Adventure Tourism Market Forecast and CAGR
Exploring exotic destinations, traveling into isolated locations, discovering the outdoors, and wandering to other out-of-the-comfort-zone destinations that include physical activities, cultural exchange, and framing a closer relationship with nature are all part of adventure travel.
Mountaineering, trekking, hiking, scuba diving, canyoneering, sandboarding, paragliding, river rafting, and other activities are examples of adventure travel. These activities are carried out under the supervision of specialists, and all necessary safety precautions are taken, such as helmets, harnesses, and other equipment.
According to latest research by Persistence Market Research, adventure travel market is set to witness a CAGR of 11.0 % during 2021-2031.
What is Driving Demand for Adventure Tourism?
Due to the exponential rise of the tourism industry, the worldwide adventure travel business is booming. In addition, the desire of young people to travel to new places, increased demand for adventure sports, rising consumer spending, and affordable travel packages are all likely to boost market growth over the projection period.
Furthermore, the World Tourism Organization’s initiatives to promote tourism in the form of public-private partnerships, a surge in travel trends on social media, high competition among travel agencies in offering reasonable travel packages, reduced travel restrictions, and economic evolution are driving the growth of adventure travel.
Trends in Adventure Tourism
To entice customers, key operators are constantly embracing unique technologies such as virtual reality, artificial intelligence, IoT, and other technologies. Such initiatives are expected to create a lot of opportunities for the adventure travel business to flourish in the next years.
Adventure travel companies, for example, are focused on virtual reality to provide a more realistic visual experience of adventure activities and natural settings.
For instance, as tourism progressively returns to a growing number of nations, the World Tourism Organization (UNWTO) has created the world’s first comprehensive tourism recovery tracker, which tracks a variety of key indicators as tourism recovers.
Services that are Likely to Augment Adventure Tourism Market
Companies that provide tourism services provide a wide range of services to their clients. Traveler lodgings, travel arrangements and reservations, air transportation, other local transportation such as car rental, food and beverage businesses, recreation and entertainment, gasoline and other retail activities are all included in the worldwide adventure travel sector.
Traveler housing services, offering hospitality services to international tourists, airline operation, car rental, travel agent, and tour arrangement services are all included in the global adventure travel industry.
Impact of Covid- 19 on Adventure Tourism Market
COVID-19 had a severe influence on the global adventure travel business, with international and domestic flights halting operations due to government limitations. The travel and tourist industry has also been affected by the pandemic, as many countries have closed their foreign borders with neighboring countries.
The government strict laws have also prompted stakeholders in the travel industry, such as hotels, tour operators, and travel agencies, to reduce their operations.
US and Canada Adventure Tourism Market Outlook
Because of places like national parks, which draw international travelers, as well as the rising popularity of these and other destinations on social media, North America will be the most popular location for adventure travel for the next decade.
The United States and Canada are developed countries with high per capita incomes. As a result, a big number of people can afford to travel to another country. As a result, out-of-town tourists and travelers are more common. There are numerous tourist attractions in the United States.
People can enjoy sunny beaches on one side of the country while ice-covered mountains on the other side of the country. As a result, hiking, paragliding, and a variety of other adventure sports are popular in the region, and adventure leisure activities is predicted to grow over the projection period.
Europe Demand Outlook for Adventure Tourism
Europeans value the experience of travelling to new areas, which is why adventure travel is in high demand. This aspect is expected to fuel market expansion in the European region. Furthermore, an increase in the number of online travel agents is expected to accelerate market expansion in the next years, owing to an increase in the number of independent/solo travelers.
Millennials are already ahead of the trend when it comes to health and well-being. Millennials, despite their hectic lifestyles, have acquired a great interest in adventure and leisure activities in recent years, garnering them the term as “outdoor natives.” The increased popularity of adventure and recreational activities among millennials, such as hiking, paragliding, fishing, and so on, is predicted to accelerate regional development.
Who are the Key Players of Adventure Tourism?
Some of the leading players of adventure travel include
- Austin Adventures Inc.
- G Adventures Inc.
- Mountain Travel Sobek
- TUI AG.
- ROW Adventures
- REI Adventures
- InnerAsia Travel Group Inc.
- China Adventure Travel
- G Adventures
- EXO TRAVEL
- Others.
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