Amusement parks are known to offer unique experiences to its customers. The one’s who seek for excitement and adrenaline rush in life often visit different amusement parks. Further, these are also known to make use of different themes, which attract the customer’s attention. This factor majorly boosts the growth of the amusement parks market. Also, rise in standard of living and the tendency of the people to spend on experiences further foster the market growth. In addition, increase in international tourism is another factor that makes way for lucrative growth opportunity for the market.
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COVID-19 Scenario Analysis:
- Lockdown and social distancing observed worldwide is the major factor that restricts the growth of the entertainment and fun based industries.
- Considering the COVID-19 situation, the tourism related activities are also put to hold, which is projected to limit the growth of the amusement parks market.
- Despite the market being affected by the current situation, it is expected to experience slow growth, once lockdown is lifted, as people are expected to step out and enjoy. This is anticipated to boost the growth of the market.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Exciting rides, museums, fun-based activities, accommodation facilities, along with innovative architecture, and merchandise attract people toward amusement parks. This increases the number of visitors to the amusement parks, which in turn boosts the market growth.
Some of the key sources of revenue for amusement parks are sale of merchandise and food & beverage products through outlets and food zone located inside the park. In addition, increase in urban based population, international tourism, and rise in of middle-class population’s disposable income contributes to the increase of the market share.
The global amusement parks market trends are as follows
Rise in Popularity of IoT-enabled Theme Parks
The increase in popularity of Internet of Things (IoT)-enabled theme parks is one of the important trends in the amusement parks market. The operations of the amusement parks are revolutionized with the use of Information of Things. It helps track and monitor various associated activities and manage large crowd at the park.
The IoT-based wristband functions as an entry pass for the visitors and possesses the capability to facilitate credit card transactions. These parks help parents to track their child’s movement with the help of sensors.
Special Entertainment Services in Amusement Parks:
To add differentiation in the services and to attract more visitors, the amusement parks offer varied types of entertainment services, which could be regular or seasonal. There are several amusement parks that organize musical plays, concerts, and other programs time and again to get maximum footfall.
To deliver the best results and to tell stories in better terms, technologies like AR and VR are also being used. For instance, many such experiences are being offered in California by VR Showdown in Ghost Town which is part of Knott’s Berry Farm.
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Key Benefits of the Report:
- This study presents the analytical depiction of the global amusement parks industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global amusement parks market share.
- The current market is quantitatively analyzed to highlight the global amusement parks market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global amusement parks market analysis based on competitive intensity and how the competition will take shape in the coming years.
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