Adventure Tourism Market to Grow at CAGR of 17.56% through 2032 - Growing Number of Independent & Solitary Travellers to Propel Growth
The Brainy Insights
6 min read
The Brainy Insights
Adventure tourism market size is anticipated to grow from USD 295.37 Billion to USD 1,489.23 Billion in 10 years. The adventure tourism sector has had rapid expansion, and the demand in the market is being driven by connected spending brought about by a rise in travellers in recent years.
Newark, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 295.37 Billion in 2022 adventure tourism market will reach USD 1,489.23 Billion by 2032. Due to the expansion of the adventure travel trend as well as economic growth, it is anticipated that the market for adventure tourism would grow steadily. Most adventure seekers are motivated by encounters that alter their lives. The tighter competition among airlines, the availability of moderately priced carriers, and the relaxed travel and immigration laws all contribute to the market's expansion.
Asia Pacific is anticipated to expand at the highest CAGR of 19.35% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 19.35% over the forecast period. Government campaigns to boost adventure tourism in the local economy and create jobs are the main force behind it. The Asia Pacific tourism industry attracts a large number of visitors both from inside and beyond the region. It is predicted that intraregional visitor arrivals will rise quickly in the Asia Pacific area. A wide range of adventure and leisure activities are also available in the area. Economic expansion, the relaxation of travel regulations, heightened competition, and aggressive marketing strategies employed by the players in the field and the local government have all contributed to the significant encouragement and acceleration of the group travel industry in the Asia Pacific area.
The hard segment is expected to register the highest CAGR of 20.85% over the projected period in the adventure tourism market.
The hard segment is anticipated to grow at the highest CAGR of 20.85% in the adventure tourism market. It's because there are progressively more tourists and adventure seekers who are eager to engage in risky activities. In Europe, hard adventure tourism has experienced significant growth. The European explorers are typically young, well-educated, and have extra cash, particularly when they are taking part in challenging adventure activities. This has supported the segment's rise in recent years even more.
Over the projected period, the marketplace booking segment is expected to register the highest CAGR of 20.36% in the adventure tourism market.
Over the forecasted period, the marketplace booking segment is anticipated to grow at the highest CAGR of 20.36% in the adventure tourism market. The rapid and simple hotel and travel bookings provided by marketplace platforms, along with the wide range of services available through mobile websites and applications, are driving the segment's growth. Travellers are increasingly being offered a large selection of hotels and reservations at competitive rates by market companies. The advent of technology and the growing popularity of cellphones have changed how tourists plan and personalise their trips. Businesses that strive to provide the greatest travel and tourism services include Booking.com, Viator, and Trivago N.V., among others. They also largely rely on user engagement.
Driver: Growing consumer interest in immersive tourism
The trend of emphasising experiences over material belongings is having a big impact on the travel and tourism industry. When it comes to adventure tourism, this manifests as a growing desire among tourists to seek out opportunities for life-changing experiences that go beyond basic leisure or sight-seeing. By pushing participants' physical and emotional boundaries, adventure sports—such as scuba diving in exotic underwater environments or hiking through vast forests—offer these potentially transformative experiences. The demand for meaningful experiences is not just a fad. Desired experiences often advance one's own growth, offer novel perspectives, and cultivate close interpersonal bonds.
Opportunity: Technological developments
Due to constant technological improvements, the field of adventure tourism is becoming much more accessible to consumers. Customers may plan more easily with the use of mobile apps and booking systems, which provide a range of options tailored to their unique interests and skills. These platforms, which provide features like real-time availability, customer reviews, and secure payment channels, decrease the logistical challenges that are usually associated with adventure travel. Technology is also improving safety measures. Due to technological advancements like global positioning system (GPS) tracking, advanced weather forecasting, and emergency communication systems, adventure activities are becoming increasingly safe. This reduces one of the main barriers that prospective tourists may face. The adoption of these technologies has led to an increase in the number of persons participating in adventure tourism activities.
Some of the major players operating in the adventure tourism market are:
• Butterfield & Robinson Inc. • Geographic Expeditions Inc. • Mountain Travel Sobek • Row Adventures • Cox & Kings Ltd. • Austin Adventures, Inc. • Intrepid Group, ltd. • Tui Group • G Adventures • Discovery Nomads
Key Segments cover in the market:
By Activity Type:
• Soft • Hard • Others
By Booking Mode:
• Travel Agent • Direct • Marketplace Booking
By Region
• North America (U.S., Canada, Mexico) • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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