Global adventure tourism market to hit USD 2 trillion by 2032: Report
Adventure tourism representative image-1
An increase in demand for genuine and individual travel experiences are said to drive the market. Rapid urbanisation, rise in disposable income, the impact of social media, and low ticket prices are reported to play an important role in this.
According to a report released by Allied Market Research, the global adventure tourism market size was valued at USD 324.9 billion in 2022, and is expected to hit USD 2 trillion by 2032, growing at a CAGR of 19.5% from 2023 to 2032. Australia, New Zealand, and India are said to be few of the most popular travel destinations owing to their great landscapes, good food, and accommodation facilities. Cities such as Sydney, Melbourne, Brisbane, Lakshadweep, and Perth allow a plethora of land, water, and air-based activities.
In recent years, the market is reported to have experienced significant growth and related expenditure as a result of an increase in the numbers of travellers. The adventure tourism market demand is expected to grow as a result of an increase in the level of income in emerging geographical areas and reduced costs relating to air travel and accommodation. In addition, there is a rapid growth in the number of international tourists and thus contributes to growth of the market.
In Asia-Pacific, a number of countries have implemented strict border closures and reduced their immigration by as much as 84 %, this effect has been even more severe. In other areas, the number of arrivals decreased by 70% in Africa, 69% in the Americas, 71% in Europe, and 76% in the Middle East. Overall, domestic travel has been better, although it is still expected to decline by an estimated 45% on average in 2020. Travel agencies around the world have also launched rapid, mobile-friendly websites that may be used in a simple way on smartphones. These services include peer reviews, 360-degree video tours, and a simple comparison of prices.
The major factors which are expected to boost the growth of the global adventure tourism market over the outlook period include increased government tourism promotion activities, higher investments in this sector by the state, and a strengthening trend for adventure sports on holidays. Furthermore, factors that are expected to increase the growth of the world market over the coming years include relaxed restrictions on travel and a strong tourism promotion strategy by various countries around the globe. Another factor that is expected to have a significant impact on the growth of the market is the increase of advertising via different digital platforms, such as Facebook, YouTube, Instagram, and others offering better travel deals.
An increase in demand for genuine and individual travel experiences are said to drive the market. Rapid urbanisation, rise in disposable income, the impact of social media, and low ticket prices are reported to play an important role in this.
At the same time, the report stated that the growth in the market is being slowed down by unforeseen climatic changes and deterioration of the environment as a result of travellers’ careless behaviour. In addition, the adventure tourism sector is confronted with a strong threat of loss of culture and language.
As per the adventure tourism market forecast, on the basis of the type, the soft segment was the highest contributor to the adventure tourism market in 2022 and is expected to remain dominant throughout the forecast period since the growth in number of tourists are inclined to engage in small adventure activities such as walking, climbing, cycling, camping, and scuba diving, which drives the growth of the segment.
On the basis of the activity, the air based activity segment is expected to witness the highest growth during the forecast period since it has gained popularity, as it provides people with adventurous experiences of flying and thrill.
On the basis of the type of traveller, the couple segment was the highest contributor to the adventure tourism market, accounting for a major adventure tourism market share in 2022 and is estimated to grow at the highest CAGR during the forecast period. The increased number of couple holidays in the last century is due to growth in access to overseas travel and the development of holiday packages, which are designed for couples.
On the basis of the age group, the 30 to 41-year segment was the dominant segment and is expected to witness the fastest growth during the forecast period. The growth of this segment is attributed to the financial stability and health of the people in this age group. Generally, people in this age group may afford frequent travel to different parts of the world, which positively impacts the growth of the tourism industry worldwide.
On the basis of the region, Europe dominated the market in 2022 and is expected to grow from its rich diversity.
