According to a new report, 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.
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.
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 STUDY
• 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%.