New York, Feb. 01, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Recreation Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06018860/?utm_source=GNW
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%.
The recreation market consists of sales of the use of recreational facilities, and recreational services and related goods by entities (organizations, sole traders and partnerships) that provide recreational services. Recreational activities include taking part in sporting activities and visiting museums, historical sites, zoos and parks and also witnessing spectator sports and events. Gambling except casino hotels can also be considered to be part of recreation market. The recreation market is segmented into amusements; arts and sports.
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 recreation market. Africa was the smallest region in the global 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.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the recreation market in 2020 as governments globally imposed lockdowns and restricted domestic and international travel limiting the need for services offered by these establishments. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in closure of recreational facilities such as amusement parks, museums and casinos with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the recreation market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The recreation market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.2% in 2019 and 3.5% in 2020. Recovering commodity prices, after a significant decline in the historic period is 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 is 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.
Read the full report: https://www.reportlinker.com/p06018860/?utm_source=GNW
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