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The global adventure tourism market size is estimated to grow by USD 4,418.73 billion between 2023 and 2027 exhibiting a CAGR of 47.2%.
Our report offers in-depth analysis of market drivers, trends, opportunities, and challenges, with segmentation by Type (domestic adventure tourism and international adventure tourism), Source (indirect contribution, direct contribution, and induced contribution), and Geography (Europe, APAC, North America, South America, and Middle East and Africa). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2022.
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The increasing disposable incomes are notably driving the market growth. According to the Bureau of Economic Analysis, disposable personal income (DPI) in the US rose from 0.5% in May 2022 to 0.7% in June 2022. Similarly, in June 2022, personal income rose by 0.6%, while the DPI rose by 0.7%. According to the Organization for Economic Co-operation and Development (OECD), in 2022, household disposable income increased in all developed and developing countries.
Factors such as the increase in dual household incomes and per capita incomes as well as the rapid growth in employment rate have increased disposable incomes globally. The rise in disposable income is expected to fuel the spending and purchasing power of consumers. The growth of the tourism industry has also encouraged consumers to spend on travel and leisure activities. According to the Department of Commerce, 95.5 million international visitors are expected to visit the US annually by 2023. Therefore, the rising disposable income will facilitate the demand for luxurious travel to various destinations globally. These factors, in turn, will foster the growth of the global adventure tourism market during the forecast period.
The high acceptance of online travel agencies is a key trend in the market. Many travelers have started to use online portals for booking their trips and journeys. This enables organizations to carry out bookings in an efficient and organized manner. Traveling portals and agents are introducing innovative schemes to promote their online portals.
Online travel agencies are offering deals that are designed and customized for business travelers. They also provide the opportunity to sign up for pre-launch VIP programs. Therefore, several companies prefer to sign up for the corporate plan. Online booking platforms offer detailed information about destinations and itineraries, which helps consumers choose a suitable destination according to their convenience. Therefore, the rapid growth of online booking platforms and the high acceptance of online bookings are expected to provide several opportunities for vendors in the global adventure tourism market during the forecast period.
The risks of accidents and injuries associated with adventurous sports may impede market growth. Climbing activities, such as top-roping, speed climbing, bouldering, and lead climbing, are considered dangerous due to the risk of associated injuries. Bouldering accounts for a majority of all climbing gym-related accidents and injuries, with the most common being sprained ankles. These activities can also lead to other injuries, such as concussions, hamstring strains, neck injuries, ankle ligament sprains, fractures, groin strains, contusions, shoulder dislocation, knee collateral ligament sprains, and lacerations.
Over the last decade, major accidents related to adventure tourism have occurred. This harms the reputation and credibility of many adventure tourism operators. In many cases, governments deny the issuance of licenses to operators that are unable to provide safety to travelers. Therefore, uncertainties associated with adventure sports pose a challenge to market growth.
The market share growth by the domestic adventure tourism segment will be significant during the forecast period. Factors such as favorable government regulations, absence of currency exchange rates, and familiarity with the culture and language are driving the growth of this segment. The strong growth in developing economies owing to an increase in opportunities is also driving the growth of this segment.
Adventure Tourism Market
By Type
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The domestic adventure tourism segment was valued at USD 392.76 billion in 2017 and continued to grow until 2021. Various vendors offer travel tours to popular places in their home countries. For instance, Intrepid Group Ltd. offers domestic adventure tourism services in Morocco. The popularity of such travel packages is expected to drive the growth of this segment during the forecast period.
APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Adventure Tourism Market
By APAC
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Europe is another key region that contributes significantly to the growth of the global market. The growth of this region is attributed to factors such as the growing disposable income and the presence of numerous exotic destinations. Many local governments and tour operators have invested in tourism in the region. In addition, the rich heritage and multicultural diversity of Europe attract many tourists from within the region and abroad. Therefore, the increasing number of baby boomers, the presence of numerous exotic destinations, the rising demand for personalized vacations, the availability of easy transport facilities, the rapid growth in the number of food and beverage festivals, and the presence of major vendors will contribute to the growth of the adventure tourism market in Europe.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The adventure tourism market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Adventure Tourism Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2018 - 2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 47.2% |
Market growth 2023-2027 |
USD 4418.73 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
30.72 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, Japan, Germany, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abercrombie and Kent USA LLC, Active New Zealand Ltd. Partnership, BikeHike Adventures Inc., BOUNDLESS JOURNEYS, Butterfield and Robinson Inc., Discovery Nomads LLC, Explore Worldwide Ltd., G Adventures, Geographic Expeditions Inc., Intrepid Group Pty Ltd., Kensington Tours Ltd., Lindblad Expeditions Holdings Inc., Mountain Travel Sobek, Passages Exotic Expeditions Ltd., Recreational Equipment Inc., ROW Adventures, The Walt Disney Co., Trafalgar Tours Pty Ltd., Travelopia Group, and TUI AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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