“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”
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.
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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.
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