A lead analyst at AMR highlighted that the adventure tourism market across Europe is anticipated to achieve the largest market share during the forecast period.
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Allied Market Research published a research report on the adventure tourism market. The findings of the report state that the global market for adventure tourism generated $112.22 billion in 2020, and is projected to reach $1,169.09 billion by 2028, witnessing a CAGR of 20.1% from 2021 to 2028. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on the drivers, restraints, and opportunities to help the market players devise several growth strategies. The growth of the adventure tourism market is attributed to several factors, including the pursuit of unique experience, advent of mobile applications, big data analytics, and AI with evolving tourism industry fuel the growth of the adventure tourism market. However, the rise in terrorism & crime rate, political uncertainty, risk posed by unpredictable weather conditions, and natural calamities impede the market growth. Nevertheless, the rise in penetration of social media and huge investment for improved infrastructure provide prolific growth opportunities for the industry.
The report offers a detailed scenario of the impact of the COVID-19 pandemic on the adventure tourism market globally. The outbreak of the COVID-19 pandemic had a negative impact on the global adventure tourism market. There was a ban on domestic and international travel activities, owing to implementation of lockdown measures by governments of many countries. The tourism activities were reduced due to cancellation of international flights and a halt in road transport and train. Furthermore, during the post-lockdown period, travel companies began offering discounts and tempting offers that encouraged people to participate in adventure sports.
“The factors that promote the growth of travel & tourism industry include changes in lifestyle, increase in tourism promotion, and surge in accessibility of transport facilities.” said Shankar Bhandalkar, Team Lead, Consumer Goods at Allied Market Research.
The report offers a detailed segmentation of the global adventure tourism market based on type, activity, type of traveler, age group, sales channel, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
On the basis of activity, the land-based activity segment held the largest share in 2020, contributing to around half of the global adventure tourism market share and would maintain a noteworthy growth through 2028. However, the air-based activity segment is expected to exhibit the fastest CAGR of 21.1% during the forecast period.
Based on type of traveler, the couple segment was the largest market in 2020, grabbing nearly two-fifths of the global market share, and is likely to lead the trail during the forecast period. The same segment is anticipated to witness the fastest CAGR of 20.9% during the forecast period. The research also discusses the segments including family, solo, and friends/group.
By region, the adventure tourism market across Europe held the largest share in 2020, garnering more than one-third of the global market and would maintain its dominance during the forecast period. However, the market in Asia-Pacific is expected to grow at the highest share of 22.0% during the forecast period.
The leading market players analyzed in the global adventure tourism market report include Mountain Travel Sobek, ROW Adventures, InnerAsia Travel Group, Inc., Butterfield & Robinson Management Services, Inc., Abercrombie & Kent Group of Companies S.A., Austin Adventures, Inc., G Adventures Inc., TUI AG., REI Adventures, and Intrepid Group Limited.
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