New York, USA, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global adventure tourism market is likely to register a revenue of $1,796,243.8 million by 2027, at a CAGR of 15.0% during the forecast period from 2020 to 2027. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
Market Dynamics
As per the analysts of Research Dive, the growing interest of people towards exploring new destinations that includes various activities in nature, cultural exchange, and physical activities are the major factors anticipated to accelerate the growth of the global adventure tourism market over the forecast period. Besides, the incorporation of novel technologies such as artificial intelligence, virtual reality, IoT, and other technologies by key operators are estimated to create massive growth opportunities for the global market by 2027. However, the possible risks involved in adventure tourism such as unpredictable climate changes, cultural & language loss, and habitat loss are factors that may restrict the market growth in the coming years.
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COVID-19 Impact on the Global Adventure Tourism Market
The outbreak of COVID-19 pandemic has adversely affected the adventure tourism market growth. This is mainly due to the restrictions on travel to prevent the spread of the coronavirus. According to the World Travel and Tourism Council (WTTC), the number of adventure travelers drastically declined during the travel restrictions and global lockdown. One the other hand, the global market is expected to grow at a significant rate post the COVID-19 pandemic as market leaders are opting for safer travels and novel business strategies for safer travels.
Soft Sub-segment to Subjugate in the Global Industry
By type, the soft sub segment dominated the global market in 2019 and is expected to continue its prominent growth during the forecast period. The growth of sub-segment is mainly due to the benefit of lower risk rates and minimal experience requirement. In addition, the growing popularity of soft adventure among young people is expected to boost the sub-segment’s growth by 2027.
Land-based Activity Sub-segment to Hold the Largest Market Share
By activity, the land-based activity sub-segment valued for $381,797.5 million in 2019 and is predicted to account for the majority of market share during the analysis period. This is mainly due to the huge demand for land-based activities such as trekking, cycling, and wildlife safaris among all the age groups. Besides, the increasing interest of people towards archeological expeditions are expected to propel the demand for land-based activities.
Family Sub-segment to be Most Profitable
By type of traveler, the family sub-segment valued for $168,069.8 million in 2019 and is projected to witness significant growth by 2027. This is mainly because adventure trips encourage family members to take up travel to enhance their family bond and experience new things together. In addition, adventure trips open the doors to spend quality time with family, which is projected to fuel the sub-segment’s growth in the coming years.
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20-30 Years Sub-segment to be Most Profitable
By age group, the 20-30 years sub-segment witnessed striking growth in 2019 and is expected to continue to witness prominent growth during the forecast period. There has been about 17 to 21 per cent growth in 20–30 years age group travelling in the last few years. In addition, the youngsters are observed to spend time on adventure travelling to explore wildlife and new cultures. These factors are expected to bolster the sub-segment’s growth in the forecast time.
Europe to Witness Significant Growth
By region, the Europe adventure tourism market is expected to account for $632,996.3 million by 2027 and observe substantial growth over the forecast period. This growth is attributed to the rapid growth in the number of trips and huge demand for adventure tourism in Europe. The region registers about 100 million trips each year. Besides, the increasing number of online travel agents owing to the growth in the number of solo/independent travelers is anticipated to accelerate the regional market growth in the coming future.
Prominent Adventure Tourism Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global adventure tourism industry are:
- Butterfield & Robinson Inc.
- Recreational Equipment, Inc.
- MTSOBEK
- Topdeck Travel Limited
- ElderTreks
- Lindblad Expeditions
- Austin Adventures
- Abercrombie & Kent USA, LLC.
- Intrepid Group
- G Adventures
These players are implementing several strategies to gain a chief position in the global industry. Inquire and Get Quick Access to Companies Development Strategies Summary Report
For instance, in March 2021, Lindblad Expeditions, the leading provider of luxury adventure cruises and travel, announced new itineraries including offers of new adventures. The new trips of offered by the company are aimed to take the travelers to New Zealand, the sub-Antarctic islands, from Tahiti to Fiji, and the coast of Vietnam.
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