Allied Market Research published a report, titled,”Outdoor Vacation Market by Tour Type (Volunteering trips, Culinary Tour, Leisure Tour, Heritage trip and Others), Traveler Type (Couple, Family, Solo and Group), Age Group (Generation Z, Millennial and Baby Boomers) and Mode of Booking (Travel Agent and OTA): Global Opportunity Analysis and Industry Forecast 2021–2030.”According to the report, the global outdoor vacation industry generated $500.3 billion in 2020, and is expected to reach $3,326.4 billion by 2030, witnessing a CAGR of 16.2 from 2021 to 2030.
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Drivers, restraints, and opportunities
Inclination of people toward unique and exotic holiday experiences, surge in online bookings, rise of social media and its positive impact, and high penetration of internet drive the growth of the global outdoor vacation market. However, rise in terrorism & crime rate, political uncertainty, and natural calamities and inadequate support infrastructure hinder the market growth. On the other hand, demand for enhanced service standards and eco-friendly tourism create new opportunities in the coming years.
Travelers now a days are opting and actively planning for outdoor vacation, to get away from the daily hectic schedule and gain valuable experiences. Pristine, quite, serene, and exotic locations are the major factors that people consider while choosing their location for outdoor vacation. As a result, natural and unadulterated destinations are gaining high traction among travelers, especially among millennials.
Various initiatives by governments for facilitating tourist access and improving the destination experience are in place in order to promote and expand outdoor vacation scope. Furthermore, Growing disposable income and increasing upper middle-class spending has raised the demand for high and better service standards. The market players are formulating unique strategies to target growing middle-class segment to capitalize their market share. For instance, these companies prefer hiring qualified individuals who can speak international language and communicate easily with travelers, which in turn supports the growth of the outdoor vacation market during the forecast period.
Outdoor vacation market have further been negatively affected, owing to restrictions on domestic tourism, restaurant visits, trade fairs, and visits to cultural events. In addition, various prominent events have postponed or event have been canceled in many countries, owing to the pandemic. Moreover, due to increase in cancellation of events, the airline industry has reduced the flight plans by almost more than half. Thus, COVID-19 has negatively impacted the global outdoor vacation market, owing to implementation of complete lockdown, globally.
Extensive analysis regarding how the COVID-19 outbreak affects the Outdoor Vacation Market: https://www.alliedmarketresearch.com/request-for-customization/13447?reqfor=covid
However, surge in number of crime rates, such as kidnaping, pickpocket, robbery, and others, has led to instability in various destinations are holding back the growth of the outdoor vacation market. Political uncertainties, terrorists attack and natural disasters such as Indian Ocean earthquake and tsunami are some of the restraining factor hampering the growth of the global market during the forecast period.
The leisure tour segment to maintain its leadership status during the forecast period
Based on tour type, the leisure tour segment contributed to the highest share in 2020, accounting for around two-fifths of the global outdoor vacation market, and is expected to maintain its leadership status during the forecast period. This is attributed toinclination toward unique and exotic holiday destinations to get away from the daily hectic schedule and willingness to learn and understand the local culture. However, the volunteering trips segment is expected to manifest the highest CAGR of 18.9% from 2021 to 2030. This is due tobenefits of volunteering trips such as meeting with new people, developing knowledge and sensitivity of other cultures, and availing work experience and networking opportunities.
The generation Z segment to continue its dominance in terms of revenue by 2030
Based on age group, the generation Z segment accounted for the highest share in 2020, holding nearly two-fifths of the global outdoor vacation market, and is estimated to continue its dominance in terms of revenue during the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 18.1% from 2021 to 2030. This is due to development of online channels for offering convenience in bookings and rise in investment in digital marketing to attract customers. The research also analyzes the segments including millennials and baby boomers.
Asia-Pacific, followed by Europe and North America, to continue its lead position by 2030
Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in 2020, accounting for nearly one-third of the global outdoor vacation market, and is projected to continue its lead position by 2030. This is due to rigorous promotion & advertising of tourism by governments and rich cultural heritage of countries in the region. However, LAMEA is expected to portray the largest CAGR of 18.3% during the forecast period, owing to advancements in transportation and information technology that shade the public limelight on unknown geographical destinations and favorable government initiatives.
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