Adventure Tourism Market

Adventure Tourism Market Size by Activity Type (Soft, Hard, Others), Booking Mode (Travel Agent, Direct, Marketplace Booking), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-13912
  • Published Date: Jul, 2024
  • Pages: 238
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global adventure tourism market was valued at USD 347.24 Billion in 2023, which is anticipated to grow at a CAGR of 17.56% from 2024 to 2033. The market for adventure tourism is expected to rise steadily as a result of both the expansion of the adventure travel trend and economic growth. Adventure seekers are mostly driven by life-changing experiences. Moreover, the expansion of the market is encouraged by the tightening competition among airlines, the availability of reasonably priced carriers, and relaxed travel and immigration regulations. The COVID-19 pandemic has significantly impacted the adventure travel and tourism industry worldwide. Governments have implemented strict measures that severely affect travel and tourism to contain the spread of the virus. Although some countries are gradually loosening their regulations, there is still uncertainty regarding air travel restrictions, visa requirements, and quarantine policies - which may cause long-term effects, particularly among older affluent travellers - and financial implications for tourism-dependent countries, which rely heavily on this market. The World Tourism Organization reported a 93% decrease in international visitor arrivals in June 2020 compared to June 2019 due to COVID-19's devastating effects. These impacts will likely shape a new normal post-pandemic scenario with severe economic consequences globally within these sectors directly or indirectly.

Market Introduction:

Adventure tourism is the migration of individuals from one location to another outside their comfort zone for exploration or travel to far-flung, exotic, and probably hazardous locations. Travelling that involves activities like skydiving, mountain climbing, trekking, rafting, scuba diving, and other activities is referred to as adventure tourism. Typically, these tasks are carried out with the assistance of professionals and safety equipment to prevent accidents. Young travellers are big fans of adventure travel. By pushing tourists to step outside of their comfort zones, adventure tourism creates a lot of excitement. This could be brought on by experiencing culture shock, carrying out risky or physically dangerous activities, or developing a stronger bond with the natural world. Among other things, it entails visiting far-flung locales, exploring the wilderness, and touring exotic locations. The demand from youthful travellers and the tourism industry's explosive growth are key factors propelling the global adventure tourism market. Young people have a tendency to travel to less-traveled places. The growing popularity of adventure sports, the increase in disposable income, and the availability of trip packages are further significant factors. The government's increasing efforts to promote tourism and the popularity of travel-related social media trends should create new, lucrative opportunities that will fuel the expansion of the adventure tourism market. Additionally, a number of travel companies offer packages at low costs. Additional prospects exist in the use of virtual worlds and simulators in adventure travel, as well as ongoing innovation through the integration of artificial intelligence into adventure travel operations. As a result, the market has lots of potential to grow. There are, however, certain limitations, such as weather patterns that are unexpected, potential hazards, and the likelihood of accidents.

Adventure Tourism Market Size

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Recent Development
  • The upscale travel company Abercrombie & Kent introduced a new expedition trip in April 2023 that will allow passengers to visit the northernmost point of Earth.
  • Driven by feedback from partners, staff, and guests, Active Adventures and Austin Adventures relaunched their brands in December 2022 with an emphasis on providing outstanding international adventure travel experiences.
  • The world's largest travel company, TUI Group, partnered with Trivago, a top global platform for finding lodging, in April 2021 to offer users of Trivago direct access to over 55,000 trips, events, and tickets.

Market Dynamics:

Drivers

Growing consumer interest in immersive tourismThe travel and tourism sector is being significantly impacted by the trend towards prioritising experiences over tangible possessions. When it comes to adventure tourism, this shows up as a rising desire among travellers for experiences that go beyond simple relaxation or sight-seeing in search of life-changing opportunities. Adventure sports, like hiking in wild forests or scuba diving in unique underwater habitats, offer these life-changing opportunities by testing people's physical and mental limits. The need for meaningful experiences is not merely a passing trend; numerous market research studies and consumer surveys support this desire. The experiences that are desired frequently promote personal development, present fresh viewpoints, and foster deep interpersonal relationships. Travel companies, tour companies, and destination marketers are realising this change and, in response, increasing the range of adventure tourism products they provide to satisfy the rising demand. The adventure tourism market is not an exception to the rule that social media platforms have become effective instruments for shaping customer behaviour. In addition, social media sites are overflowing with travel-related content that highlights both well-known and lesser-known adventures. Activities related to adventure tourism, being naturally visual and shareable, often become viral and generate a kind of virtual 'word-of-mouth' effect. In addition, social media gives prospective explorers a place to post evaluations and suggestions, which increases their reputation and sense of confidence. Moreover, the sense of community that these platforms promote can encourage people to engage in activities that they might not have previously thought about.

Opportunities:

Technological developments- The adventure tourism business is becoming considerably more accessible to consumers as a result of ongoing technological advancements. Mobile apps and booking platforms offer customers a variety of options catered to their individual interests and capabilities, simplifying the planning process. These platforms lessen the logistical difficulties that are typically connected with adventure travel by offering features like real-time availability, consumer evaluations, and secure payment channels. Furthermore, technology is enhancing safety precautions. Adventure activities are becoming more secure due to technologies like emergency communication systems, sophisticated weather forecasts, and global positioning system (GPS) monitoring, which lowers one of the major obstacles that potential travellers may encounter. More people are taking part in adventure tourism activities as a result of the use of these technologies.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the most significant global adventure tourism market, with a 37.7% market revenue share in 2023. It is fueled by an improving business environment, growing income levels, and government attempts to promote tourism and travel activities. 100 million travels are made in Europe each year. Because Europeans enjoy discovering new places, there is a huge demand for adventure tourism. It is expected that this element would drive market expansion across the European continent. Furthermore, it is anticipated that the growing number of independent and solitary travellers will lead to an increase in online travel companies in the next years.

Europe Region Adventure Tourism Market Share in 2023 - 37.7%

 

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Activity Type Segment Analysis

The activity type segment is divided into soft, hard, and others. The soft segment dominated the market, with a market share of around 36.2% in 2023. The increasing popularity of soft adventure sports among tourists, such as cycling, hiking, trekking, camping, and scuba diving, is what is fueling the segment's rise. Due to their low risk, the activities in this category have grown in popularity with adventure seekers and grazers looking for amazing adventure experiences that involve little to no risk. Furthermore, the older adult population's growing desire for soft adventure activities is anticipated to propel market expansion.

Booking Mode Segment Analysis

The booking mode segment is divided into travel agent, direct, and marketplace booking. The direct segment dominated the market, with a market share of around 38.8% in 2023. Because they offer a more individualised and convenient experience, more adventure travellers are choosing to book their tours and packages through direct channels, which is fueling the segment's rise. Furthermore, major initiatives implemented by industry participants, like social media advertising and internet campaigns, are anticipated to draw potential clients and encourage them to make direct reservations.

Some of the Key Market Players:
  • Butterfield & Robinson Inc.
  • Geographic Expeditions Inc.
  • Mountain Travel Sobek
  • Row Adventures
  • Cox & Kings Ltd.
  • Austin Adventures, Inc.
  • Intrepid Group, ltd.
  • Tui Group
  • G Adventures
  • Discovery Nomads

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 347.24 Billion
Market size value in 2033 USD 1,750.74 Billion
CAGR (2024 to 2033) 17.56%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Activity Type, Booking Mode

Frequesntly Asked Questions

As per The Brainy Insights, the size of the adventure tourism market was valued at USD 347.24 Billion in 2023 & USD 1,750.74 Billion by 2033.

Global adventure tourism market is growing at a CAGR of 17.56% during the forecast period 2024-2033.

Europe region emerged as the largest market for the adventure tourism.

Growing consumer interest in immersive tourism is a significant driving factor for the growth of the adventure tourism market.

Technological development is a significant opportunity for the growth of the adventure tourism market.

Key players are Butterfield & Robinson Inc., Geographic Expeditions Inc., Mountain Travel Sobek, Row Adventures, Cox & Kings Ltd., Austin Adventures, Inc., Intrepid Group, ltd., Tui Group, G Adventures, Discovery Nomads, among others.

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This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global adventure tourism market based on below mentioned segments:

Global Adventure Tourism by Activity Type:

  • Soft
  • Hard
  • Others

Global Adventure Tourism by Booking Mode:

  • Travel Agent
  • Direct
  • Marketplace Booking

Global Adventure Tourism by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
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    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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