Adventure Tourism Market to Reach $2.0 Trillion, Globally, by 2032 at 19.5% CAGR: Allied Market Research

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Oct 30, 2023, 03:03 ET

WILMINGTON, Del, Oct. 30, 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 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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Adventure tourism is a form of travel that includes activities like hiking, biking, camping, and other outdoor activities in natural or remote locations. These activities often involve risk and challenge the physical and mental capabilities of the travelers. These activities provide adrenaline, excitement, and a connection with nature.

Drivers, restraints and opportunities-

The global adventure tourism market is experiencing growth due to various factors, including the increase in the level of income in emerging geographical areas and reduced costs relating to air travel and accommodation, mobile applications, big data analytics, and artificial intelligence evolving together amidst proliferating tourism industry, and high penetration of the internet. On the other hand, the rise in terrorism, crime rate, political uncertainty, and natural calamities are the major factors that hindered the market growth during the forecast period. Moreover, the rise of social media and heavy investment in better infrastructure create prolific opportunities for market growth in the coming years.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$324.9 Billion
Market Size in 2032	$2.0 Trillion
CAGR	19.5 %
No. of Pages in Report	350
Segments Covered	Type, Activity, Type of Traveler, Age Group, Sales Channel, and Region
Drivers	Increase in the level of income in emerging geographical areas and reduced costs relating to air travel and accommodation Mobile applications, big data analytics, and artificial intelligence evolving 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 throughout the forecast period-

By type, the soft segment accounted for the major market share in 2022, garnering more than half of the global adventure tourism market revenue, and is expected to retain its dominance throughout the forecast period. The same segment would also portray the fastest CAGR of 19.7% from 2023 to 2032. This is because the moderate to low-risk level activities in this category make it highly accessible to people of different age groups. Furthermore, the increased inclination of tourists, especially the elderly people towards experiencing the natural environment and learning.

The land-based activity segment to rule the roost by 2032-

By activity, the land-based activity segment held the highest market share in 2022, holding more than half of the global adventure tourism market revenue, and is projected to rule the roost by 2032. This is because land-based activities are often easier and require less monetary investment from the travelers. The air-based activity segment, on the other hand, would display the fastest CAGR of 20.2% from 2023 to 2032. This is because it provides people with the adventurous experience of flying and thrill, which attracts young travelers.

The 30 to 41 years segment to maintain its lion's share throughout the forecast period-

By age group, the 30 to 41 years segment held the major market share in 2022, contributing to more than two-fifths of the global adventure tourism market revenue, and is expected to maintain its lion's share throughout the forecast period. The same segment would also showcase the fastest CAGR of 19.8% from 2023 to 2032. This is because people in this age group may afford frequent travel to various parts of the world, which positively impacts the growth of the tourism industry worldwide.

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

By sales channel, the direct segment held the highest market share in 2022, accounting for nearly three-fifths of the global adventure tourism market revenue, and is expected to maintain its lead position during the forecast period. The same segment would also cite the fastest CAGR of 19.7% from 2023 to 2032. This is because of the increase in the ease of making travel arrangements due to improvements in technology.

Europe garnered the major share in 2032-

By region, the Europe region held the major share in 2022, accounting for more than one-third of the global adventure tourism market revenue, and is likely to dominate the market throughout the forecast period. Europe being a developed nation has a very evolved travel and tourism infrastructure. In addition, the climate in the region remains quite pleasant, which further attracts travelers to this region. The Asia-Pacific region, simultaneously, would exhibit the fastest CAGR of 20.7% by 2032. This is due to the economic growth, increase in competition, ease of travel restrictions, and aggressive promotion strategies adopted by the regional tourism organizations contribute toward the growth of the adventure tourism market.

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Key players in the industry-

Austin Adventures, Inc.
Butterfield And Robinson Inc.
Discovery Nomads LLC
G Adventures Inc.
Geographic Expeditions Inc.
Intrepid Group Pty Limited
Mountain Travel Sobek
Recreational Equipment, Inc.
ROW Adventures
TUI AG

The report analyzes these key players in the global adventure tourism market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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SOURCE Allied Market Research