By the end of the said assessment period, a valuation of US$ 1,484.01 Billion is expected for the market. Adventure tourism is gaining huge traction owing to the blooming travel industry across the globe. In addition, attractive travel packages, increase in domestic and international flights along with online availability of easy booking are positively influencing the demand for adventure tourism.
From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 10% and closing at US$ 290 Billion. The COVID-19 pandemic affected the market for adventure tourism owing to the non-functioning of the aviation industry. Thus, post the pandemic, adventure tourism companies are offering special and customized trips to different parts of the globe. Moreover, the penetration of user-friendly websites along with easy booking systems is escalating the revenue for the adventure tourism market.
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Europe, Asia Pacific and North America are the largest contributors to the adventure tourism market. This is owing to the provision of leisure activities such as scuba diving, river rafting, camping and trekking offered by different travel and tourist industries. With more local companies entering the market, options for exploring newer geographical locations has increased. Adventure tourism is not only focusing on providing relaxation but is doing the same in a sustainable manner. This, in turn, is attracting people to invest in the same.
Tourism took a major hit after the COVID-19 incident in 2020. It caused severe disruptions to the growth of the tourism industry. The industry experienced a sudden halt in international visitation, restrictions on mobility, and increased health and safety concerns. The aviation industry suffered the most damage alongside the travel industry in the country. Volatile border sealing and drastic drop in demand led to 95% drop in the passenger count. The hospitality industry also suffered the same decline in revenue due to the advent of the pandemic. All of this critically decreased the growth of the tourism industry leading to major drop in revenue
Key Takeaways from the Market Study
- By activity type, soft adventure is expected to possess 60% of market share in 2022
- Direct adventure tourism booking to account for a revenue share of 60% in 2022
- Europe to possess 35% of market share for adventure tourism in 2022
- Asia Pacific is expected to possess 30% market share for adventure tourism market in 2022
- North America is expected to procure 25% market share for adventure tourism in 2022
- Global adventure tourism market value to experience over 4x growth from 2022-2032
“Increase in travel industries across different geographical locations, cheaper flights, aggressive advertising by traveling companies is positively influencing the market for adventure tourism,” states an FMI analyst.
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Key Segments Profiled in the Adventure Tourism Market Industry Survey
Adventure Tourism Market by Activity Type:
- Soft Adventure Tourism
- Hard Adventure Tourism
Adventure Tourism Market by Group:
- Adventure Tourism for Groups
- Adventure Tourism for Family
- Adventure Tourism for Couples
- Adventure Tourism for Solo Travellers
Adventure Tourism Market by Booking Mode:
- Direct Adventure Tourism Booking
- Adventure Tourism Booking through Travel Agents
- Marketplace Adventure Tourism Booking
Adventure Tourism Market by Age Group:
- Adventure Tourism for 28 and Under
- Adventure Tourism from 29-40
- Adventure Tourism from 41-50
- Adventure Tourism from 51-60
- Adventure Tourism from 61-70
- Adventure Tourism for 71 and Over
Market Competition
Key players in the adventure tourism market are Intrepid Group, ltd., Mountain Travel Sobek, G Adventures, Geographic Expeditions Inc., Discovery Nomads, Row Adventures, Austin Adventures, Inc., Butterfield & Robinson Inc., Tui Group, Cox & Kings Ltd.
- In May 2022, Intrepid Group, ltd invested US$ 7.85 Million in CABN to expand off grid experiences in Australia. Through this investment, the company is planning to deliver more than 70 off grid sustainable cabins across the country by 2023.
- In March 2022, Austin Adventures, Inc launched three summer trips for 2022. Through these trips, tourists can travel to Jackson Hole Adventure, British Columbia Hut to Hut Hiking Adventure and Galapogas Family Vacation.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global adventure tourism market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (hard and soft), group (solo, couples, family, groups), booking mode (direct, travel agent, marketplace booking), age group (28 and under, 29-40, 41-50, 51-60, 61-70, 71 and over), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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