Europe is the market leader in adventure tourism, according to research by Allied Market Research, accounting for over one-third of the global adventure tourism market revenue.
The global adventure tourism market was valued at $324.9bn in 2022 and is projected to reach $2tn by 2032, growing at a CAGR of 19.5pc from 2023 to 2032.
The market growth is attributed to increased income in emerging areas, reduced travel and accommodation costs, advancements in technology (mobile applications, big data analytics, and AI), and high internet penetration. Social media and improved infrastructure also present opportunities for market growth.
Soft adventure, including activities like hiking, biking, and camping, holds the major market share. Land-based activities dominate the market, though air-based activities are expected to have the fastest growth rate. The 30-41 years age group and direct sales channel are projected to maintain their dominance.
The Asia-Pacific region is expected to exhibit the fastest growth rate, driven by economic growth, ease of travel restrictions, and promotional strategies.
Key players in the industry include Austin Adventures, Inc., G Adventures Inc., Mountain Travel Sobek, and TUI AG. These players use various strategies to strengthen their position in the market, such as expansion, new product launches, and partnerships.
Demand is driven by various factors such as rising incomes, reduced costs, technological advancements, and increased internet penetration.
