The adventure tourism market is expected to reach $1,169,095 million; Analysis of opportunities and forecasts of the industry by 2028
By sales channel, the direct segment was the largest contributor to the adventure tourism market in 2020
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, USA, Aug 24, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Adventure tourism market by Type, Activity, Type of Travelers, Age Group, Sales Channel and Region: Global Opportunity Analysis and Industry Forecast, 2021-2028”, the Adventure Tourism Market Size was valued at 112,227 million in 2020 and is expected to reach the market value of $1,169,095 million by 2028, growing at a CAGR of 20.1% from 2021 to 2028. By type, the soft segment was the largest segment , accounting for $37,595 million in 2020. It is expected to reach the market size of $380,687 million by 2028, growing at a CAGR of 20.1% throughout the forecast period. By activity, the land activities segment was the largest category in 2020 and is expected to remain dominant throughout the forecast period.
Adventure tourism involves exploration or travel to remote exotic regions. It includes unique and empowering experiences during vacations, during which travelers interact with local people and connect with their core values.
The growth of the adventure tourism market is attributed to the presence of attractive landscapes and the availability of a wide variety of activities in different cities across the country. Additionally, strategic marketing initiatives taken by industry players, coupled with an increase in government initiatives to promote tourism, are boosting the global industry. However, adventure travel risks and unpredictable weather conditions are a hindrance to the growth of the global market. These factors could lead to the failure of adventure tourism, thus hampering the growth of the market. Conversely, the rise of social media and the growing popularity of travel blogs/videos on social media platforms such as Instagram and Twitter are further expected to attract interest from travelers around the world. This is expected to increase the popularity of the tourism industry and make room for the growth of the adventure tourism market.
The global adventure tourism market is segmented on the basis of type, activity, traveler type, age group, and sales channel. By type, the market has been categorized into hard, soft, and others. By activity, the market has been divided into land activity, nautical activity and air activity. By type of traveler, the market has been categorized into solo, friends/group, couple and family. By age group, it is categorized into under 30, 30-41, 42-49, and 50+. The sales channel segment includes travel agencies 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 remain dominant throughout the forecast period. The growth of this segment can be attributed to the activities in this category having a moderate to low level of risk, and therefore very popular among adventurers, adventurers and adventure seekers who make up the bulk of the traveler profile. The hard segment is also expected to grow at a notable growth rate throughout the forecast due to the gradual increase in the number of people/travelers willing to participate in high-risk activities.
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Based on the adventure tourism market forecast by activity, the land-based activities segment was the largest category, accounting for the highest share in 2020. The growth of this segment can be attributed to the fact that these activities are easy to make and quite economical. compared to other activities. However, air activity should know the highest growth throughout the forecast period.
By type of traveler, the couples segment was the largest contributor to the adventure tourism market in 2020 and is expected to grow at a notable CAGR of 20.9% from 2021 to 2028. The family segment is expected to experience modest growth while throughout the forecast period.
By age group, the 30-41 year old segment was the dominant segment in 2020. The growth of this segment can be attributed to the fact that people in this age group are financially stable and also have the energy and health needed to engage in different adventures/activities. .
By sales channel, the direct segment was the largest contributor to the adventure tourism market in 2020. The growth of this segment can be attributed to the fact that it is much cheaper than the alternative. The direct sales channel was also the fastest growing segment within the sales channel category and is expected to grow at a CAGR of 20.7% from 2021 to 2028.
Major players in the adventure tourism industry have relied on product launch as the key strategy to stay relevant in the adventure tourism market share. Key players profiled in the report are 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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Main results of the study
By type, the soft segment is expected to witness the highest CAGR of 20.8% in terms of revenue during the forecast period.
By activity, the land activities segment is expected to dominate the market through 2021-2028.
By traveler type, the couples segment was the largest and fastest growing market segment.
By age group, the couple segment was the dominant segment in 2020.
By sales channel, direct was the largest segment in 2020.
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