Blockchain Identity Management comprises two essential elements: Blockchain and Identity Management. A Blockchain is a virtual chain of blocks that contain information. It is one of…
Tourism is one of the most rapidly growing sectors in the world, and adventure tourism are one of the fastest-growing categories of tourism. Adventure tourism includes adventure sports such as hiking, mountain climbing, cycling, river rafting, scuba diving, paragliding, surfing, and others.
Offering adventure sports depends a lot on the nature of the destination. For instance, the Great Barrier Reef in Australia is well-known for scuba diving, because it has the largest collection of coral reefs worldwide, whereas the Grand Canyon in the United States of America is known for hiking and mountain climbing, owing to its natural structure of layered foundations of red rock.
People are traveling more for vacations and trips, which helps the travel and tourism industry to grow. This is one of the major driving factors for the growth of the adventure tourism sector. People tend to travel to new destinations for their vacations, keen to explore undiscovered destinations.
Adventure Tourism Sector to continue to grow
Researchers at Infinium Global Research predict the adventure tourism market to grow at a CAGR of 13.7% over the forecast period of 2021-2027. Many factors are propelling the growth of this market, such as:
- The increasing disposable income of people along with the increase in government initiatives are encouraging people to go on a vacation or trip. Government policies and assurance of safety standards have contributed to the growth of this market.
- The increasing penetration of the internet and social media has inspired thousands of people to travel across the world. People now feel obliged to click and post aesthetic pictures from their vacations to mark their presence online.
- Video bloggers and travel influencers are persuading people, from their way of living life, to travel more often and discover new places.
- The Covid-19 pandemic led to what the millennials call FOMO – Fear Of Missing Out. People realized the true value of living life when they were confined to the 4 walls of their homes. After the restrictions got lifted, the majority of the population was observed visiting exotic places to experience life in an adventurous manner.
- Investing in experiences over materialistic things. Some people lost their jobs and hopes, whereas some people suffered the loss of their family members during the pandemic. This made them realize the importance of gathering experiences with their loved ones than just spending on material things.
- The concept of workcations was new and novel 5 years back, but in the post-pandemic world, when most operations shifted to the virtual model, the idea of workcations began to accelerate. An increasing number of people are now cherishing their everyday lives and not waiting for holidays to plan vacations.
Post pandemic, another revelation was made – people come to this world with a limited number of days, so why not enjoy every moment to the fullest? This perspective increased the number of bookings of adventure sports and such tourist destinations. People are now looking forward to living and experiencing life in the beauty of nature. Adventure tourism has surely become the new way of experiencing life, and researchers predict this perspective to continue.
Although the health concerns, crime rates, and growing terrorism are some restricting factors, government initiatives and the implementation of safety and cooperative policies are bridging the gap and encouraging travel.
A variety of choices are available for travelers worldwide. Additionally, travel agencies come up with several offers for the customers, thus, boosting the demand for adventure tourism. All these determinants are anticipated to offer favorable opportunities to the players operating in the adventure tourism market and is creating more space for new players to enter.
The dominance of the Adventure Tourism Market regionally
Europe generates the highest revenue in the market, dominating the global adventure tourism market. The dominance of the European market is attributed to the presence of the most popular destinations in the region such as Paris, London, Rome, Barcelona, Amsterdam, Santorini, and many others. Moreover, the people in Europe are engaged in offering some of the popular adventure sports including paragliding, kite surfing, and hiking on mountains and glaciers, which justifies its regional growth.
North America is the second-largest market for adventure tourism due to the high per-capita disposable income and the presence of various adventurous places such as the Yosemite National Park, Everglades, the Great Canyon, Hawaii, and many others.
The Asia Pacific region is also anticipated to offer more adventure-based activities in the coming years. It is anticipated to grow at the highest compound growth rate throughout the forecast period of 6 years starting from 2021.
Planning to invest in the Adventure Tourism Market?
If you’re planning to invest in the adventure tourism market, having the capital and a good team isn’t enough, getting in-depth market insights is a must. Request a sample of this premium report here: Adventure Tourism Market and accelerate your business for the long run. Connect with the IGR research analysts at firstname.lastname@example.org to customize your business strategy.
The market research reports by Infinium Global Research include qualitative as well as quantitative information. This information is then blended using forecasting models to project future market demand. Additionally, the IGR Growth Matrix helps identify the key investment areas in the market. It does not only help the companies understand the competitive landscape but also make strategic decisions to capture the most lucrative markets in the near future.
Read more, learn more. Stay updated with IGR News (www.igrnews.com)