Global Adventure Tourism Market to Reach $2 Trillion by 2032 at 19.5 % CAGR: says Allied Market Research

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Allied Market Research

Allied Market Research

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

Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) — 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 market size was valued at $324.9 billion in 2022, and is projected to reach $2 trillion by 2032, growing at a CAGR of 19.5% from 2023 to 2032.

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Prime determinants of growth

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

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$ 324.9 billion

Market Size in 2032

$ 2 trillion

CAGR

19.5 %

No. of Pages in Report

350

Segments Covered

Type, Activity, Types of Travelers, Age Group, Sales Channel and Region.

Drivers

Pursuit of unique experiences to augment the tourism industry     Evolving mobile applications, big data analytics, and artificial intelligence together amidst  proliferating tourism industry     High penetration of the Internet

Opportunities

Rise of social media     Heavy investment in better infrastructure

Restraints

Increase in terrorism and crime rate, political uncertainty, and natural calamities

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The soft segment to retain its dominance in terms of revenue during the forecast period.

Based on type, the soft segment held the largest market share, accounting 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 witnessing the fastest CAGR of 28.9% from 2023 to 2032. This is because 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.

The land-based activity segment is expected to dominate during the forecast period.

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

The direct segment to maintain its top 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 projected to retain its dominance during the adventure tourism market forecast period. This segment is also registered 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 augments 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 fastest CAGR of 29.9% from 2023 to 2032. 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, which in turn, drives the market growth.

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Leading Market Players: –

  • AUSTIN ADVENTURES, INC.

  • DISCOVERY NOMADS

  • G ADVENTURES

  • MOUNTAIN TRAVEL SOBEK

  • TUI GROUP

  • RECREATIONAL EQUIPMENT, INC. 

  • ROW ADVENTURES

  • GEOGRAPHIC EXPEDITIONS INC.

  • INTERPID GROUP LTD.

  • BUTTERFIELD AND ROBINSON INC.

Country Reports We Have in this Industry:

• Canada Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032 
• Mexico Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032 
• Europe Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032 
• UK Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032 
• Germany Adventure Tourism Market Opportunity Analysis and Industry Forecast, 2022-2032 

About Us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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