LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global adventure tourism market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global adventure tourism market will grow at a CAGR of close to 46% during the forecast period. The increasing spending capability is a major factor driving the market’s growth.
The affordability of high-end products and services has increased in developing countries owing to the rising spending capability of the population. Thus, higher disposable incomes in Pacific Rim countries such as Malaysia, Indonesia, and Vietnam are anticipated to drive market growth even further. Furthermore, the number of working women has increased considerably around the world. This trend is giving a financial boost to the overall income of families, allowing consumers to spend lavishly on travel and other related activities.
The demand for adventure tourism has increased over the past few years due to the unique experience it provides to repudiate the boredom of a mundane and stressful lifestyle. Previously, due to lower affordability, limited awareness, and major security risks, the scope of adventure travel was very limited. However, with rising income levels and investments by vendors, the adventure tourism market is likely to post a significant growth rate during the forecast period.
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In this report, Technavio highlights the launch of low-cost airlines as one of the key emerging trends in the global adventure tourism market:
Launch of low-cost airlines
Airlines are the most preferred mode of communication among travelers for domestic as well as international trips. Several travelers opt for this mode of transportation because airlines are comfortable and entail lesser travel time. In 2016, more than 58% of the overall tourists opted for airways as their mode of transportation. This increased to 60% in 2017.
“Adventure tourism may also involve further traveling to reach a point where adventure activities take place. To reach such destinations, travelers need a further reliable mode of transportation. Thus, to avoid wastage of time on traveling, tourists mostly prefer airplanes to reach a point from where local transportation is required. Many new airlines are being launched that are budget-friendly and support the persistent demand from tourism to cater to such growing needs,” says a senior analyst at Technavio for research on media and entertainment services.
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Global adventure tourism market segmentation
This market research report segments the global adventure tourism market by type (domestic adventure tourism and international adventure tourism), contribution toward GDP (indirect contribution, direct contribution, and induced contribution), and geography (the Americas, APAC, and EMEA).
The domestic adventure tourism segment held the largest market share in 2017, accounting for nearly 70% of the market. The market share for this segment is expected to decrease by almost 2% by 2022. However, this segment will dominate the market throughout the forecast period.
EMEA was the leading region for the global adventure tourism market in 2017, accounting for a market share of approximately 48%. It was followed by APAC and the Americas. The Americas is expected to post substantial growth during the forecast period when compared with the other regions.
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