The amusement park market is expected to grow by USD 19.84 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global amusement park market 2020-2024 (Graphic: Business Wire)
The increase in international tourism is one of the major factors driving the growth of the global amusement park market. Consumers are increasingly spending money on traveling owing to rising disposable income and a shift in their lifestyles. Amusement parks offer expensive and thrilling rides that capture the attention of different demographics. For instance, there is a high demand for 4D rides, giant rides, and challenging roller coasters among baby boomers. Moreover, growing innovations in theme-park rides are likely to increase the visitors to amusement parks, which will drive market growth during the forecast period.
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As per Technavio, the rise in popularity of IoT-enabled theme parks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Amusement Park Market: Rise in Popularity of IoT-Enabled Theme Parks
The rise in popularity of IoT-enabled theme parks will be one of the critical trends in the global amusement parks market. The operational process of amusement parks is being revolutionized by the use of IoT, which helps in tracking and monitoring all the activities and manage the crowd at the park. Further, the IoT wristband functions as a passport and an entrance ticket for guests and facilitates credit-card transactions. Certain applications of IoT-enabled theme parks also help parents track their children’s movement with the help of sensors that are present throughout the park. Such advantages associated with IoT-enabled theme parks will stimulate the growth of the amusement park market during the forecast period.
“Factors such as the rise in number of baby-boomer visitors and increasing investments in high-thrill roller coasters will have a positive impact on the growth of the amusement park market during the forecast period,” says a senior analyst at Technavio.
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Amusement Park Market: Segmentation Analysis
This market research report segments the amusement park market by type (tickets, hospitality, merchandising and others), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the amusement park market in 2019, followed by APAC, Europe, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as rise in the number of international and local visitors.
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Some of the key topics covered in the report include:
- North America
- South America
Market Trendsendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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