The adventure tourism market could reach a value of $1.009 billion in 2030
The data has been revealed in a report published today by Grand View Research, Inc.
The size of the global adventure travel market is estimated to reach $1.009 trillion by 2030, according to a new report from Grand View Research, Inc.
The market is expected to expand at a CAGR of 15.2% between 2022 and 2030. Due to declining travel-related costs, rising revenues, and a wider variety of potential tourism activities, the The global adventure tourism business has experienced rapid expansion, with associated costs and visitor numbers increasing dramatically in recent years. Adventure tourism encompasses national and international travel that includes a range of adventure activities such as rafting, trekking, cycling, and caving, among others, as well as exposure to the outdoors and different cultures. Adventure tourism is growing more and more popular than traditional mass tourism around the world due to its versatility,
Insights and Key Report Findings:
The soft adventure tourism segment dominated the market and accounted for around 65.0% share in 2021, driven by the increasing inclination of tourists towards lower or no-risk adventure activities and the increasing inclination among the older age group. .
The solo adventure traveler segment is expected to witness a CAGR of 15.2% during the forecast period. This can be attributed to key initiatives taken by the major players in the market.
The direct booking segment captured the largest revenue share of around 65.0% in 2021 due to the key benefits offered by the companies, such as immersive experience, deals on upcoming bookings, and effective travel experience.
Due to a strengthening economic climate, rising income levels in the area, and government measures to promote travel and tourism, Europe accounted for the largest market share of around 40.0% in 2021.
Adventure tourism market growth and trends
The growing need for an authentic and personalized travel experience, fueled by rapid urbanization, rising disposable income, the influence of social media, and affordable airline tickets, are the key factors driving the expansion of the market. Additionally, travel companies are introducing fast and easy-to-use mobile websites that can be accessed from smartphones. Demand for adventure travel is increasing globally as a result of major industry players collaborating with marketing companies to attract high-value customers through online marketing. Government agencies in various countries are also promoting adventure tourism as it generates employment opportunities and benefits local development. This is further expected to drive market growth in the near future. However, changing demographics, adverse weather conditions,
The COVID-19 epidemic has had a significant global impact on the adventure travel and tourism industry. The extensive containment and mitigation measures put in place to stop the spread of the virus had a significant negative impact on travel and tourism. There is still considerable risk of rapid changes in air travel, visa and quarantine rules, as well as lasting trust implications, especially among older and wealthier visitors. This is true despite the fact that governments are increasingly moving towards a gradual relaxation of restrictions. According to data from the World Tourism Barometer, international visitor arrivals fell by 65% in the first half of the year.
The global adventure travel business is anticipated to become one of the fastest growing tourism sectors, demonstrating profitable growth worldwide, over the course of the projection period. As many people prioritized their health and outdoor activities such as cycling, hiking, trekking and swimming during and after the lockdown, adventure tourism has been identified as a potential growth area in the domestic market. The soft adventure tourism segment had the largest revenue share of around 65.0% in 2021. The growth of the segment is due to the increase in the adoption of soft adventure activities such as trekking, hiking, camping and cycling, among others. The older age group has become one of the main age groups choosing soft adventure travel.
According to the group, the couples segment dominated the market and captured the largest revenue share of over 40.0% in 2021. The segment is expected to show notable growth in the near future. The growth is mainly due to the increase in disposable income and the growing desire for cultural and outdoor activities. Couples vacations have increased over the past century as a result of the expanding accessibility of international travel and the creation of vacation packages geared toward couples. The expansion of this market segment is attributed to the fact that people in this age group are financially stable and have the enthusiasm to participate in a variety of adventure activities and experiences.
In 2021, the direct booking mode segment accounted for around 65.0% share in 2021. Due to the personalized experience and ease, an increasing number of visitors and adventure travelers are choosing to book their tours and packages directly through through these channels, which drives the development of the segment. . Additionally, significant actions taken by market participants, including online campaigns and social media advertising, are anticipated to attract potential customers and encourage them to book their tour packages through direct booking channels. The 51-60 age group segment dominated the market and captured a revenue share of over 25.0% in 2021. The progressive increase in the number of adventure travelers in this age range is the key factor driving the growth of the segment. Due to consumer demand for soft adventures and willingness to spend money on travel and tourism, the sector is also projected to grow in the near future. Additionally, it is anticipated that the industry will benefit from the ability of social media to inspire tourists to visit a variety of places and travel more frequently.
Europe accounted for the highest market share in 2021, due to a strengthening economic climate in the area, rising regional income levels, and government programs to promote travel and tourism. 100 million trips are recorded in Europe annually, according to the CBI Foreign Office. Since Europeans like the feeling of discovering new places, adventure tourism is in high demand.
In Asia Pacific, the market is expected to witness a CAGR of 16.4% during the forecast period, driven by increased awareness of adventure travel among tourists, an increase in the number of government initiatives to promote relationships public and private to promote tourism and key initiatives. taken by regional market players. Numerous national and international adventure travelers are driven to adventure spots present in the region due to a variety of leisure and adventure activities. A rise in social media and the growing acceptance of travel blogging and videography is expected to spark traveler interest in the regional market.