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A01279 | Pages: 500 | Charts: 59 | Tables: 192 |
Market Overview
Adventure tourism is a form of travel that involves caving, climbing, cycling, hiking, hunting, rafting, and others. Tourism is a rapidly growing sector, wherein adventure tourism is one of its fastest-growing segments. Australia, New Zealand, and India are a few of the most popular travel destinations owing to their great landscapes, good food, and accommodation facilities. Cities such as Sydney, Melbourne, Brisbane, Lakshadweep, and Perth allow a plethora of land, water, and air-based activities. Moreover, Asia-Pacific is also home to beaches and wildlife sanctuaries which further increase its popularity as a destination for travel. Furthermore, it offers realistic and cost-effective incentives to enhance bio-cultural diversity while generating cash for the regional and private sectors. Adventure tourism has become more popular than traditional mass tourism around the world due to its adaptability, capacity to assist economies, and promotion of sustainable practices.
[COVIDIMPACTSTATEMENT]
In recent years, the adventure tourism market has experienced significant growth and related expenditure as a result of an increase in the numbers of travelers. The demand for adventure tourism is expected to grow as a result of an . In addition, there is a rapid growth in the number of international tourists and thus contributes to market growth.
Tourism has been one of the most hard-hit sectors worldwide due to the COVID-19 outbreak. Almost every country has introduced containment measures that have an adverse impact on tourism, such as travel restrictions, border closings, prohibition of social events, complete or partially quarantined regions, confinement, and bodily distancing to limit the spread of this COVID-19 virus. In Asia-Pacific, where a number of countries have implemented strict border closures and reduced their immigration by as much as 84 percent, this effect has been even more severe. In other areas, the number of arrivals decreased by 70% in Africa, 69% in the Americas, 71% in Europe, and 76% in the Middle East. Overall, domestic travel has been better, although it is still expected to decline by an estimated 45% on average in 2020.
Market Dynamics
The major factors which are expected to boost the growth of the global adventure tourism market size over the outlook period include increased government tourism promotion activities, higher investments in this sector by the state, and a strengthening trend for adventure sports on holidays. Furthermore, factors that are expected to increase the global adventure tourism market demand over the coming years include relaxed restrictions on travel and a strong tourism promotion strategy by various countries around the globe. Another factor that is expected to have a significant impact on market growth is the increase of advertising via different digital platforms, such as Facebook, YouTube, Instagram, and others offering better travel deals.
An increase in demand for genuine and individual travel experiences drives the adventure tourism market. Rapid urbanization, rise in disposable income, the impact of social media, and low-ticket prices play an important role in this. The key players in the field work with marketing firms to increase demand for adventure travel worldwide on the basis of Internet advertising, enabling them to reach out to large-value customers. In fact, adventure tourism is also being encouraged by government agencies in a number of countries as it produces employment opportunities and contributes to community development. Consequently, adventure tourism is expected to become more popular around the world.
The growth in the adventure tourism market is being slowed down by unforeseen climatic changes and deterioration of the environment as a result of travelers’ careless behavior of the traveler. In addition, the adventure tourism sector is confronted with a strong threat of loss of culture and language. Moreover, developments in adventure tourism markets are being impeded by rise in prices of travel to certain geographic locations and warlike situations. In addition, travelers do not travel with companies that travel in a sustainable and environmentally friendly way. Some tourism operators do not deliver the promised service to their clients. It is left the traveler in a state of confusion and stress. Further limiting adventure tourism industry growth is the absence of security measures included in adventure tourism packages.
Segmental Overview
The adventure tourism market is segmented on the basis of type, activity, type of traveler, age group, sales channel, and region. On the basis of type, the adventure tourism market has been classified into hard, soft, and others. On the basis of activity, the adventure tourism market has been divided into land-based activity, water-based activity, and air-based activity. On the basis of type of traveler, the adventure tourism market has been classified into solo, friends/group, couple, and family. On the basis of age group, it is categorized into below 30 years, 30–41 years, 42–49 years, and 50 years & above. On the basis of sales channel, the market is bifurcated into travel agents and direct. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Type
[TYPEGRAPH]
On the basis of the type, the soft segment was the highest contributor to the adventure tourism market in 2022 and is expected to remain dominant throughout the forecast period since the growth in number of tourists are inclined to engage in small adventure activities such as walking, climbing, cycling, camping, and scuba diving, which drives the growth of the segment. The activities of this category have a low-risk level and are thus popular with adventure seekers and grazing adventurers who seek the most exciting adventures without any risks at all. In addition, adventure tourism market growth is anticipated to be driven by rise in demand for mild adventure activities amongst older people.
By Activity
[ACTIVITYGRAPH]
On the basis of the activity, the air-based activity segment is expected to witness the highest growth during the forecast period since it has gained popularity, as it provides people with adventurous experiences of flying and thrill. However, air-based activities are offered by the least number of operators, owing to a lack of trained instructors and high costs.
By Types of Traveler
[TYPESOFTRAVELERGRAPH]
On the basis of the type of traveler, the couple segment accounted for the highest adventure tourism market share in 2022 and is estimated to grow at the highest CAGR during the adventure tourism market forecast period. The increased number of couple holidays in the last century is due to growth in access to overseas travel and the development of holiday packages, which are designed for couples.
By Age Group
[AGEGROUPGRAPH]
On the basis of the age group, the 30-41 years segment was the dominant segment and is expected to witness the fastest growth during the forecast period. The growth of this segment is attributed to the financial stability and health of the people in this age group. Generally, people in this age group may afford frequent travel to different parts of the world, which positively impacts the growth of the tourism industry worldwide.
By Sales Channel
[SALESCHANNELGRAPH]
On the basis of the sales channel, the direct segment was the highest contributor to the adventure tourism market in 2022 and is expected to witness the highest growth during the forecast period. The growth in this segment may be attributed to the increase in the ease of making travel arrangements due to improvements in technology. Moreover, this form of booking allows travelers to save a significant amount of money, which further boosts the attractiveness of this mode of booking.
By Region
[REGIONGRAPH]
On the basis of the region, Europe dominated the adventure tourism market in 2022 and is expected to grow to its rich diversity. It covers a variety of historically significant countries, cultures, languages, and cuisine. Moreover, the transport and tourism infrastructure in Europe is constantly developing because of its advanced status. Furthermore, the climate in this region continues to be pretty comfortable, which is also attractive for travelers.
The key players in the adventure tourism industry have relied on product launches as their key strategy to stay relevant in the competitive market. The key players profiled in the report include AUSTIN ADVENTURES, INC., BUTTERFIELD AND ROBINSON INC., DISCOVERY NOMADS, G ADVENTURES, GEOGRAPHIC EXPEDITIONS INC., INTERPID GROUP LTD., MOUNTAIN TRAVEL SOBEK, RECREATIONAL EQUIPMENT, INC., ROW ADVENTURES, TUI GROUP
Some examples of the acquisition are
Some Examples of Partnerships in The market
Some examples of collaboration in the market
An Example of Product Launch in The market
Some examples of expansion are
Key Market Segments
Key Market Players