Adventure Tourism Market Highlights

The global adventure tourism market was estimated at USD 315.43 billion in 2023, which is expected to reach USD 2,233.68 billion at a CAGR of 19.53% during 2024-2034.

Adventure Tourism Market CAGR

2024-2034

CAGR OF

19.53%

Adventure Tourism Market

Adventure tourism involves several domestic and international locations to engage in adventurous outdoor activities that come with an element of thrill like rafting, cycling, trekking, diving, mountain climbing, water sports, wildlife safaris, and cultural immersion. Adventure tourism combines aspects of cultural exchange, exploration, and physical exertion. Several benefits that are associated with adventure tourism are health benefits, personal growth, economic impact, and conservation awareness.

Participating in adventure tourism often pushes individuals out of their comfort zones to pursue something beyond it, leading to personal development and increased confidence. Furthermore, physical activities associated with adventure tourism tend to improve fitness and overall health. Promoting adventure tourism in emerging and underdeveloped economies can also bring economic benefits to remote and developing areas, boosting the overall economy. Additionally, increased awareness and appreciation of natural environments can lead to better conservation efforts.

The global adventure tourism market is expected to be one of the fastest-growing industries. One of the main drivers for market growth has been an increased need for personalized adventurous experiences which is driven by rapid urbanization and rising disposable incomes in households. The impact of social media and economical air fares are encouraging people to travel both domestically and internationally and take part in adventure tourism across regions where people are traveling. In many nations, the government is encouraging adventure tourism as it also helps in providing employment, job opportunities, and overall positive community development.

Adventure Tourism Market

By Type

Hard

Soft

Others

The Market will Grow

At the CAGR of:

19.53%

The Forecast Market

Size for 2034 in USD:

$2,233.68B

The global adventure tourism market however was significantly impacted by the outbreak of the COVID-19 pandemic that led to the shutting down of public spaces discouraging travels across places due to the risk of catching the infection. Travel and tourism had been one of the most impacted sectors that were hit hard due to the closures and lockdowns across the globe. The adventure tourism market experienced substantial losses in revenue and a significant decrease in bookings and income. The decline in demand resulted in layoffs for many employees in the industry. The pandemic had some long-term effects like the shift in consumer preferences. The pandemic shifted the preferences towards outdoor and nature-based activities, keeping in mind the norms of social distancing like hiking, cycling, camping, etc. and it led to a rise in certain types of adventure tourism.

There are several restraints faced in the market that can limit the growth in the sector. The potential risk associated with adventure activities can make people concerned about safety factors. Severe accidents can negatively impact the reputation of adventure tourism discouraging people to pursue it. Many countries have strict regulations governing adventure activities which can increase operational costs and complexity for businesses. Other factors like sustainability challenges, high costs, infrastructure, and accessibility in remote locations can affect the same.

Several acquisitions, product launches, and partnerships in the adventure tourism market have been directed in recent years, driving growth in this sector. Some of them are:
•    In February 2024, The Dalma Wildlife Sanctuary planned to expand its tourism activities by introducing a canopy walk which was scheduled to debut in the month's end. The new attraction showcases a 15-foot-high bridge to offer visitors an exciting experience in the sanctuary.
•    In 2021, New Zealand’s Active Adventures decided to buy Austin Adventures, a US-based family adventure and vacation company mainly to fill geographical gaps and to expand their offerings to the customers.

Adventure Tourism Market Segmental Analysis

The adventure tourism market is segmented based on Type, Activity, Travel Type, Booking Mode, Age Group, and Region.
In terms of activity type, the market is segmented into hard and soft tourism segments.

Adventure Tourism Market

By Activity

XX%

Land-based

Water-based

Air-based

315.43

Total Market Size

USD (Billion), 2024

19.53%

CAGR

2024 - 2034

The soft tourism segment dominated the market in 2021 and accounted for almost 65% share. This type of adventure tourism includes soft adventure activities like trekking, hiking, cycling, and camping, and it is driven by rising tourist attractions in these activities. Soft activities have lower levels of risk associated with them and are getting popular among people who prefer activities with low or no risk. Such types of activities are appealing to families and couples. Rising demand among the elder age groups for soft adventure activities is expected to boost the overall market growth.

The hard adventure segment includes activities with high-risk levels associated with them. This segment represents a significant revenue share owing to the gradual increase in the number of travelers who are open to adventures and willing to take on high-risk activities. This type of adventure tourism has seen major growth rates in Europe where adventurers are well-educated, have good disposable incomes, and are youthful and adventurous to take on new activities to provide them with a sense of thrill and enjoyment. Some hard activities include mountain climbing, rock climbing, skydiving, scuba diving, mountain biking, and surfing to name a few.

Adventure Tourism Market Regional Analysis

The adventure tourism market is spread across various regions like North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

Europe is a dominating market in adventure tourism. It captured the largest market share in 2021 and is currently being driven by improving disposable incomes of people and government initiatives to promote adventure tourism in the region. Furthermore, Europeans are considered most enthusiastic when it comes to trying on adventurous activities. According to the Ministry of Foreign Affairs, annually Europe registers approximately 100 million trips. Additionally, increasing numbers of solo/independent travelers are driving the growth in the region. The rising number of visitors also contributes to the regions worth in adventure tourism and enhances the economy by creating profits, encouraging investment, and supporting employment.

Adventure Tourism Market

By Region

The Market will Grow

At the CAGR of:

19.53%

The Forecast Market

Size for 2034 in USD:

$2,233.68B

The market is expected to expand in the Asia-Pacific region as it is driven by government initiatives to encourage adventure tourism and drive economic growth and employment in developing countries. Good number of tourists are drawn to the countries in the region, increasing the need for adventure and leisure activities in the region. There has been loosening of travel restrictions accompanied with increased competition and promotion techniques that is driving the growth in the region.

Adventure Tourism Market Key Players

The global adventure tourism market is characterized by the presence of key players driving adventure tourism and new travel locations. Renowned companies in the market leverage their expertise in product launches and business growth to cater to diverse industry needs. With a focus on technological advancements, customer satisfaction, and market expansion, these key players play a vital role in shaping the growth and competitiveness of the market.

In recent years, the market has witnessed several developments as companies attempt to expand their geographical reach, product portfolios, and market share. For instance:
•    In February 2021, Wilderness England, a UK-based adventure tourism company, introduced a special adventure holiday package that covers England’s National Parks and wildest areas for customers to discover and experience as a part of adventure tourism.
•    In July 2023, ‘The Adventure Pass’ was launched by Arabian Adventures, a Dubai-based adventure tourism firm, which offers groups of three or five experiences together with up to 40% savings when compared with standard entry prices for each activity.

The prominent players in this market are Austin Adventures, Butterfield and Robinson, Desert Adventures, Arabian Adventures, Geographic Expeditions, Discovery Nomads, Get You Guide, G Adventures, Big Bus Tours, Intrepid Group, Cox and Kings Ltd, and Tui Group.

Adventure Tourism Market Scope: