The global adventure tourism market size stood at a notable valuation in 2023. The market is poised to exhibit a substantial CAGR over the analysis period.
Adventure tourism includes various activities, comprising air-based ventures, land sports, mountain hiking, and water-based activities, among others. The enforcement of supportive government policies is set to propel industry expansion over the coming years.
Fortune Business Insights™ provides this information in its research report, titled “Adventure Tourism Market, 2024-2032”.
COVID-19 Impact:
Imposition of Travel Restrictions Led to a Negative Impact on Industry Growth
The pandemic led to the enforcement of travel and lockdown restrictions, which negatively impacted the industry expansion. The period also recorded a substantial impact on tourism activities. However, the increased interest of people in exploring new locations helped the revival of the industry during the post-pandemic period.
Information Source: https://www.fortunebusinessinsights.com/adventure-tourism-market-107924
Top Company in the Adventure Tourism Market:
- Austin Adventures, Inc. (U.S.)
- Intrepid Group, Ltd. (Australia)
- Butterfield & Robinson Inc. (Canada)
- G Adventures (Canada)
- Tui Group (Germany)
- Geographic Expeditions Inc. (U.S.)
- Row Adventures (U.S.)
- Mountain Travel Sobek (U.S.)
- Cox & Kings Ltd. (U.K.)
- Discovery Nomads (U.K.)
Segmentation:
Soft Segment to Lead the Market Due to Benefit of Affordability
By type, the market for adventure tourism is bifurcated into hard and soft. The soft segment is poised to hold a dominant share in the market. This can be attributed to the low risk and affordability associated with soft-level adventures.
20-30 Years Segment to Hold Major Share Due to Soaring Participation in Adventure Sports
On the basis of age group, the market for adventure tourism is segmented into 20-30 years, 30-40 years, 40-50 years, and 50 above. The 20-30 years segment is set to record a leading share in the global market. This is due to the increasing involvement of this age group in adventure sports, tourism, and travel.
Medium Segment to Record Key Share Impelled by Budget-Friendly Nature
Based on package, the market is trifurcated into low, medium, and premium. The medical package segment is expected to hold a prominent share in the market. This is on account of the budget-friendly nature of this package.
Based on geography, the market for adventure tourism has been studied across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Report Coverage:
The report provides an analysis of the global business scenario on the basis of various segments: type, age group, package, and geography. It also gives an account of the latest trends and the vital factors driving the industry growth. The major strategies adopted by key players to consolidate their market positions have also been provided in the report.
Drivers and Restraints:
Rising Interest of Youth in Traveling to Propel Industry Expansion
The adventure tourism market growth is being propelled by the mounting interest of youth in traveling. The people in this age group show a greater inclination toward adventure sports and the exploration of new places. In addition, the travel and tourism industry accounts for 20% of the GDP of several countries, according to the World Tourism Organization.
Regional Insights:
Europe to Emerge as Leading Region Owing to Presence of Favorable Government Policies
Europe adventure tourism market share is touted to hold a dominant position in the global market. The presence of favorable government policies and growing disposable income in the region are the key factors propelling the regional expansion.
In addition, the region is home to some of the most famous tourist attractions, including Rome, Amsterdam, and London, among others.
Competitive Landscape:
Industry Players Emphasize on Launching New Packages to Strengthen Market Footing
Leading market players are centered on the launch of new adventure tourism packages and services for consolidating their positions in the market. The new products are also being launched for outpacing their competitors. Additional steps adopted by key players include merger agreements, acquisitions, and collaborations.
Key Industry Development:
January 2023 – Austin Adventures Inc., launched special packages for families with holiday plans in the U.S. These packages would include free visits to national parks and adventure sports.
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