Recreation industry also referred
to as “leisure and recreation”. The recreation industry provides experiences
for the aim of enjoyment, relaxation, and even health. The recreation industry
includes a good sort of businesses and activities for refreshing. Some of key
examples of businesses which defines the recreation industry includes sports
stadiums, theatrical companies, sports teams & leagues, gaming &
fishing preserves, amusement parks, painting & craft classes, movie
theatres, recreational goods rentals, music venues, arcades & activity
centers, travel agencies, dance companies, golf courses and paintball, batting
cages, and laser tag arenas.
The recreation market comprise of
utilization of the recreational facilities, and recreational services and related
goods and services over different entities providing the recreational services
and other related goods. The recreational activities further includes the
participating in the sporting activities and visiting museums, historical
sites, zoos and parks and also viewing spectator sports and events.
According to study, “Recreation
Global Market Report 2019” the key companies operating in the global
recreation market are The Walt Disney Company, Universal Studios, Las Vegas
Sands, Merlin Entertainment Group, MGM Resorts. Companies in recreation
industry sell a myriad of offerings, starting from small toys to motorcycles to
exotic cruises. Recreation Industry revenue is very hooked in to the
introduction of latest, interesting products and services. Competition is sort
of intense for the foremost part, particularly when economic times are less
promising, so companies must lure potential customers with flashy new items.
Based on type, recreation market is
segmented into arts, amusements, sports, and others. Arts segment includes
independent artists & performing art companies, museums, historical sites,
zoos, & parks and sports & arts promoters. Amusement includes gambling
and amusement parks. Additionally, sports include participatory sports and spectator
sports. The spectator type of sports consists of teams or the clubs that are
independent of athletes which present sporting events before a paying audience.
In addition, based on age group of gender, market is segmented into 35 &
younger, 35 to 54 and 55 & older.
The recreation market is driven by
rise in shift in consumer preference toward wellbeing, followed by growth in
middle class population, increase in availability of variety of equipment &
personalized fitness training programs, surge in business innovations and
acquisitions & expansions, rise in government support for health &
fitness and increase in obesity problems. However, high membership price, busy
work schedules and high investment cost for opening fitness & recreational
sports centers may impact the market. Moreover, growth in youth population in
developing countries is a key opportunity for market.
Based on geography, the
North-American region dominates the recreation market owing to rise in
awareness about the benefits of fitness in the region. Whereas, the
Asian-Pacific and European regions are estimated to exhibit substantial growth
rate due to increase in disposable income of consumers over the forecast
period. In near future, it is expected that future of the market will be
optimistic as a result of rise in prevalence of osteoporosis & lowering of
bone density have prompted individuals to focus on health and fitness during
the forecast period.
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