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A01279 | Pages: 350 | Charts: 65 | Tables: 314 |
The global adventure tourism market size was valued at $324.9 billion in 2022, and is expected to hit $2 trillion by 2032, growing at a CAGR of 19.5% from 2023 to 2032. 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.
The adventure tourism market is segmented into Type, Activity, Type of Traveler, Age Group and Sales Channel.
In recent years, the market has experienced significant growth and related expenditure as a result of an increase in the numbers of travelers. The adventure tourism market demand is expected to grow as a result of an increase in the level of income in emerging geographical areas and reduced costs relating to air travel and accommodation. In addition, there is a rapid growth in the number of international tourists and thus contributes to growth of the market.
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 %, 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. Travel agencies around the world have also launched rapid, mobile-friendly websites that may be used in a simple way on smartphones. These services include peer reviews, 360-degree video tours, and a simple comparison of prices.
It helps tourists to get a better idea of the locations, benefits, and places they prefer to see. This has led to increase in interest in online vacation planning and reservation by travelers and, in turn, provides a profit projection for the adventure tourism industry as a whole.
Furthermore, increased internet penetration assists travel firms and individuals in selecting, obtaining, and offering the greatest holiday places at affordable prices. The major factors which are expected to boost the growth of the global adventure tourism market 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 growth of the world market 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 the growth of the market 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 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 industry 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 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 market growth is the absence of security measures included in adventure tourism packages.
As per the adventure tourism market statistics, the market is segmented on the basis of type, activity, type of traveler, age group, sales channel, and region. On the basis of type, the market has been classified into hard, soft, and others. On the basis of activity, the market has been divided into land based activity, water based activity, and air based activity. On the basis of the type of traveler, the 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 to 41 years, 42 to 49 years, and 50 years & above.
[TYPEGRAPH]
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. As per the adventure tourism market forecast, 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, the adventure tourism market growth is anticipated to be driven by rise in adventure tourism market demand for mild adventure activities amongst older people.
[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.
[TYPEOFTRAVELERGRAPH]
On the basis of the type of traveler, the couple segment was the highest contributor to the adventure tourism market, accounting for a major adventure tourism market share in 2022 and is estimated to grow at the highest CAGR during the 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.
[AGEGROUPGRAPH]
On the basis of the age group, the 30 to 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.
[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.
[REGIONGRAPH]
On the basis of the region, Europe dominated the 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 market have relied on product launches as their key strategy to stay relevant in the competitive market. The key players profiled in the report include AAT Kings Tours Limited, Discovery Nomads, Trafalgar Travel, Contiki, G Adventures, Insight Vacations, Inspiring Journeys, Intrepid Group, Ltd, Intro Travel, and Ultimate Adventure Travel Pty Ltd.
In September 2022, – Intrepid Travel, the largest adventure travel company in the world, acquired a majority shareholding in the Australian adventure tourism business and destination management company (DMC) JOOB (Jump Out Of Bed). The acquisition was done to rapidly boost the growth of DMC of Intrepid in Australia.
In January 2022, Intrepid Travel acquired Wildland Trekking, which is an environment-friendly based in the U.S. which focuses on outdoor and active adventures. The growth and investment of Intrepid is accelerating in the U.S., driven by a rise in awareness about unique domestic travel possibilities following international border closings, due to the COV19 Pandemic.
In October 2022, A cooperation agreement on the promotion of sustainable aviation fuel supply and production has been signed between TUI, one of the biggest tourism groups in the world and Spanish energy company Cepsa.
In April 2023, to kick off camping season, hipcamp, Recreational Equipment, Inc. and GearJunkie joined forces for a Save A Spot Sweepstakes. In addition, for 25 other winners selected every week between April 10 and June 2023, the Sweepstakes is projected to provide a fully furnished trip to one of the most popular destinations of hipcamp and prizes in the form of equipment.
In March 2023, REI Co-op launched its new Trailmade collection, which is aimed to accommodate more needs for hiking and backpacking for people. This line offers customers the opportunity to acquire affordable gear and clothing options that include genderless sleeping bags, backpacks, trek poles, sports jackets, or more inclusive sizes for each of them.
In January 2023, Recreational Equipment, Inc. opened a new store in Athens and invite the community to festivities worth of three days filled with giveaways, outdoor brands, afternoon socials, and live music. REI invested $10,000 each in Biking Athens and All Terrain Georgia, an initiative of Foundation of Aimee Copeland with support from the Georgian Department of Natural Resources, for celebrating this Grand Opening.
In October 2022, REI Co-op opened a new Tallahassee store. The store features a wide assortment of top-quality outdoor gear and apparel for camping, cycling, hiking, fitness, running, climbing, and more.
In August 2022, REI Co-op opened the doors of its first Nebraska location through a new Gretna store. The store has a huge variety of high-quality outdoor gear and clothing for camping, cycling, running, fitness, hiking, snow sports, climbing as well as many other activities.
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the adventure tourism market analysis from 2022 to 2032 to identify the prevailing adventure tourism market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the adventure tourism market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global adventure tourism market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
Key Market Players