The Business Research Company’s Recreation Global Market Report – COVID-19 Impact And Recovery
LONDON, GREATER LONDON , UK, September 23, 2021 /EINPresswire.com/ — The recreation market growth is aided by stable economic growth forecasted in many developed and developing countries. Recovering commodity prices, after a significant decline in the historic period, are further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India's GDP was expected to grow at 7.2%, whereas China is forecasted to register GDP growth of 6.0% in 2020. Stable economic growth is expected to in end user markets, thereby driving the market during forecast period. This continued economic growth is expected to increase investments in the end user markets and be a driver of the recreation market as greater affluence allows consumers to visit recreation centers.
The global recreation market size is expected to grow from $1253.24 billion in 2020 to $1425.74 billion in 2021 at a compound annual growth rate (CAGR) of 13.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1916.35 billion in 2025 at a CAGR of 8%.
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The global recreation market is segmented by type into amusements, arts, sports. Among trends in the recreation market, amusement parks are increasingly using virtual and augmented reality technology to provide an immersive experience to customers. Virtual reality is a 3D, computer generated environment which can interact with a person, whereas augmented reality turns an environment into a digital interface by placing virtual objects in the real world. Amusement parks are implementing this technology in rides and theater-based attractions. For instance, Plopsaland De Panne in De Panne, Belgium has a new virtual reality wooden roller coaster called Heidi The Ride, which can reach speeds of more than 43 mph. Amusement Park SeaWorld has started operating a new Kraken Virtual Reality Roller Coaster in Orlando. The Weave Breaker coaster brings the reality of jet skiing in an amusement park. Universal Studios have The Walking Dead mazes with augmented reality elements.
Major players covered in the global recreation industry are The Walt Disney Company, Las Vegas Sands, Universal Studios, MGM Resorts, Merlin Entertainment Group.
Asia Pacific was the largest region in the global recreation market, accounting for 33% of the market in 2020. North America was the second largest region accounting for 30% of the global market. Africa was the smallest region in the global recreation market.
Recreation Global Market Report 2021 – By Type (Amusements, Arts, Sports), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides recreation global market overview, forecast recreation global market size and growth for the whole market, recreation global market segments, and geographies, recreation market trends, recreation market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire