Rise in interest among the travelers to visit undiscovered destinations and increase in government initiatives to promote tourism augment the growth of the global adventure tourism market
PORTLAND, Oregon, May 5, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Adventure Tourism Market by Type (Hard, Soft, and Others), Activity (Land-based Activity, Water-based Activity, and Air-based Activity), Type of Traveler (Solo, Friends/Group, Couple, and Family), Age Group (Below 30 Years, 30–41 Years, 42–49 Years, and 50 Years & Above), and Sales Channel (Travel Agents and Direct): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global adventure tourism industry garnered $586.3 billion in 2018, and is projected to garner $1,626.7 billion by 2026, witnessing a CAGR of 13.3% from 2019 to 2026.
Prime determinants of growth-
Rise in interest among the travelers to visit undiscovered destinations and increase in government initiatives to promote tourism augment the growth of the global adventure tourism market. However, risks involved in unpredictable weather conditions and adventure traveling restrains the market growth. On the other hand, surge in the trend of social media and emergence of artificial intelligence offer multiple opportunities to market players.
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COVID-19 Scenarios: The global pandemic has caused the travel industry to take a halt.
- The widespread of COVID-19 has negatively impacted the global adventure tourism industry, owing to the halts of international and domestic airlines, as per government restrictions.
- The stringent government rules have also urged stakeholders in travel industries to curtail down businesses including hotels, tour operators, and travel agencies.
- However, tourism companies are initiating to invest in the market growth by offering various offers and discounts on pre-booking which minimizes the adverse impact on the market growth.
The land-based activity segment to dominate the market-
Based on activity, the land-based activity segment accounted for around half of the global adventure tourism market in 2018, and is estimated to witness dominance in terms of revenue throughout the forecast period. Increase in land-based activities such as mountain biking, skiing, camping, wildlife safari, animal rides, rappelling, trekking, and others is resulting in the growth of this segment. However, the air-based activity segment is expected to portray the largest CAGR of 13.9% from 2019 to 2026. This is owing to increasing in popularity of the various air-based activities such as hot air balloon rides, paragliding, sky diving, and others.
The couple segment to maintain its leadership status until 2026-
Based on type of traveler, the couple segment accounted for the largest market share, holding more than one-third of the total share in 2018, and is estimated to maintain its lead position throughout the forecast period. The rise in interest in soft and leisure adventures amongst the married and unmarried couples drive the growth of the segment. In addition, the same segment is expected to register the fastest CAGR of 13.7% from 2019 to 2026.
Europe to maintain its lead position by 2026, North America to grow steadily-
Based on region, Europe accounted for the highest share, holding more than one-third of the total share in 2018, and is estimated to maintain its dominant share during the forecast period. This region includes numerous historically important nations, cultures, languages, and varieties of cuisine which drives the growth of the market in this region. On the other hand, North America contributed to the second-largest market share in 2018. Contrarily, the Asia-Pacific region is expected to grow at the largest CAGR of 16.5% from 2019 to 2026. Asia-Pacific offers diverse regions to explore which drives the growth of the market in this region.
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Key market players-
- G Adventures Inc.
- Austin Adventures, Inc.
- Mountain Travel Sobek
- TUI AG.
- ROW Adventures
- REI Adventures
- InnerAsia Travel Group, Inc.
- Intrepid Group Limited
- Butterfield & Robinson Management Services, Inc.
- Abercrombie & Kent Group of Companies S.A.
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