Adventure tourism Market to Reach $4.6 Trillion, Globally, by 2032 at 28.7% CAGR: Allied Market Research

The global adventure tourism market is driven by factors such as growing pursuit of unique experiences to augment the tourism industry, evolving mobile applications, big data analytics, and artificial intelligence amidst proliferating tourism industry, and high penetration of the internet.

PORTLAND, Ore., May 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Adventure Tourism Market By Type (Hard, Soft, Others), By Activity (Land-Based Activity, Water-Based Activity, Air-Based Activity), By Types Of Traveler (Solo, Friends/Group, Couple, Family), By Age Group (Below 30 Years, 30–41 Years, 42–49 Years, 50 Years And Above), By Sales Channel (Travel Agents, Direct): Global Opportunity Analysis And Industry Forecast, 2023-2032 ". According to the report, the Global adventure tourism industry generated $366.7 billion in 2022 and is anticipated to generate $4.6 trillion by 2032, witnessing a CAGR of 28.7% from 2023 to 2032.

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 Prime determinants of growth

The global adventure tourism market is driven by factors such as growing pursuit of unique experiences to augment the tourism industry, evolving mobile applications, big data analytics, and artificial intelligence amidst proliferating tourism industry, and high penetration of the internet. However, an increase in terrorism and crime rate, political uncertainties, and natural calamities hamper the market growth. On the other hand, the emergence of social media and heavy investment in better infrastructure is presenting lucrative opportunities for market growth.

Report coverage & details:

Covid-19 Scenario

• The outbreak of the COVID-19 pandemic had a negative impact on the global adventure tourism industry as almost every country had introduced containment measures that had an adverse impact on tourism, such as travel restrictions, border closings, prohibition of social events, complete or partially quarantined regions, confinement, and bodily distancing to limit the spread of the virus.
• According to the World Travel and Tourism Council (WTTC), the number of adventure travelers significantly decreased as a result of global lockdown and travel restrictions.

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The soft segment to maintain its leadership status throughout the forecast period.

Based on type, the soft segment dominated the market and accounted for more than half of the global adventure tourism market share in 2022 and is expected to retain its dominance during the adventure tourism market forecast period. This segment is also projected to manifest the highest CAGR of 28.9% from 2023 to 2032. Adventure travelers focus on less risky adventure activities and are more open to other elements such as the natural environment, learning, and meaningful lifelong experience. Older travelers occupy a major part of this segment mainly due to preference or safety issues.

The land-based activity segment is expected to maintain its lead position during the forecast period.

Based on activity the land-based activity segment dominated the market and accounted for around half of the global adventure tourism market in 2022 and is expected to retain its dominance during the forecast period since, land-based activities are often easier and require less monetary investment from the travelers. However, the air-based activity segment is projected to manifest the highest CAGR of 29.2% from 2023 to 2032. The segment has gained popularity, as it provides people with the adventurous experience of flying and thrill.

The direct segment to maintain its lead position during the forecast period

Based on sales channel, the direct segment accounts for nearly three-fifths of the global adventure tourism market and is expected to retain its dominance during the adventure tourism market forecast period. This segment is also projected to manifest the highest CAGR of 28.9% from 2023 to 2032 owing to the increase in the ease of making travel arrangements due to improvements in technology. Moreover, this form of booking allows travelers to save a significant amount of money, which further boosts the attractiveness of this mode of booking. 

Europe to maintain its lead position during the forecast period

Based on region, Europe accounts for more than one-third of the global adventure tourism market and is expected to retain its dominance during the forecast period. The key factor supporting the growth of adventure travel in Europe is its rich diversity. This region includes numerous historically important nations, cultures, languages, and varieties of cuisine.  However, Asia-Pacific is projected to manifest the highest CAGR of 29.9% from 2023 to 2032 since, the region offers diverse activities such as wildlife reserves and national parks such as Sundarbans in India, Mt. Everest in Nepal, rain forests in Borneo, and whale watching & scouting kiwis in New Zealand to explore.

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Leading Market Players: -

• AUSTIN ADVENTURES, INC.
• BUTTERFIELD AND ROBINSON INC.
• DISCOVERY NOMADS
• G ADVENTURES
• GEOGRAPHIC EXPEDITIONS INC.
• INTERPID GROUP LTD.
• MOUNTAIN TRAVEL SOBEK
• RECREATIONAL EQUIPMENT, INC.
• ROW ADVENTURES
• TUI GROUP

The report provides a detailed analysis of these key players in the global adventure tourism market. These players have adopted different strategies such as acquisition, partnerships, and new product launch to increase their market share and maintain dominant shares in Brazil. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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