Business View Magazine | March 2019

16 OPENING LINES Amusement Parks Market Worth $70.83 Billion by 20 T he global amusement parks market size is expected to reach USD 70.83 billion by 2025, according to a study conducted by Grand View Research, Inc., progressing at a CAGR of 5.8% during the forecast period. Rising introduction of hotels and resorts in parks premises and increasing spending capacity of consumers is expected to stimulate the growth of the market. Moreover, amusement parks are appealing to visitors since they offer entertainment options for the entire family and include multiple theme- based attractions, live entertainment shows, and various rides for people of all age groups. In addition, disability access and excellent hospitality are other factors that draw people to amusement parks. Amusement parks are an essential part of the global entertainment and leisure industry. The latter is categorized into water parks, amuse- ment parks, and theme parks. Demographic changes and rapid evolution of economic and social landscape are shaping the amusement park market. For instance, according to IAAPA, in the U.S., children below the age of 18 are not allowed on rides that include loops and inversions. Owing to this, various parks have introduced adventurous and thrilling rides for adults. This has resulted in popularity of amusement parks not only among kids but also among adults. This change in the age- based demographic aspect was undertaken by the industry to attract youngsters and their parents. The hotels & resorts segment is expected to post the highest CAGR during the forecast period owing to increasing investments from park owners to establish theme-based hotels and resorts for visitors. Availability of hotels & resorts within premises of park leads to visi- tors spending more time at the park. North America was the leading regional market in 2017. It is anticipated to register a significant growth rate during the forecast period. The growth of the market can be attributed to domicile of prominent players in the region. Major market players in- clude Walt Dis- ney Company, Six Flags Entertain- ment Corpo- ration,