The adventure tourism market is projected to grow by USD 5.78 Billion from 2024-2028, with AI driving market evolution and rising disposable income boosting revenue - Technavio

NEW YORK, Sept. 25, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The Global Adventure Tourism Market  size is estimated to grow by USD 5.78 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  47.21%  during the forecast period.  Increasing disposable income is driving market growth, with a trend towards online reviews encouraging travel industry  However, low penetration rate in developing economies  poses a challenge - Key market players include Abercrombie and Kent USA LLC, Active New Zealand Ltd., BikeHike Adventures Inc., BOUNDLESS JOURNEYS, Butterfield and Robinson Inc., Discovery Nomads LLC, Explore Worldwide Ltd., G Adventures, Geographic Expeditions Inc., Intrepid Group Pty Ltd., Kensington Tours Ltd., Lindblad Expeditions Holdings Inc., Mountain Travel Sobek, Passages Exotic Expeditions Ltd., Recreational Equipment Inc., ROW Adventures, The Walt Disney Co., Trafalgar Tours Pty Ltd., Travelopia Group, and TUI AG.

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Key Market Trends Fueling Growth

With the rise of easy internet access and widespread smartphone usage, consumers now rely on online reviews to plan their adventure holidays. This trend significantly benefits the travel industry, enabling travelers to research and book adventure activities with confidence. Online portals provide essential information, including testimonials, destination images, and weather reports, making it easier for travelers to make informed decisions. The availability of maps, guides, and food and lodging options further enhances the convenience. Overall, the online review system is a key trend driving the growth of the adventure tourism market. 

The adventure tourism market is on the rise, according to the World Tourism Organization. Adventure travel, which includes activities like skydiving, mountain climbing, trekking, rafting, scuba diving, and more, is attracting a large number of adventure enthusiasts. This trend is driven by the desire for exploration and experiencing the bio-cultural variety of different destinations. Adventure tourism caters to various age groups, from young travellers seeking thrill and excitement, to professionals and couples looking for unique experiences. Safety equipment and sustainable practices are prioritized to ensure a safe and responsible adventure. Travel agents and online vacation planning platforms are making it easier for adventure seekers to book trips and packages. Soft adventure tourism, such as wildlife sanctuaries and beaches, also appeals to those looking for a less intense adventure. Government efforts to promote sustainable practices and internet penetration have made adventure travel more accessible. Social media trends and marketplace booking sites have also contributed to the growth of this sector. Despite border closings and culture shock, adventure tourism continues to attract a global audience, with European adventurers leading the way. Travel companies are responding by offering a range of adventure experiences for solo travelers and domestic travelers as well. 

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Market Challenges

• The adventure tourism market in developing economies faces a low penetration rate due to limited consumer awareness and a focus on short-duration activities. Young populations offer significant growth potential, but competitors struggle to expand their customer base beyond tier 1 cities. In the Middle East and Africa (MEA), group travel is common due to cost considerations, limiting the market for long-duration, individual adventure expeditions. This trend poses a challenge to market expansion in developing regions during the forecast period.
  
  
• The adventure tourism market is experiencing a surge due to growing consumer interest. Travelers seek immersive experiences through adventure sports like hiking, scuba diving, and more. Brands like Insight Vacations and Inspiring Journeys cater to this trend, offering meaningful experiences. Adventure sports companies face challenges such as safety precautions, weather forecasts, and technological developments like mobile apps and GPS monitoring. Aviation plays a crucial role, with reasonably priced carriers like TUI and Cepsa enabling access to remote locations. Age group and booking mode vary between soft adventure sports, like camping with Hipcamp, and hard adventure sports. Adventure seekers use social media platforms for inspiration and planning. Travel agents and marketplace booking platforms help simplify the process. Safety, technology, and weather are key considerations for adventure tourism businesses.

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Segment Overview 

This adventure tourism market report extensively covers market segmentation by

1. Type 
• 1.1 Domestic adventure tourism
• 1.2 International adventure tourism
2. Source 
• 2.1 Indirect contribution
• 2.2 Direct contribution
• 2.3 Induced contribution
3. Geography 
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Domestic adventure tourism-  The domestic adventure tourism market is predicted to lead the global adventure tourism industry due to the COVID-19 pandemic and economic downturn limiting international travel. Favorable government regulations, absence of currency exchange rates, and cultural familiarity contribute to its growth. The market is expected to expand significantly during the forecast period, driven by the surge in developing economies and regional economic benefits. Domestic adventure tourism vendors, such as Intrepid Group Ltd., offer travel packages to iconic domestic destinations, showcasing natural beauty and cultural richness. These packages, including luxury family travel plans, are expected to fuel the market's growth. Despite international adventure tourism's growing appeal, domestic adventure tourism's advantages, like familiarity with local tourism policies and risks, will maintain its market share.

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Research Analysis

Adventure tourism, also known as adventure travel, is a niche sector of the travel industry that caters to the increasing number of adventure seekers looking for thrilling experiences. This type of travel involves participating in activities that provide a sense of excitement and exploration, such as skydiving, mountain climbing, trekking, rafting, scuba diving, and wildlife sanctuary visits. Adventure tourism is popular among young travellers and professionals, who are willing to pay a premium for safety equipment and the guidance of professionals. However, border closings and safety concerns can impact the industry. The market is also influenced by social events, domestic travel, travel agencies, online vacation planning, and internet penetration. Adventure sports like aviation, accommodation, and reasonably priced carriers are also driving the growth of the adventure tourism market. International tourists are a significant market for adventure tourism, with airlines playing a crucial role in connecting them to popular destinations. Age group is another factor influencing the market, with millennials and Gen Z showing a strong preference for adventure travel.

Market Research Overview

Adventure tourism market refers to the segment of the travel industry that caters to travelers seeking thrilling and unique experiences. The World Tourism Organization defines adventure tourism as "tourism that involves physical activity, a cultural experience, and interaction with nature." Adventure travel encompasses various activities such as skydiving, mountain climbing, trekking, rafting, scuba diving, and more. Adventure enthusiasts, including young travelers and professionals, are drawn to this type of travel for its exploration of bio-cultural variety and the natural world. Sustainable practices are essential in adventure tourism to minimize potential hazards and accidents. Travel agents and online vacation planning platforms offer trip packages for adventure experiences. Government efforts, internet penetration, and social media trends contribute to the market's growth. Age groups from solo adventure travelers to couples and families are attracted to adventure sports. Safety equipment and precautions, as well as security measures, are crucial considerations. Adventure tourism offers meaningful experiences, from soft adventure tourism like hiking to hard adventure tourism like mountain climbing. Cultural immersion and language barriers can present challenges, but the rewards are worth it. Travel companies are leveraging technological developments, such as mobile apps and virtual worlds, to enhance the adventure experience. Safety communication systems and emergency preparedness are essential for travelers in remote areas. Despite the excitement and thrill, adventure tourism is not without risks. Border closings, weather patterns, and potential accidents can disrupt travel plans. Travelers must be aware of safety precautions and cultural sensitivities. The adventure tourism market continues to grow as more travelers seek immersive experiences in the great outdoors.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Domestic Adventure Tourism
• International Adventure Tourism
• Source
• Indirect Contribution
• Direct Contribution
• Induced Contribution
• Geography
• Europe
• APAC
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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