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Adventure Tourism Global Market Report 2024 Market Outlook and Overview 2024-2033
Adventure Tourism Market Size
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According to The Business Research Company's, The adventure tourism market size has grown exponentially in recent years. It will grow from $292.68 billion in 2023 to $351.57 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to rising disposable incomes worldwide, increasing interest in sustainable and eco-friendly travel options, the growing popularity of outdoor activities and adventure sports, expanding global connectivity and ease of travel, and rising consumer preference for experiential travel over material possessions.
The adventure tourism market size is expected to see exponential growth in the next few years. It will grow to $739.56 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to growing demand for unique and off-the-beaten-path experiences, increasing adoption of adventure tourism by older demographics, rising awareness and participation in adventure travel among emerging markets, expanding availability of adventure tourism packages and operators and rising multi-generational adventure travel experiences. Major trends in the forecast period include advancements in technology enhancing safety and accessibility in remote areas, shift towards personalized and customized adventure travel experiences, integration of digital platforms for booking and planning adventure trips, emergence of new adventure tourism destinations and experiences and focus on sustainable practices and responsible tourism in adventure travel.
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Market Drivers and Trends:
The expanding social media influence is expected to propel the growth of the adventure tourism market going forward. Social media influence refers to user-generated content, influencers, and social media platforms' impact on individuals' perceptions, decisions, and behaviors. The expansion of social media influence is due to the widespread adoption of smartphones, the increasing popularity of social media platforms, and the growing number of influencers who actively engage their audiences with compelling travel content. Social media influence in adventure tourism involves leveraging user-generated content, influencers, and social media platforms to inspire and attract travelers to participate in adventure activities and explore exotic destinations. For instance, in May 2023, according to the Influencer Marketing Factory, a US-based influencer marketing agency, the creator economy encompassed the influencer marketing industry, which reached a valuation of around $21.1 billion in 2023. It includes numerous new social startups, contributing to the creator economy's total value surpassing $104.2 billion and continuing to grow. Further, the value of the influencer marketing industry has surged by roughly 53% since 2021. Therefore, expanding social media influence is driving the growth of the adventure tourism market going forward.
Major companies operating in the adventure tourism market are focusing on developing innovative solutions, such as discount passes, to gain a competitive edge in the market. Discount passes are promotional tools that offer reduced prices for goods or services, often used to attract customers and increase sales within a specific period. For instance, in June 2023, Arabian Adventures, a UAE-based travel and tourism company, launched The Adventure Pass. The Adventure Pass offers up to 40% savings on popular attractions in Dubai and the UAE. Available in 3 or 5-activity packages at a fixed price, it provides convenience and flexibility. Accessible via the Smartvisit app, the pass is valid seven days after the first use. This app features real-time availability, instant confirmations, and personalized itineraries, making booking seamless and efficient.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
REI Adventures, TUI AG, Natural Habitat Adventures, G Adventures Inc., Abercrombie & Kent USA LLC, Intrepid Group Ltd., Backroads, Butterfield & Robinson Inc., World Expeditions, GeoEX, Mountain Travel Sobek, Exodus Travels, Austin Adventures Inc., Thomson Family Adventures, ROW Adventures, KE Adventure Travel, Wild Frontiers Adventure Travel Ltd., Cox & Kings Ltd., Discovery Nomads, AdventureWomen
Adventure Tourism Market 2024 Key Insights:
• The adventure tourism market size is expected to see exponential growth in the next few years. It will grow to $739.56 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%.
• Expanding Social Media Influence Drives Adventure Tourism Growth
• Digital Pass Innovations Enhance Tourism Experience
• Europe was the largest region in the adventure tourism market in 2023
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