Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Adventure Tourism Market By Type (Hard, Soft, Others), By Activity (Land-Based Activity, Water-Based Activity, Air-Based Activity), By Types Of Traveler (Solo, Friends/Group, Couple, Family), By Age Group (Below 30 Years, 30–41 Years, 42–49 Years, 50 Years And Above), By Sales Channel (Travel Agents, Direct): Global Opportunity Analysis And Industry Forecast, 2023-2032 ". According to the report, The global adventure tourism market size was valued at $324.9 billion in 2022, and is projected to reach $2 trillion by 2032, growing at a CAGR of 19.5% from 2023 to 2032.
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Prime determinants of growth
The global adventure tourism market is driven by factors such as high penetration of the internet, evolving mobile applications, big data analytics, artificial intelligence, and growing pursuit of unique experiences to augment the tourism industry. However, an increase in terrorism and crime rate, political uncertainties, and natural calamities restrain the market growth. On the other hand, the emergence of social media and heavy investment in better infrastructure is presenting lucrative opportunities for the market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $ 324.9 billion |
| Market Size in 2032 | $ 2 trillion |
| CAGR | 19.5 % |
| No. of Pages in Report | 350 |
| Segments Covered | Type, Activity, Types of Travelers, Age Group, Sales Channel and Region. |
| Drivers | Pursuit of unique experiences to augment the tourism industry Evolving mobile applications, big data analytics, and artificial intelligence together amidst proliferating tourism industry High penetration of the Internet |
| Opportunities | Rise of social media Heavy investment in better infrastructure |
| Restraints | Increase in terrorism and crime rate, political uncertainty, and natural calamities |
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The soft segment to retain its dominance in terms of revenue during the forecast period.
Based on type, the soft segment held the largest market share, accounting for more than half of the global adventure tourism market share in 2022 and is expected to retain its dominance during the adventure tourism market forecast period. This segment is also witnessing the fastest CAGR of 28.9% from 2023 to 2032. This is because adventure travelers focus on less risky adventure activities and are more open to other elements such as the natural environment, learning, and meaningful lifelong experience.
The land-based activity segment is expected to dominate during the forecast period.
Based on activity the land-based activity segment held the largest market share, accounting for around half of the global adventure tourism market in 2022 and is expected to retain its dominance during the forecast period, as land-based activities are often easier and require less monetary investment from the travelers. However, the air-based activity segment is projected to witness the highest CAGR of 29.2% from 2023 to 2032, as it provides people with the adventurous experience of flying and thrill.
The direct segment to maintain its top position during the forecast period
Based on sales channel, the direct segment accounts for nearly three-fifths of the global adventure tourism market and is projected to retain its dominance during the adventure tourism market forecast period. This segment is also registered to manifest the highest CAGR of 28.9% from 2023 to 2032 owing 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 augments the attractiveness of this mode of booking.
Europe to maintain its lead position during the forecast period
Based on region, Europe accounts for more than one-third of the global adventure tourism market and is expected to retain its dominance during the forecast period. The key factor supporting the growth of adventure travel in Europe is its rich diversity. This region includes numerous historically important nations, cultures, languages, and varieties of cuisine. However, Asia-Pacific is projected to manifest the fastest CAGR of 29.9% from 2023 to 2032. The region offers diverse activities such as wildlife reserves and national parks such as Sundarbans in India, Mt. Everest in Nepal, rain forests in Borneo, and whale watching & scouting kiwis in New Zealand to explore, which in turn, drives the market growth.
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Leading Market Players: -
- AUSTIN ADVENTURES, INC.
- DISCOVERY NOMADS
- G ADVENTURES
- MOUNTAIN TRAVEL SOBEK
- TUI GROUP
- RECREATIONAL EQUIPMENT, INC.
- ROW ADVENTURES
- GEOGRAPHIC EXPEDITIONS INC.
- INTERPID GROUP LTD.
- BUTTERFIELD AND ROBINSON INC.
Country Reports We Have in this Industry:
• Canada Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032
• Mexico Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032
• Europe Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032
• UK Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032
• Germany Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032
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