The global amusement park market is a large and growing market demanding huge investments in technology, channel partnerships, service delivery, and integration. All major entertainment service vendors, automotives, and management and system providers are foreseen to have a significant stake in this market as consumers are progressively demanding novel deployments over the legacy rides. Amusement parks market is foreseen to attain a phenomenal upsurge in growth as consumers spend more on leisure due to rise in disposable income. Consequently, the leading market players including Disneyland Theme Parks, Universal Studios Theme Parks, and OCT Parks (China) continue to radically modify and upgrade their park equipment and rides to attract new customers and retain brand loyal patrons with their persistent search for new and adventurous rides.
The amusement parks industry itself is undergoing rapid transformation. Social media has introduced a free forum for visitors to comment on all aspects of park experience. The industry is projected to grow at a healthy rate owing to mounting attendance numbers and increasing per-head expenditures which extends to food and merchandise. However, theme parks can further increase their revenues by incorporating other forms of leisure entertainment namely, gaming and casino provisions into their offering. Amusement parks can also improve guest satisfaction by alleviating wait times through technology and providing a more pleasant experience while waiting.
Recent upsurge in disposable incomes of population, drastic recovery from imminent global economic recession crisis, and steady population growth over the forecast period are expected to serve as major drivers for the amusement parks market. Additionally, enduring incessant innovations in shape and experience delivery of rides along with vibrant renovation from legacy to modern theme-based parks have served as other major aspects driving market growth.
Growing popularity of social media platforms such as Facebook, Instagram, and Twitter has led to increased photo-sharing activity as people are keen to notify their friends & followers about their experiences. Amusement park fabrication decision makers mold the equipment and spaces in such a way that patrons are able to click pictures in strategically placed locations.
On the other hand, high initial capital investments and deciding a suitable layout structure for the amusement parks are some factors that are expected to pose a challenge to market growth. Vendors are expected to witness challenges in terms of securing regulatory security approvals and licensing in the wake of several mishaps.
The market can be segmented on numerous dynamic aspects of demography, themes, and psychography. Based on demography, the market can be segmented by targeted age groups. Thematic segmentation can be accomplished, by peculiar individual interests it serves such as science theme-based parks, music/art theme-based parks and other themes.
The North American and the European amusement parks markets are anticipated to witness substantial growth due to increasing per capita disposable income along with presence of major theme-based parks in the focused regions. Walt Disney World in Florida is considered as the most visited theme park in the world. Dubailand, an amusement park currently being constructed in Dubai is expected to be the largest theme-based park in the world. In India, Imagica, an amusement park owned by Adlabs, has surged in popularity. Hong Kong Disneyland, Ocean Park Hong Kong, Lotte World (South Korea), Everland (South Korea), Tokyo Disney Resort, and Universal Studios in Japan are some of the most visited amusement parks in Asia Pacific.
Key market players include Disney Parks and Resorts, Universal Studios Theme parks, OTC Parks China, SeaWorld Entertainment, and Six Flags Entertainment Corporation. Amusement parks market players are collaborating with both, automotive manufacturing vendors and technology vendors to increase the number of visitors by incorporating innovative modifications.
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