Growth Driven by the Rise in the Number of Baby-Boomer Visitors - Technavio
The global amusement park market size is estimated to increase by USD 12,070.27 million, accelerating at a CAGR of 3.66% during the forecast. The growth of the market is driven by the rise in the number of baby-boomer visitors.
Global Amusement Park Market 2023-2027
Global amusement park market – Market dynamics
Leading drivers - The rise in the number of baby-boomer visitors is a key factor notably driving the amusement park market growth.
Baby boomers are considered the wealthiest, most active, and healthiest population and are associated with the rejection or the redefinition of traditional values. Marketers target baby boomers increasingly, owing to their strong desire for novelty, authentic experiences, and willingness to participate in adventurous activities. The increase in innovations in roller coasters and other theme-park rides will attract more baby-boomer visitors.
Key trends - The rise in the popularity of IoT-enabled theme parks is a popular trend influencing the amusement park market growth.
IoT-enabled theme parks help parents track their children's movements with the help of sensors that are present throughout the park. IoT-enabled theme parks also help identify the areas of improvement as they track and monitor all the activities related to the park. Such factors will drive the amusement park market.
- The risks associated with amusement parks are major challenges impeding the amusement park market growth. Instances of natural and man-made accidents are some of the associated risks that have been reported. Rides such as roller coasters, bumper cars, spinning rides, and water slides are reported to be the most accident-prone rides. Therefore, the risks associated with these rides are likely to hamper the market growth
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