Adventure Tourism Market Set to Encounter Paramount Growth Top Players Are Taking Huge Steps for Fast Growing Industry
The soft segment dominates the adventure tourism adventure tourism market share, as these activities possess moderate to low risks, and thus attract a large customer base. Moreover, adventure travelers are focusing toward less risky adventure activities and are more open to other elements such as natural environment, learning, and meaningful lifelong experience, which boost the adventure tourism market growth.
Seattle, WA -- (SBWire) -- 10/22/2019 --Adventure tourism refers travel or exploring with a certain amount of risk faced during the vacation. Adventure tourism involve some of the activities such as climbing, hiking, caving, rafting, and others. Tourism is one of the most exponentially growing sectors, among which adventure tourism is one of its fastest growing segments. According to travel market survey, Europe and America are the two leadings regions in this market.
Furthermore, adventure tourism include simulators and virtual environments. Active stakeholders in the industry are continuously innovating to provide better consumer experience and also focusing on increasing the consumer stay. Moreover, the introduction of artificial intelligence plays a vital role in the functioning and operating of adventure tourism.
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Over the past few years, the adventure tourism industry has grown exponentially, globally. Furthermore, travelers are interested to visit undiscovered destinations for enjoyment. In addition, significant increase in government initiatives in the form of private and public partnership to promote tourism fuels the growth of the global adventure tourism market. However, risk involved in unpredictable weather condition and adventure travelling restricts the adventure tourism market growth. Moreover, increase in trend of social media is anticipated to provide lucrative opportunity for the market growth, as Facebook has become the preferred social networking site among travelers to get the best travel deals.
Improvement in economic condition and growth in disposable income are significant factors that propel the growth of adventure tourism market. After the 2009 economic crisis in Europe and the economic crisis in China, the world economy witnessed a standstill. However, strong recovery from the crisis resulted in notable economic growth, especially in the developing economies, and has led to increase in disposable income among the middle-income groups. In addition, disposable income of individuals in North America and the Asia-Pacific has witnessed a high growth rate, thus acting as a major driver for the market, as medium- and high-income consumers in urban areas are shifting their consumption trend from essential to premium goods & services.
The global adventure tourism market is segmented on the basis of type, activity, type of traveler, age group, sales channel, and region. 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 traveler, it is categorized into solo, friends/group, couple, and family. According to age group, it is fragmented into below 30 years, 30-41 Years, 42-49 years, and 50 years & above. The sales channel segment includes travel agent and direct. By region, the adventure tourism market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Austin Adventures, Inc., G Adventures Inc., Mountain Travel Sobek, TUI AG., ROW Adventures, REI Adventures, InnerAsia Travel Group, Inc., Intrepid Group Limited, Butterfield & Robinson Management Services, Inc., and Abercrombie & Kent Group of Companies S.A.
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