We study the asymptotic behaviour of the powers of a composition operator on various Banach spaces of holomorphic functions on the disc, namely, standard weighted Bergman spaces (finite and infinite order), Bloch space, little Bloch space, Bloch-type space and Dirichlet space. Moreover, we give a complete characterization of those composition operators that are similar to an isometry on these various Banach spaces. We conclude by studying the asymptotic behaviour of semigroups of composition operators on these various Banach spaces.