vendors are important factors that have led to the emergence of amusement parks.
Request a sample report: http://www.technavio.com/request-a-sample?report=55539
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio media and entertainment analysts highlight the following four factors that are contributing to the growth of the global amusement park market:
- Growing spending capability of customers
- High preference for adventurous and recreational activities
- Growing efforts to attract tourists
- Increasing innovation and creativity in amusement parks
Growing spending capability of customers
Per capita disposable income exhibits low volatility in developed countries because of a spike in double-income households. This has directly boosted consumers' spending capability. The affordability of high-end products has increased in developing countries. Higher disposable incomes in Pacific Rim countries such as Malaysia, Indonesia, and Vietnam are expected to drive the market growth. Also, the number of working women has increased considerably.
Ujjwal Doshi, a lead consumer electronics research analyst at Technavio, says, “The demand for amusement parks has increased over the past few years because of the unique experience it offers. A large number of dangerous yet thrilling rides have been introduced to offer individuals a remarkable experience.”
High preference for adventurous and recreational activities
The tourism industry is experiencing unstoppable growth, and it is expected to generate a revenue of nearly USD 8.5 trillion in 2016. Tourism is a good source of entertainment and a solution to a robotic lifestyle. Many individuals prefer to go on vacations to boost their energy levels and relieve stress.
“Countries such as the US, Canada, Japan, the UK, and France are popular destinations for such activities. These countries are observing an increase in the number of domestic and international travelers from across the world,” adds Ujjwal.
Growing efforts to attract tourists
As tourism generates good revenue, governments of many countries have realized that theme parks play an important role in attracting tourists. For instance, more than 70 million travelers pass through the Dubai Airport every year since 2014. The Dubai Airport is the hub of the Emirates and is one of the world’s largest airlines. However, most of the travelers’ transit onward to other destinations without staying in the city. To promote tourism and retain travelers, Dubai Parks and Resorts was inaugurated in October 2016.
Similarly, Malaysia is another country where the government is actively supporting the development of theme parks to generate higher revenue from tourism. In China, the government has lifted the ban on new park development and is encouraging vendors to come up with innovative as well as safe rides.
Increasing innovation and creativity in amusement parks
In mature markets like Europe and North America, where growth has been stagnant, regional park operators try creating innovative themes such as Halloween, New Year, and Christmas to attract individuals. These seasonal themes create interest among individuals and encourage them to dress as per the theme to enjoy the surroundings to the maximum.
Top vendors:
- Cedar Fair Entertainment
- Merlin Entertainments
- SeaWorld Parks & Entertainment
- Universal Parks & Resorts
- Walk Disney Parks and Resorts
Browse Related Reports:
- Global Casino Gaming Market 2017-2021
- Global Marine Outboard Engines Market 2016-2020
- Global Gaming Simulators Market 2017-2021
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like gaming, internet and e-commerce, and media and entertainment services. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
