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Adventure Tourism Market is growing due to development of the travel & tourism industry with a CAGR of 17.4%

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Adventure Tourism Market is growing due to development of the travel & tourism industry with a CAGR of 17.4%

September 26
04:40 2019
Adventure Tourism Market is growing due to development of the travel & tourism industry with a CAGR of 17.4%
Adventure tourism has grown exponentially worldwide over the past few years, as travelers are keen to visit undiscovered destinations. Moreover, with the significant increase in government initiatives in the form of public and private partnership to promote tourism has fueled the growth of the global adventure tourism market.

According to a new report published by Allied Market Research, titled, Adventure Tourism Market by Type, Activity, Type of Traveler, Age Group, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023, The global adventure tourism market was valued at $444,850 million in 2016, and is projected to reach $1,335,738 million in 2023, registering a CAGR of 17.4 % from 2017 to 2023.

 

Adventure tourism involves exploration or travel to remote exotic areas. It includes unique and challenging experiences during the vacation, in which travelers interact with local populations and connect with their core values. Adventure travel is a kind of niche tourism, which includes numerous activities such as caving, climbing, cycling, hiking, hunting, rafting, and others.

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Adventure tourism refers exploration or travel with a certain degree of risk faced during the vacation. Some of the activities involved during adventure tourism include caving, climbing, cycling, hiking, rafting, and other activities. Tourism is one of the most rapidly growing sectors, among which adventure tourism is one of its fastest growing segments. Based on travel market survey, America and Europe are the two leading regions in this market.

Adventure tourism is growing exponentially worldwide, as travelers prefer to visit previously undiscovered destinations. Moreover, with the increase in government initiatives in the form of public and private partnership to promote tourism has led to growth of the adventure tourism market. However, involvement of high risk in adventure travelling and unpredictable weather conditions hinder the growth of the market. Irrespective of challenges, increase in social media trend has created a huge opportunity for adventure travel market, as Facebook has become the most preferred social network among travelers to share experiences.

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The market is segmented on the basis of type, activity, type of travelers, age group, sales channel, and geography. By type, the market is classified into hard, soft, and others. Based on activity, it is divided into land-based activity, water based-activity, and air-based activity. Depending on type of travelers, it is fragmented into solo, friends/group, couple, and family. According to age group, it is categorized into below 30 years, 30-41 years, 42-49 years, and 50 years & above. The sales channel segment includes travel agent and direct. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

In 2016, the land-based activities was the leading revenue contributor to the global market. However, the air-based activities is expected to witness lucrative growth rate during the forecast period.

Key Findings of the Adventure Tourism Market:

  • In 2016, Europe dominated the global market with more than one-third share, in terms of value.
  • Asia-Pacific is estimated to witness the highest growth rate during the forecast period.
  • Soft adventure segment generated the highest revenue to the global market in 2016, and is expected to grow at a CAGR of 17.8%.
  • The air-based activity segment is estimated to register the highest growth rate, in terms of revenue, registering a CAGR of 18.2%.

The key players profiled in the report are Austin Adventures, Inc., G Adventures Inc., Mountain Travel Sobek, TUI AG., ROW Adventures, REI Adventures, InnerAsia Travel Group, Inc., Intrepid Group Limited, Butterfield & Robinson Management Services, Inc., and Abercrombie & Kent Group of Companies S.A.

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Website: https://www.alliedmarketresearch.com/adventure-tourism-market

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