Extreme Tourism Market to Reach $91.0 Billion, Globally, by 2032 at 14.4% CAGR: Allied Market Research

The rise in travel enthusiasts looking for excitement and thrill surged the market demand for the extreme tourism market. As more individuals seek unconventional travel experiences, the market is responding with high-energy activities such as extreme sports and daring adventures. People are eager for unique and memorable journeys, leading tour operators to come up with innovative packages that cater to the growing number of adventure enthusiasts seeking extraordinary and unforgettable experiences.

WILMINGTON, Del., April 5, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Extreme Tourism Market by Adventure Type (Mountain Climbing, Skydiving, Cave Exploration, Scuba Diving, and Others), Type of Traveler (Solo, Friends/Group, Couple, and Family), Age Group (Below 25 Years, 25 to 45 Years, and 45 Years and Above), and Sales Channel (Travel Agents and Direct Sales): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, The global extreme tourism market was valued at $24.2 billion in 2022, and is projected to reach $91.0 billion by 2032, growing at a CAGR of 14.4% from 2023 to 2032.

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Prime determinants of growth

The growing influence of social media is a powerful force surging demand in the extreme tourism market. Platforms such as Instagram and YouTube serve as virtual showcases for breathtaking adventures, attracting a global audience of adventure enthusiasts. Travelers, inspired by visually appealing content, actively seek out unique and thrilling experiences to share on their own social platforms, fostering a cycle of inspiration and exploration. This dynamic interaction on social media platforms not only amplifies the visibility of extreme tourism but also drives a sense of Fear of Missing Out (FOMO) among younger demographics, compelling them to actively participate in adrenaline-pumping activities to create their shareable moments.

Report coverage & details:

 

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The mountain climbing segment to maintain its leadership status throughout the forecast period

By adventure type, the mountain climbing segment held the highest market share in 2022, accounting for more the two-fifths of the global extreme tourism market revenue and is estimated to maintain its leadership status throughout the forecast period. Mountain climbing, a thrilling adventure activity, attracts enthusiasts seeking adrenaline rushes and breathtaking views. Drivers in the extreme tourism market include the pursuit of physical challenges, exploration, nature appreciation, personal achievement, and cultural immersion. However, the skydiving segment is projected to manifest the highest CAGR of 15.2% from 2023 to 2032. Skydiving, a thrilling adventure activity, attracts daredevils seeking adrenaline rushes. Drivers include breathtaking aerial views, exhilarating freefall sensations, certified instructors ensuring safety, and the opportunity for personal growth through conquering fears and pushing boundaries.

The friends/group segment to maintain its leadership status throughout the forecast period

By type of traveler, the friends/group segment held the highest market share in 2022, accounting for nearly one-third of the global extreme tourism market revenue and is estimated to maintain its leadership status throughout the forecast period. They value camaraderie, enjoying challenges together, and sharing memories, making group dynamics crucial for satisfaction. However, the solo segment is projected to manifest the highest CAGR of 15.7% from 2023 to 2032. Solo traveler drivers in extreme tourism seek freedom, exploring remote destinations independently. They crave adrenaline-pumping experiences, navigating rugged terrains and discovering hidden gems.

The 25 to 45 years segment to maintain its leadership status throughout the forecast period

By age group, the 25 to 45 years segment held the highest market share in 2022, accounting for more than two-fifths of the global extreme tourism market revenue and is estimated to maintain its leadership status throughout the forecast period. Drivers for extreme tourism among individuals aged 25 to 45 include seeking new experiences, fulfilling a sense of adventure, exploring nature, seeking adrenaline rushes, embracing physical challenges, and experiencing cultural immersion. However, the below 25 years segment is projected to manifest the highest CAGR of 15.3% from 2023 to 2032. They crave adrenaline-pumping experiences such as skydiving, mountain climbing, and extreme sports. Youthful energy drives their pursuit of excitement, exploration, and outdoor adventures.

The travel agents segment to maintain its leadership status throughout the forecast period

By sales channel, the travel agents segment held the highest market share in 2022, accounting for more than half of the global extreme tourism market revenue and is estimated to maintain its leadership status throughout the forecast period. Travel agents serve as crucial drivers in the extreme tourism market by offering personalized itineraries, expert guidance, and access to exclusive experiences. They provide convenience, expertise, and safety assurances to adventurous travelers seeking unique excursions. However, the direct sales segment is projected to manifest the highest CAGR of 14.9% from 2023 to 2032. Direct sales in the extreme tourism market are driven by personalized customer service, direct interaction with clients, strong brand loyalty, cost savings by cutting out intermediaries, flexible booking options, and exclusive deals.

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Europe to maintain its dominance by 2032

By region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global extreme tourism market revenue in this region. In Europe, the extreme tourism market is driven by diverse natural landscapes, cultural heritage, and a growing demand for unique experiences. Government support, infrastructure development, and eco-conscious travelers contribute to its sustained growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.3% from 2023 to 2032. The Asia-Pacific region is experiencing a surge in extreme tourism due to its diverse landscapes, cultural heritage, growth in infrastructure, improved accessibility, and rise in disposable incomes.

Leading Market Players: –

Intrepid TravelG AdventuresWorld ExpeditionsQuark ExpeditionsTUI GroupMountain Travel SobekAbercrombie & KentGeographic ExpeditionsExodus TravelsWilderness Travel

The report provides a detailed analysis of these key players in the global extreme tourism market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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