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The global adventure tourism market size is estimated to grow by USD 4.41 billion between 2022 and 2027 exhibiting a CAGR of 47.2%. The market is on the rise, buoyed by several factors driving its growth trajectory. With disposable incomes on the rise, more individuals are embracing soft adventure sports, fueling market expansion. Additionally, government initiatives aimed at promoting tourism further bolster the sector's prospects, attracting enthusiasts and travellers alike. However, challenges loom on the horizon, such as the low penetration rate in developing economies and the inherent risks associated with adventurous activities, posing concerns for safety and regulation. Moreover, the high cost of participation presents a barrier to entry for some individuals. Navigating these challenges while capitalizing on development opportunities remains paramount for stakeholders in the market.
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Our report offers an 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).
In the market, various factors drive growth and shape trends. Adventure seekers are increasingly drawn to exhilarating activities like skydiving, mountain climbing, and scuba diving, fueled by the desire for unique experiences and adrenaline rushes. Government tourism promotion activities and the rise of reasonably priced carriers make adventure travel more accessible, attracting international tourists and young travelers. However, challenges such as travel and immigration regulations, border closings, and safety concerns pose hurdles. Navigating these challenges while capitalizing on growing demand and emerging trends remains crucial for stakeholders in the adventure tourism industry.
The market is experiencing significant growth, propelled largely by the increasing disposable incomes worldwide. As reported by the Bureau of Economic Analysis, disposable personal income (DPI) in the US has been on the rise, indicating a positive trend in spending capabilities. This trend is mirrored globally, with household disposable income increasing across developed and developing countries, as highlighted by the Organization for Economic Co-operation and Development (OECD). With dual household incomes and per capita incomes on the upswing, coupled with a rapid growth in employment rates, consumers have more financial resources at their disposal for discretionary spending, including adventure tourism.
Furthermore, the growth of the tourism industry at large, as evidenced by the Department of Commerce's projection of 95.5 million international visitors to the US annually by 2023, indicates a robust demand for travel and leisure activities. This growing trend towards exploration and adventure is driven by consumers' increasing desire to experience unique and thrilling experiences, facilitated by their improved purchasing power. Consequently, the market is poised to capitalize on this trend, as consumers seek out adventurous experiences and luxurious travel to various destinations around the globe, thereby driving market development during the forecast period.
Significant Market Trend
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 companies in the market during the forecast period.
The risks of accidents and injuries associated with adventurous sports may impede market development. 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 operators. In many cases, governments deny the issuance of licenses to operators that are unable to provide safety to travellers. Therefore, uncertainties associated with adventure sports pose a challenge to market development.
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.
In the market segmentation, various elements shape the landscape of adventure travel. From migration trends influencing tourist flows to adventure activities like trekking and rafting attracting thrill-seekers, each aspect contributes to the market's dynamics. Beaches and wildlife sanctuaries entice travelers seeking relaxation or nature encounters, while the presence of professionals and access to safety equipment ensure secure experiences. Young travelers are increasingly drawn to social events and domestic travel, facilitated by online vacation planning and improved internet penetration. Aviation and accommodation options cater to diverse age groups, with airlines offering convenience and accessibility to adventure destinations, thus enriching the adventure tourism experience.
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 development of this segment.
Market
By Type
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The domestic adventure tourism segment was valued at USD 392.76 billion in 2017 and will continue 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 expansion 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.
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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 development of the market in Europe.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The market is experiencing rapid growth, driven by various factors and trends. Adventure enthusiasts seek immersive experiences, ranging from soft adventure tourism like hiking to hard adventure sports such as mountain climbing. Traditional mass tourism is giving way to sustainable practices, promoting bio-cultural variety and environmental preservation. Travel companies and agents cater to diverse age groups, offering trip packages and insights into cultural experiences. Technological developments, including mobile apps and virtual worlds, enhance the adventure travel experience, while security measures like GPS monitoring and emergency communication systems ensure safety. Government efforts support adventure tourism growth, while social media platforms influence traveler decisions. With a focus on meaningful experiences and immersive journeys, the market continues to expand, driven by consumer interest and market growth strategies.
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 4,418.73 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 growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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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