New York, USA, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global adventure tourism market is expected to garner $1,796,243.8 million by 2027 and rise at a stable CAGR of 15.0% in the 2019-2027 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the adventure tourism market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2019-2027. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Adventure Tourism Market
Drivers: The growing interest among the global populations to travel to and explore new destinations is predicted to be the primary growth driver of the adventure tourism market in the forecast period. Additionally, the health benefits associated with travelling such as reduction in mental stress, anxiety, stress, etc. is predicted to help the market grow substantially in the forecast period.
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Opportunities: Use of advanced technology by key operators to attract customers is predicted to offer numerous growth opportunities to the market in the forecast period. Furthermore, increased craze for adventure travelling is anticipated to push the market forward.
Restraints: However, according to market analysts, the potential risks engaged in adventure travel might become a restraint in the growth of the adventure tourism market.
Impact of Covid-19 on the Adventure Tourism Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The adventure tourism market, too, faced tremendously negative impact of the pandemic. The travel restrictions and lockdowns drastically brought down the number of adventure travelers which affected the market tremendously.
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Segments of the Adventure Tourism Market
The ResearchDive report has fragmented the adventure tourism market across different segments such as type, activity, type of traveler, age group, and region.
Type: Soft Sub-segment to be the Most Dominant
By type, the soft sub-segment accounted for 60.9% of the market share in 2019 and is predicted to maintain its constant growth by 2027. The lower risk rates and minimal experience requirement associated with soft adventure travel is expected to boost sub-segment in the forecast period.
Activity: Land-Based Activity Sub-segment to have the Maximum Market Share
By activity, the land-based activity sub-segment of the adventure tourism market accounted for $381,797.5 million in 2019 and is predicted to be the most profitable one by 2027. Growing demand for land-based activities such as cycling tours, trekking & wildlife safaris among the all age groups is predicted to boost the growth of the sub-segment in the forecast period.
Type of Traveler: Family Sub-segment to Witness Substantial Growth
By type of traveler, the family sub-segment is expected to grow rapidly and generate a revenue of $555,461.2 million revenue by 2027. More and more families opting for adventure travelling to experience new things together and enhance their family bond is expected to boost the growth of this sub-segment in the forecast period.
Age Group: 20-30 Years Sub-segment to Flourish Immensely
By age group, the 20-30 years sub-segment accounted for about 41.5% revenue share in 2019 and is predicted to continue on this growth trajectory by 2027. Youngsters across the globe engaging in adventure travelling to explore new cultures and wildlife is expected to boost sub-segment in the forecast period.
Region: Market in the Europe Region to Grow Rapidly
By regional analysis, the adventure tourism market in Europe region accounted for 30% of the market share in 2019 and is predicted to register a revenue of $632,996.3 million in the forecast period. The huge demand for adventure travelling among Europeans is predicted to be the primary driver of the market in the forecast period.
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Prominent Adventure Tourism Market Players
Some prominent players in the adventure tourism market are
- Butterfield & Robinson Inc.
- MTSOBEK
- Recreational Equipment, Inc.
- Topdeck Travel Limited
- Lindblad Expeditions
- ElderTreks
- Austin Adventures
- Intrepid Group
- Abercrombie & Kent USA, LLC.
- G Adventures, among others.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market. – Inquire here to buy the full report
For instance, in August 2021, Active Adventure, New Zealand’s leading adventure tourism company, announced the acquisition of Austin Adventures, a US-based adventure tourism firm. This acquisition will help Active Adventure to gain an access to the US’ market and thereby consolidate its position as a leader of the tourism industry.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Adventure Tourism Market:
- Global Adventure Tourism Market to Experience Accelerating Growth by 2027, due to Rapid Adoption of Novel Technologies by Industry Players
- How Does Adventure Tourism Turn a Person’s World Around?
