Rise in the Number of Baby-boomer Visitors to Boost Market
Technavio releases the "Amusement Park Market by Type (Tickets, Hospitality, Merchandising, and Others) and Geography (North America, APAC, Europe, South America, and MEA) - Forecast and Analysis 2021-2025" report.
54% of the market's growth will originate from North America during the forecast period. The US is the key market for amusement parks in North America. Market growth in this region will be faster than the growth of the market in the European, South American, and MEA regions. The increase in the number of international and local visitors in the region and the rising spending ability of customers will facilitate the amusement park market growth in North America over the forecast period.
The potential growth difference for the amusement park market between 2020 and 2025 is USD 3.28 billion.
Key Market Dynamics:
- Market Driver - The key factor driving growth in the amusement park 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 or the redefinition of traditional values. Baby boomers are increasingly targeted by marketers, owing to their strong desire for novelty, authentic experiences, and willingness to participate in adventurous activities. 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 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.
- Market Challenges - The risks associated with amusement parks will be a major challenge for the amusement park market during the forecast period. Amusement parks are great sources of entertainment and offer unique, thrilling experiences to customers. However, instances of natural and man-made accidents are some of the associated risks that have been reported. Most of the incidents are reported as a result of the lack of maintenance of the rides, mechanical faults, and negligence of the ride operators. Rides such as roller coasters, bumper cars, spinning rides, and water slides are reported to be the most accident-prone rides. Most of the people that access these rides are children, and every year, around 60%-80% of children are prone to such accidents. Therefore, the risks associated with these rides are likely to limit the growth of the market.
The amusement park market share growth by the tickets segment will be significant for revenue generation. The growth momentum is expected to accelerate during the forecast period, owing to the competitive prices of tickets and expenses incurred at the theme park.
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