Massive potential for adventure tourism market
The global adventure tourism market is enjoying year-on-year growth and is expected to be worth a staggering US $1,335,738 million by 2023 according to a new report.
‘Adventure Tourism Market by Type, Activity, Type of Traveller, Age Group, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023’ published by Allied Market Research, says the global adventure tourism market was valued at $444,850m in 2016, and is projected to reach $1,335,738m in 2023 – a compound annual growth rate (CAGR) of 17.4 per cent from 2017 to 2023.
Adventure tourism involves exploration or travel to remote exotic areas, with travellers enjoying unique and challenging experiences during their trip, often interacting with local populations and connecting with their core values. Adventure travel is a kind of niche tourism, which includes activities such as caving, climbing, cycling, hiking, hunting, rafting, and others.
The Adventure tourism market is growing exponentially worldwide, as travellers develop an interest in visiting previously undiscovered destinations. An increase in government initiatives, in the form of public and private partnership to promote tourism, has also helped to grow the market.
Social media has also contributed to growth, creating a huge opportunity for the adventure travel market, with social networks such as Facebook giving travellers the opportunity to share their experiences.
The market is segmented on the basis of type, activity, type of travellers, 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 travellers, it is fragmented into solo, friends/group, couple, and family. According to age group, it is categorised 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 analysed across North America, Europe, Asia-Pacific, and LAMEA.
In 2016, land-based activities were the leading revenue contributor to the global market, but air-based activities are expected to enjoy a lucrative growth rate during the forecast period.
- 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%.