increasing the popularity of the tourism industry paving the way for the growth of the adventure tourism market.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATES, Aug. 22, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Adventure Tourism Market by Type, Activity , Traveler Type, Age Group, Sales Channel and Region: Global Opportunity Analysis and Industry Forecast, 2021–2028,” Adventure tourism market size was estimated at $112,227 million in 2020 and is estimated to reach the value of market of USD 1,169,095 million by 2028, growing at a CAGR of 20.1% from 2021 to 2028. By type, the soft segment was the most prominent segment at USD 37,595 million in 2020. The market size is expected to reach of USD 380,687 million by 2028 growing at a CAGR of 20.1% throughout the forecast period.By activity, the land activity segment was the most prominent category in 2020 and is expected to remain dominant throughout the period of prediction.
Adventure tourism involves exploring or traveling to remote exotic locations. It includes unique and challenging vacation experiences in which travelers interact with the local population and connect with their core values.
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The growth of the adventure tourism market is attributed to the presence of attractive scenery and the availability of a wide variety of activities within the various cities of the country. Additionally, strategic marketing initiatives undertaken by industry players are coupled with increasing government initiatives to promote tourism, boosting the global industry. However, the risk involved in adventure travel and unpredictable weather conditions act as a barrier to the growth of the market worldwide. These factors may lead to the failure of adventure tourism, thereby hindering the growth of the market. Conversely, the growth of social media networks and the increasing popularity of travel blogs/video recordings on social media platforms such as Instagram and Twitter are expected to further pique the interest of travelers worldwide. This is expected to increase the popularity of the tourism industry paving the way 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 is classified into hard, soft and others. By activity, the market has been segmented into land-based activity, water-based activity, and air-based activity. By traveler type, the market is classified into solo, friends/group, couple and family. According to the age group, it is categorized into under 30 years, 30-41 years, 42-49 years and 50 years and above. The sales channel segment includes travel agent and direct. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
Based on the analysis of the adventure tourism market by type, the soft segment was the highest 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 activities in this category that have a medium to low level of risk, and are therefore very popular among adventure herders, adventurers, adventure enthusiasts who make up the bulk of the profile of travelers. The rugged segment is also projected to grow at a notable growth rate throughout the forecast due to the gradual increase in the number of people/travelers who are willing to participate in high-risk activities.
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Based on the forecast of the adventure tourism market by activity, the land-based activity segment was the most prominent category with the highest share in 2020. The growth in this segment can be attributed to the fact that these activities are easy to were made and are quite economical. compared to other activities. However, air-based activity is expected to witness the highest growth throughout the forecast period.
By traveler type, the couple segment was the highest contributor to the adventure tourism market in 2020 and is estimated to grow at a notable CAGR of 20.9% from 2021 to 2028. The family segment is expected to witness modest growth during throughout the forecast period.
By age group, the 30-41 year old segment was the dominant segment in 2020. The growth in this segment can be attributed to the fact that people in this age group are financially stable and also have the energy and health to do various adventures/activities. .
According to the sales channel, the direct segment was the highest contributor to the adventure tourism market in 2020. The growth in this segment can be attributed to it being much cheaper than the alternative. The direct sales channel was also the fastest growing segment in the sales channel category and is expected to grow at a CAGR of 20.7% from 2021-2028.
Major players in the adventure tourism industry have relied on product introduction as their key strategy to stay relevant in the adventure tourism market share. Key players profiled in the report include 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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Key findings of the study
By type, the soft segment is projected to witness the highest CAGR of 20.8% in terms of revenue during the forecast period.
By activity, the land-based activity segment is expected to dominate the market during 2021-2028.
By traveler type, the couples segment was the largest and fastest growing segment of the market.
By age group, the couple segment was the dominant segment in 2020.
By sales channel, direct was the most prominent segment in 2020.
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