New York, United States, June 21, 2021 (GLOBE NEWSWIRE) – According to a report released by Research Dive global adventure tourism market is expected to see revenue of $ 1,796,243.8 million at a CAGR of 15.0% for the forecast period (2019-2027), an increase of $ 609,000.0 million in 2019 according to the market growth factors, challenges, restraints and different options. The report also includes all of the market figures that make it easier and more helpful for the new entrants to understand the market.
For more detailed insights, download a free sample copy of the report from: https://www.researchdive.com/download-sample/8340
Drivers: Adventure tourism is a travel niche that includes adventure sports such as skydiving, diving, bungee jumping, and water rafting. Such sports require a certain level of risk, a strong physique, and other skills. Adventure travel also offers tourists a chance to learn about and interact with new cultural ethnicities. Apart from these, adventure travel also helps in reducing anxiety, stress and high blood pressure. These are the amazing reasons why adventure tourism attracts so many people every year. These factors promote the growth of the world adventure tourism market during the forecast period.
Restraint: Adventure sports can prove risky in many situations. Some of these games can even be life-threatening for laypeople. These are the factors that constrain the market during the forecast period.
Opportunity: With the Implementation of artificial intelligence, IoT and virtual reality in the field of adventure sports, the adventure tourism market will create many opportunities in the coming years.
Key segments of the market
The report has segmented the market into different segments based on type, activity, type of traveler, age group, and regional analysis.
Type: Soft Adventure sub-segment is expected to be the most lucrative
The soft type subsegment achieved the highest market share in 2019 with a CAGR of 60.9% and is expected to maintain dominance during the analysis. The reason for this growth is the lower level of risk and minimal or no experience requirements for smooth adventure travel.
Activity: Land-based subsegment is expected to be the most profitable
The land-based activities sub-segment accounted for $ 381,797.5 million in 2019 and is expected to continue growing over the analysis period. The main reason for the growth of this segment is the popularity of land sports activities such as game safaris, bike tours and trekking.
Type of traveler: sub-segment of family expected to be most beneficial
The Family sub-segment recorded $ 168,069.8 million in 2019 and is expected to have revenue of $ 555,461.2 million by the end of 2027. Adventure travel helps strengthen family bonds by creating vivid memories. This factor should contribute to the growth of the market segment.
Age group: sub-segment 20-30 years old is expected to generate the highest sales
The 20 to 30 year old sub-segment had a market share of 41.5% in 2019 and is expected to continue this growth over the forecast period. The young generation between the ages of 20 and 30 prefer to spend their time on adventure trips to explore cultures and wildlife. This is the main factor behind the growth of this segment.
Connect with analysts to find out how COVID-19 is affecting the market: https://www.researchdive.com/connect-to-analyst/8340
Region: Europe is expected to dominate the market
The European regional market is projected to generate sales of $ 632,996.3 million by the end of 2027. The main reason for this growth is the increasing number of travel agencies as well as single and solo travelers in European countries.
Key market players and strategies strategy
Well-known players in the global adventure tourism market include –
- Lindblad expeditions
- Butterfield & Robinson Inc.
- Topdeck Travel Limited
- Recreational Equipment, Inc.
- Austin adventure
- Intrepid group
- G adventure
- Abercrombie & Kent USA, LLC.
These actors work on developing strategies such as product development, merger and acquisition, partnerships and collaborations to maintain market growth.
In March 2021, Lindblad Expeditions, a leading provider of luxury adventure cruises and travel, announced new itineraries that include new adventure offerings and the premiere of two new polar ships. The new voyages will take travelers to New Zealand, the Sub-Antarctic Islands, Tahiti to Fiji and the coast of Vietnam.
The report also summarizes many important aspects including the key players’ financial performance, SWOT analysis, product portfolio and the latest strategic developments.
Covid-19 impact analysis
The Covid-19 outbreak has had a negative impact on the global adventure tourism market. This is due to the lockdowns and travel restrictions that have been imposed in cities and countries to prevent the novel virus from spreading. However, as the restrictions are eased amid the declining number of Covid-19 cases, the adventure tourism companies are offering various travel offers. This factor will help the market recover from the losses in the years to come.
Top trending reports –