Increase the popularity of the tourism industry paving the way for adventure tourism market growth.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATES, Aug. 22, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, “Adventure Tourism Market by Type, Activity, Type of Traveler, Age Group, Sales Channel and Region: Global Opportunity Analysis and Industry Forecast, 2021–2028, “Adventure tourism market size was $112,227 million in 2020 and is projected to grow to reach a market value of $1,169,095 million in 2020. CAGR of 20.1% from 2021 to 2028. By type, the soft segment was the most prominent segment accounting for $37,595 million in 2020. It is expected to reach a market size of $380,687 million by 2028, growing at a CAGR of 20.1%. period. By activity, the land-based activity segment was the most prominent category in 2020 and is expected to remain dominant throughout the forecast period.
Adventure tourism involves exploring or traveling to remote exotic areas. It includes unique and challenging experiences during the vacation, in which travelers interact with the local population and connect with their core values.
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The growth of the adventure tourism market is attributed to the presence of attractive landscapes and the availability of different types of activities in different cities of the country. Moreover, strategic marketing initiatives undertaken by industry couple players with increase in government initiatives to promote tourism propels the global industry forward. However, the risks involved in adventure travel and unpredictable weather conditions act as a barrier to the growth of the global market. These factors may lead to the failure of adventure tourism, thus hampering the growth of the market. On the contrary, the growth in social media networks and the growing popularity of travel blogging/video logging on social media platforms such as Instagram and Twitter are expected to increase the interest of travelers worldwide. This is expected to increase the popularity of the tourism industry paving the way for adventure tourism market growth.
The global adventure tourism market is segmented based on type, activity, type of traveler, age group, and sales channel. By type, the market is classified into hard, soft, and others. By activity, the market is segmented into land-based activities, water-based activities, and air-based activities. By traveler type, the market is segmented into singles, friends/groups, couples and families. By age group, it is categorized into below 30 years, 30-41 years, 42-49 years and 50 years and above. The sales channel segment includes travel agents and direct. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on the adventure tourism market analysis by type, the soft segment was the largest contributor to the market in 2020 and is expected to dominate throughout the forecast period. The growth of this segment can be attributed to activities with moderate to low risk level in this category, and thus becoming highly popular among adventure hunters, adventurers, adventure enthusiasts who form a large part of the passenger profile. Due to the gradual increase in the number of people/travellers willing to participate in high risk activities, the hard segment is also estimated to grow at a significant growth rate in the forecast.
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Based on the adventure tourism market forecast by activity, the land-based activities sector was the most prominent category accounting for the highest share in 2020. The growth of this sector can be attributed to the fact that these activities are easy to do and quite affordable. compared to other activities. However, wind-based activity is expected to witness the highest growth during the forecast period.
By traveler type, the couples segment was the largest contributor to the adventure tourism market in 2020 and is projected to grow at a significant CAGR of 20.9% from 2021 to 2028. The family segment is expected to witness modest growth throughout the forecast period.
By age group, the 30-41 years segment was the dominant segment in 2020. The growth of this sector can be attributed to the fact that people in this age group are financially stable and have the energy and health to go on various adventures/activities. .
By sales channel, the direct segment was the largest contributor to the adventure tourism market in 2020. The growth of this sector can be done because it is much cheaper than the alternative. The direct sales channel was also the fastest growing segment in the sales channel category and is expected to grow at a CAGR of 20.7% from 2021-2028.
Major players in the adventure tourism industry rely on product launch as their key strategy to remain relevant in the adventure tourism market share. Key players profiled in the report include AAT Kings Tours Limited, Discovery Nomads, Trafalgar Travel, Contiki, G Adventures, Insight Vacations, Inspiring Journeys, Intrepid Group, Ltd, Intro Travel, and Ultimate Adventure Travel Pty Ltd.
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Key findings of the study
By type, the soft segment is estimated to witness the highest CAGR of 20.8% in revenue terms during the forecast period.
By activity, the land-based activity segment is expected to dominate the market from 2021-2028.
By traveler type, the couples segment was the largest and fastest growing market segment.
By age group, the couples segment was the dominant segment in 2020.
By sales channel, direct was the most dominant segment in 2020.
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