New York, USA, June 21, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global adventure tourism market is projected to register a revenue of $1,796,243.8 million at a CAGR of 15.0% during the forecast period (2019-2027), increasing from $609,000.0 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market growth factors, challenges, restraints and various opportunities. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Adventure tourism is a travel niche which include adventure sports such as skydiving, scuba diving, bungee jumping, and water rafting. Such sports require some amount of risks, strong physique, and other skills. Adventure traveling also offers tourists the opportunities to learn and interact with new cultural ethnicities. Apart from these, adventure travelling also helps in reducing anxiety, stress, and hypertension. These are the amazing reasons adventure tourism attract so many people each year. These factors are enhancing the growth of the global market of adventure tourism during the forecast period.
Restraint: Adventure sports can be proved risky in many circumstances. Some of these games may be even life-threatening for amateur people. These are the factors restraining the market during the forecast period.
Opportunity: With the implementation of artificial intelligence, IoT, and virtual reality in the spheres of adventure sports, the adventure tourism market is going to create many opportunities in upcoming years.
Key Segments of the Market
The report has divided the market into different segments based on type, activity, type of traveler, age- group, and regional analysis.
Type: Soft Adventure Sub-Segment Predicted to Become the Most Lucrative
Soft type sub-segment garnered the highest market share with a CAGR of 60.9% in 2019 and is further expected to maintain the dominance during the analysis. The reason behind this growth is the lower risk level and minimal or no requirement of experience for soft adventure travel.
Activity: Land-Based Sub-Segment Expected to be the Most Profitable
Land-based activity sub-segment accounted for $381,797.5 million in 2019 and is further expected to continue to grow in the analysis period. The main factors behind the growth of this segment is the popularity of land-based sports activities including wildlife safaris, cycling tours, and trekking.
Type of Traveler: Family Sub-Segment Expected to be the Most Beneficial
Family sub-segment recorded $168,069.8 million in 2019 and is further expected to garner a revenue of $555,461.2 million by the end of 2027. Adventure trips help in enhancing the family bonding by creating vivid memories. This factor is expected to contribute to the growth of the market segment.
Age Group: 20-30 Years Sub-Segment Expected to Earn the Highest Revenue
The 20-30 years age group sub-segment accounted for a market share of 41.5% in 2019 and further expected to continue this growth during the forecast period. The young generation of 20-30 years of age group prefers to spend time on adventure trips, exploring cultures and wildlife. This is the main factor behind the growth of this segment.
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Region: Europe Expected to Dominate the Market
Europe regional market is expected to garner a revenue of $632,996.3 million by the end of 2027. The main attributor behind this growth is the rising number of travel agents and independent and solo travelers in the European countries.
Key Market Players and Strategies
The most prominent players of the global adventure tourism market include -
- Lindblad Expeditions
- Butterfield & Robinson Inc.
- MTSOBEK
- Topdeck Travel Limited
- Recreational Equipment, Inc.
- Austin Adventures
- Intrepid Group
- ElderTreks
- G Adventures
- Abercrombie & Kent USA, LLC.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In March 2021, Lindblad Expeditions, a leading provider of luxury adventure cruises and travel, announced new itineraries which include offers of new adventures, and the debut of two new polar ships. The new trips are aimed to take the travelers to New Zealand, the sub-Antarctic islands, from Tahiti to Fiji, and the coast of Vietnam.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Covid-19 Impact Analysis
The Covid-19 outbreak has impacted the global adventure tourism market in a negative way. This is because of the lockdowns and travel restrictions imposed across cities and countries to prevent the spread of the novel virus. However, as the restrictions are being eased looking at the receding number of Covid-19 cases, the adventure tourism companies are offering various trip offers. This factor will help the market revive from the loss in coming years.
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