Yahoo Finance Global adventure tourism market to generate $1,169.09 billion by 2028: Allied Market Research
Pursuit of unique experiences and advent of mobile applications, big data analytics, and artificial intelligence with evolving tourism industry drive the growth of the global adventure tourism market. Europe held the largest share in terms of revenue in 2020, and is estimated to continue its lead position by 2028. Various adventure sports activities such as bungee jumping, river rafting, and others were stopped by government authorities during the lockdown.
Portland, July 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global adventure tourism market generated $112.22 billion in 2020, and is estimated to generate $1,169.09 billion by 2028, manifesting a CAGR of 20.1% from 2021 to 2028. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Pursuit of unique experiences and advent of mobile applications, big data analytics, and artificial intelligence with evolving tourism industry drive the growth of the global adventure tourism market. However, risks posed by unpredictable weather conditions and rise in terrorism & crime rate, political uncertainty, and natural calamities hinder the market growth. Contrarily, increase in penetration of social media and huge investment for improved infrastructure present new opportunities in the coming years.
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Covid-19 Scenario:
Owing to lockdown measures implemented by governments of many countries, there has been a ban on domestic and international travel activities. Local as well as international flights were canceled and roads transport and trains were stopped. This reduced tourism activities.
Various adventure sports activities such as bungee jumping, river rafting, and others were stopped by government authorities during the lockdown to curb the spread of Covid-19. Travel companies began providing discounts and attractive offers to encourage people in indulging in adventure sports activities during the post-lockdown.
Adventure tourism activities are expected to gain traction steadily during the post-lockdown as various travel restrictions are lifted off.
The report offers detailed segmentation of the global adventure tourism market based on type, activity, type of traveler, age group, sales channel, and region.
Based on activity, the land-based activity segment accounted for the highest market share in 2020, contributing to around half of the total market share, and is projected to continue its leadership status throughout the forecast period. However, the air-based activity segment is estimated to witness the highest CAGR of 21.1% from 2021 to 2028.
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By type of traveler, the couple segment contributed to the highest market share, accounting for nearly two-fifths of the global adventure tourism market in 2020, and is expected to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment is projected to portray the largest CAGR of 20.9% from 2021 to 2028. The research also analyzes the segments including family, solo, and friends/group.
By region, Europe held the largest share in terms of revenue in 2020, contributing to more than one-third of the total share, and is estimated to continue its lead position by 2028. On the other hand, Asia-Pacific is expected to witness the fastest CAGR of 22.0% during the forecast period.
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Leading players of the global adventure tourism market analyzed in the research include Austin Adventures, Inc., Mountain Travel Sobek, G Adventures Inc., ROW Adventures, TUI AG., InnerAsia Travel Group, Inc., REI Adventures, Butterfield & Robinson Management Services, Inc., Intrepid Group Limited, and Abercrombie & Kent Group of Companies S.A.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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