Posted by on Wednesday, March 14, 2012 Under: Main Archive
The report, which is available via GIA, shows that North America and Europe represent mature markets for theme parks with growth in visitor attendance stabilizing. Increasing competition from other modes of entertainment, continuing economic woes such as high levels of unemployment, and widening deficits will continue to challenge growth in these markets, it found. Future growth in the world theme parks market will stem from developing countries in Asia-Pacific, Latin America and Middle East, says GIA. Asia represents one of the fastest growing regional markets worldwide largely as a result of strong economic growth, rising standards of living, income levels, discretionary income, and increased per capita spends on entertainment/leisure. China, which houses few of Asia’s largest theme parks, is witnessing healthy growth.
A key noteworthy trend in the theme parks market is the park within a park concept. Most of the parks are adding second-gate attractions and a number of hotel rooms as part of ongoing work to restructure parks into integrated resorts, capable of operating throughout the year. Investments in park upgrades such as installation of new rides, creation of new zones in the park, deployment of interactive and wireless technologies including Wii, RFID badges, and kiosks, to make the park more interactive and lively, are all expected to help bolster attendance in the upcoming years. Another key technology trend, is the move towards adoption of simulation technologies, and virtual reality to replicate natural scenarios, the report found. High-end visual imagery with sophisticated special effects designed to optimize visitor experience is forecast to result in magnetizing greater crowds to the parks.
World market for theme parks, which witnessed growth sag in the year 2009 as a result of the recession’s downward pressure on consumer spending, staged a recovery in the years 2010 & 2011. In Europe despite the concerns over the debt crisis, international attendance at European theme parks continues to hold up. The depreciation of the Euro amidst the pressures exerted by the eurozone debt drama is positively benefiting tourism in Europe with the number of middle class Asian tourists increasing in the region.
The Asia-Pacific will be a major grower, with the region projected to grow at a CAGR of 6.3% over the analysis period. Focused promotion of entertainment and tourism by governments in Asia is expected to improve per capita spending and attendance in theme parks in countries such as China, India, Korea, Taiwan, and Hong Kong.
The research report titled “Theme Parks: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, issues, competitive scenario, strategic corporate developments, and profiles of major/niche global as well as regional market participants. More information can be found at - http://www.strategyr.com/Theme_Parks_Market_Report.asp
In : Main Archive