VR Headset Technology Helping Amusement Park Revenue Growth

The Business Research Company released the Amusement Parks Global Market Report 2021: COVID-19 Impact and Recovery to 2030 report late in December 2020 which has forecast revenue for this industry sector to grow to just over $63 billion in 2021 at a compound annual growth rate (CAGR) of 23.7%.

Many amusement parks have had to change how they operate to accommodate the different ways that consumers are able to travel in the modern world. Quite a few have also thought of new ways to keep customer entertained by using virtual reality or augmented reality technology in the hope of enhancing their customer experience.

Using virtual reality headsets either on their own or as part of  a ride or simulator has become the most recent trend for operators.  Using virtual reality it is relatively easy for an amusement park to create a 3D computer generated environment that can suit a theme, style, story or even season that is relevant for the location. Unlike traditional rides it means it can be changed relatively easily as consumer tastes change or different brand aliances are formed.

It will be increasingly important for amusement parks to execute great ideas in the next two years because the volume of people travelling will still be relatively restricted. They will be competing for a smaller audience than normal and even have to consider attracting visitors in their domestic market. Therefore using cutting edge VR technology can be one of the ways they can compete.

The report has estimated the amusement parks market is expected to grow from $51.67 billion in 2020 to $63.89 billion in 2021 at a compound annual growth rate (CAGR) of 23.7%. 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. In 2020, North America was the largest region in the global amusement parks market, accounting for 33%, Asia Pacific was the second largest region at 30% with Africa the smallest region.