Amusement Park Market Growing At A CAGR Of 10.16% During 2017 to 2021
Theme Park attendance is set to have a compound annual growth rate of 10.16% during 2017 to 2021, according to analysts, and Disney theme parks have been included in their predictions.
Here are some of the details from a recent report:
The global amusement park market analyst says the target population in the age group of 0-14 is declining. Many theme parks are shifting their focus toward audience of other age groups to generate more revenue. Theme parks are creating more attractions and rides to target a larger audience. For instance, children under 15 are not allowed in certain rides in various theme parks. Theme parks are attracting adult audience by providing amusement rides such as roller coasters, river rapids rides, and sky coasters. This shift in the target audience will likely support the growth of the market during the forecast period.
According to the amusement park market report, as tourism generates good revenue, governments of many countries have realized that theme parks play an important role in attracting tourists. For instance, more than 70 million travelers pass through the Dubai Airport every year since 2014. The Dubai Airport is the hub of the Emirates, and is one of the world’s largest airlines. However, most of the travelers transit onward to other destinations without staying in the city. To promote tourism and retain travelers, Dubai Parks and Resorts was inaugurated in October 2016. The park consists of six themed lands, with three separate theme parks and one water park. This park is intended to provide travelers a genuine reason to stay in the Emirates for a longer layover. Similar projects are scheduled to be launched in Dubai, of which Six Flags Dubai and Fox World Dubai Parks are to be opened by 2018.
The introduction of virtual theme parks is one of the latest trends gaining momentum in the market. Vendors are developing a 360-degree technology to offer people a real-life experience of the virtual world. They are using professional-grade cameras to create such theme parks for outdoor entertainment. For instance, Disney World has come up with the Star Wars-themed park and has also released a 360-degree picture of the themed land. The park gives fans an opportunity to experience the simulated world in 360 degrees.
Our Take:
I do believe the majority of this report, shows a growth in the International theme parks, which are just going to continue to grow, as new markets become available and those countries want to spend more time in theme parks. Which is why Disney spending more time developing the parks in Shanghai and Hong Kong, which still have major plans for redevelopment, and they are planning more attractions at Tokyo and Paris resorts. While in the US, Disney is doing some major building at both Disneyland and Walt Disney World for the upcoming Star Wars themed areas, plus more attractions are coming soon. While Disney has recently seen a drop off in attendance, globally, Disney is in a strong position to go after different markets, especially in China.
What do you think of this report?