World News: 12:03 GMT Friday 10th August 2018. [Technavio Research via Businesswire via SPi World News]
The global amusement park market is expected to post a CAGR of over 8% during the period 2018-2022 according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-on-year growth.
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Technavio has published a new market research report on the global amusement park market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the rise in the number of baby-boomer visitors. Baby boomers are the cohorts following the silent generation and are associated with the rejection of the redefinition of the traditional values. The rise in the number of baby-boomer visitors is likely to drive the growth of the global amusement park market as amusement parks offer expensive and thrilling rides. The increase in the number of baby boomers will drive the demand for 4D rides, giant rides, and challenging roller coasters. The increase in innovations in roller coasters and other theme-park rides will attract more baby-boomer visitors. This will fuel the growth of the global amusement park market during the forecast period.
This market research report on the global amusement park market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rise in popularity of IoT-enabled theme parks as one of the key emerging trends in the global amusement park market:
Global amusement park market: rise in popularity of IoT - enabled theme parks
IoT is revolutionizing different operations in amusement parks. It helps transmit and record customers’ information easily. It provides customers with well-connected amenities and a unique experience using beacons and sensors. Certain application of IoT enabled theme parks help parents track their children’s movement with the help of sensors that are present throughout the park. The IoT wristband functions as a passport and serves as an entrance ticket for guests and facilitates credit-card transactions. IoT enabled theme parks also help identify the areas of improvement as they track and monitor all the activities and manage the crowd at the park. Thus, with various advantages associated with IoT enabled theme parks, the global market is expected to show positive results during the forecast period.
“Increase in international tourism expenditure along and investments in high-thrill roller coasters are two major factors that are driving the growth of the market. The tourism industry offers advantages such as revenue regeneration and job opportunities. The additional revenue earned from international tourism is used for infrastructure development. Therefore, the increased expenditure on international tourism will drive the growth of the global amusement park,” says a senior analyst at Technavio for research on media and entertainment services.
Global amusement park market: Segmentation analysis
This market research report segments the global amusement park market by geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 accounting for the highest market share. This can be attributed to the presence of many amusement parks in the region. The market in APAC is driven by the rise in disposable income in countries such as China and India. Moreover, APAC is expected to grow at the highest CAGR during the forecast period. However, the EMEA region is experiencing a decline in its market share due to economic uncertainty.
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Five Forces Analysis
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Business Wire: 12:03 GMT Friday 10th August 2018
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