Adventure Tourism Market Growth, Share, and Future Demand Forecast by 2032
The global adventure tourism market size was valued at USD 608.00 billion in 2023. The market is expected to expand from USD 804.51 billion in 2024 to USD 1,682.28 billion by 2032, exhibiting a CAGR of 9.66% over the study period.
Adventure tourism are the tourist activities, which include trekking, scuba diving, climbing, and rafting that provide excitement that takes people beyond comfort zone. The growing number of trekking sports and national parks across nations at a macro level is flourishing the market growth.
The adventure tourism market witnessed a sharp decline in consumer spending on adventure tours during the COVID-19 pandemic, which can be credited to a rise in health concerns, travel restrictions, and lockdowns. However, the greater need for staying at indoor spaces among travelers, which included hospitality and travel accommodation facilities led to service revenues while aiding market growth amid the pandemic.
Information Source: https://www.fortunebusinessinsights.com/adventure-tourism-market-107924
Top Company in the Adventure Tourism Market
- Active Adventures (New Zealand)
- Intrepid Travel (Australia)
- Butterfield & Robinson (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.)
Fortune Business Insights™ provides this information in its research report, titled “Adventure Tourism Market, 2024–2032”.
Segmentation:
Soft Segment Led in 2023 Owing to Surge in Number of Camping Locations
In terms of type, the market is classified into hard, soft, and others. The soft segment led in 2023 which can be ascribed to the growth in the number of camping sites and hiking destinations across the globe. As a result, soft activities are gaining popularity, surging the global market share.
Considerably Developing Trend of Family Trips to Foster the 30–50 Years Segment Growth
With respect to age group, the market is classified into above 50 years, 30–50 years, and below 30 years. The 30–50 years segment registers the largest market share, which can be credited to the considerably developing trend of family trips within this age group. This is due to the necessity for more family time and memorable experiences.
Regionally, the market is divided into Asia Pacific, North America, the Middle East & Africa, North America, and South America.
Report Coverage
The market research report provides vital insights into the competitive strategies deployed by top companies to gain the largest share. Besides this, the key factors impacting the market expansion have been mentioned in the report. The report also provides an in-depth analysis of the latest trends and the COVID-19 pandemic impact.
Drivers and Restraints:
Growing Interest Toward Experiential Traveling Experience to Aid Market Growth
Immersive yet authentic experiences are looked after by modern travelers, mainly Gen Z population and millennials, that enable them in connecting with landscapes, local communities, and cultures. People get authenticity through adventure tourism, which presents opportunities to involve with regional transitions and nature in expressive ways.
Despite such opportunities, the surging concerns pertaining to safety may impede the demand for these services, hindering the adventure tourism market growth.
Regional Insights:
Europe Dominates Fueled by Rising Travelers’ Preference for Nature-inspired Travel Locations
Europe accounts for the largest adventure tourism market share, which can be credited to the increasing preference for nature-inspired travel destinations among travelers. This factor presents profitable opportunities for tour operators to boost their service revenues across the region.
Asia Pacific adventure tourism market is set to observe quick expansion during the study period on account of the release of promotion campaigns by government organizations and tourism industry associations to incline foreign investments in the local tourism industry, mainly in Southeast Asia, India, and China. These efforts assert a positive impact on international and domestic travelers to spend on adventure tours.
Competitive Landscape:
Prominent Companies Deploy Product Innovations to Enhance Their Position
Different competitive strategies, including joint ventures, partnerships, and capacity expansions, are being focused on by top companies to sustain their industry leadership. A wide array of companies are also focusing on product innovations to strengthen their position.
Key Industry Development:
September 2023: Intrepid Travel, a tourism service provider located in Australia, announced the release of its new 2024 trip range. This range is inclusive of more than 100 new itineraries with different adventures in Iceland.