According to the latest market research report by Techanavio, the global amusement park market is expected to post a CAGR of over 8% during the period 2018-2022. However, the growth momentum of the market is expected to decelerate due to a decline in the year-on-year growth.
A key factor driving the growth of the market is the rise in the number of baby-boomer visitors – referring to the generation born between 1946 – 1964, associated with the rejection of the redefinition of the traditional value. According to the Techanavio report, the increase in the number of baby boomers will drive the demand for 4D rides, giant rides, and challenging roller coasters, fuelling the growth of the global amusement park market during the forecast period.
Technavio also highlights the rise in popularity of IoT-enabled (Internet of things) theme parks as one of the key emerging trends in the global amusement park market.
“Increase in international tourism expenditure along and investments in high-thrill roller coasters are two major factors that are driving the growth of the market.” said a senior analyst at Technavio for research on media and entertainment services. “he additional revenue earned from international tourism is used for infrastructure development. Therefore, the increased expenditure on international tourism will drive the growth of the global amusement park.”