increasing the popularity of the tourism industry giving way to 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 released by Allied Market Research, titled “Adventure Tourism Market by Type, Activity and traveler type. , Age Group, Sales Channel and Region: Global Opportunity Analysis and Industry Forecast, 2021-2028”, the adventure tourism market size was valued at $112.227 billion in 2020 and is estimated to reach the market value 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 with USD 37,595 million USD in 2020. It is expected to reach a market size of USD 380.687 billion 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 forecast period.
Adventure tourism involves exploring or traveling to remote exotic areas. It includes unique and challenging vacation experiences where travelers interact with local populations and connect with their core values.
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The growth of the adventure tourism market is attributed to the presence of an attractive landscape and the availability of a wide variety of activities in the different cities of the country. In addition, strategic marketing initiatives taken by industry players along with increasing government initiatives to promote tourism drive the overall industry. However, the risk involved in adventure travel and unpredictable weather conditions act as a hindrance to the growth of the market across the globe. These factors could lead to the failure of adventure tourism, thus hindering the growth of the market. Conversely, the rise of social media and the growing popularity of travel blogs/video logs on social media platforms such as Instagram and Twitter are expected to pique the interest of travelers worldwide. This is expected to increase the popularity of the tourism industry giving way to the growth of the adventure tourism market.
The global adventure tourism market is segmented by type, activity, traveler type, age group, and sales channel. By type, the market has been classified into hard, soft and others. By activity, the market has been divided into land activity, water activity and air activity. By traveler type, the market has been categorized into solo, friends/group, couple and family. By age group, it is classified into under 30 years, 30-41 years, 42-49 years and 50 years and over. The sales channel segment includes travel agency and direct. By region, the market is analyzed in North America, Europe, Asia-Pacific and LAMEA.
Based on the analysis of the adventure tourism market by type, the soft segment was the largest contributor to the market in 2020 and is expected to continue to dominate throughout the forecast period. The growth of this segment can be attributed to the fact that activities in this category have a moderate to low level of risk and are therefore very popular among adventure herders, adventurers, adventure enthusiasts which make up most of the traveler’s profile. The hard segment is also expected to grow at a remarkable growth rate throughout the forecast due to the gradual increase in the number of people/travelers who are willing to engage in high-risk activities.
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According to the forecast of the adventure tourism market by activity, the land activity segment was the most prominent 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 do and quite inexpensive. compared to the other activities. However, the aviation business is expected to witness the highest growth throughout the forecast period.
By traveler type, the couple segment was the largest contributor to the adventure tourism market in 2020 and is estimated to grow at a remarkable CAGR of 20.9% from 2021 to 2028. The segment is expected to family will witness modest growth during the forecast period.
By age groups, the 30-41 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 go on 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 in the sales channel category and is expected to grow at a CAGR of 20.7% between 2021 and 2028.
Key players in the adventure tourism industry have relied on product launches as a 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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Main conclusions 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 couple 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 most prominent segment in 2020.
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