Global Adventure Tourism Market to Rise to $1,796,243.8 - GlobeNewswire
New york, USA, May 10, 2022 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global adventure tourism market is predicted to rise in terms of revenue from $609,000.0 million in 2019 to over 1,796,243.8 million by 2027. The report provides a glimpse into the varying troughs and peaks faced by the adventure tourism market due to varying reasons such as climatic changes and economic issues.
Market Dynamics
The United Nations World Tourism Organization (UNWTO) states that the number of tourists interested in adventure tourism in 2019 has increased by 5.0% compared to 2018. Some of the reasons for this can be deciphered to be youngsters willing to travel and step out of their comfort zones, hence resulting in increased the revenue within the forecast period.
Climate change is the main reason for all the chain reactions within the ecosystem of that area such as – habitat loss, erosion, cultural and language. These are predicted to be a hindrance to the growth of the adventure tourism industry in the forecast years.
Utilization of various new forms of technology such as artificial intelligence, virtual reality, IoT and others has been attracting more customers. This provided a vast prospect of growth for the adventure tourism market.
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Segments of the Market
The market is primarily divided into the following segments based on type, activity, type of traveller, age group, and regional insights.
Soft Type Sub-segment to Dominate the Market
The soft-type sub segment has held a revenue share of 60.9% since 2019, and predicted to maintain this growth throughout the forecast time. This is due to tourists opting for soft adventure as it doesn't require experience and isn't as risky.
Land-Based Sub-segment to be the Most Profitable
The land-based sub-segment generated a revenue of $381,797.5 million in 2019 which is the highest in terms of market size. It is predicted to continue growing due to an extensive demand for more land based activities such as wildlife safaris, trekking, and cycling tours during the forecast years.
Family Sub-segment to Hold Highest Market Share
The family sub-segment held a significant share in the market as it accounted for a revenue of $168,069.8 million in 2019 and is predicted to generate up to $555,461.2 million by 2027. The boost of adventure activities among children and family have led to this growth of the segment and will continue to do so in the forecast years.
Age Group of 20-30 Reason may see Constant Growth in the Market
Groups or individuals in the age group of 20-30 accounted for most of the market shares which stood at 41% and continues to grow. The need to explore various cultures, wildlife and more is the reason for its growth which is said to continue as per the predictions.
Europe to Hold the Highest Share in the Regional Segment
Europe accounted for the highest revenue in the market in 2019 of over 30.0% and is anticipated to rise to $232,996.3 in 2027. This is due to widespread demand for adventure tourism that the Europeans are highly interested in.
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Key Players of the Market
According to the report, some of the primary players of the global adventure tourism market are,
- MTSOBEK
- Topdeck Travel Limited
- ElderTreks
- Interpid Group
- Recreational Equipment
- Austin Adventures
- Abercrombie & Kent USA,LLC
- Butterfield & Robinson Inc.
- G Adventures
- Lindblad Expeditions.
Some of the recent developments have involved post-covid trips to places that will help tourists refresh, while also helping the economy of the place. Recently Abercrombie&Kent introduced a new way of having luxury tailor made trips.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Ramifications of COVID-19 on the Market
As the virus spread across the world, it caused an immediate reaction of borders being shut, transport stood cancelled, and hence putting a pause on tourism as well. As accounted for by the World Travel and Tourism Council (WTTC), the number of travellers declined due to the above reasons. But, with the subsequent changes by various governments and with newer safety guidelines put in place, the recovery rate for this sector is predicted to rise again. In May 2020, a key player within this market added 6 more adventure trips along with 2 new Great American road trips. These traverse through California, Arizona, Utah, Alaska and more.
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