Sinorama Holidays has closed its doors after 13 years in business, with a voluntary termination of its Ontario Travel Industry Act, 2002 registration.
PUNE, India — Low-cost airlines is giving adventure tourism a major boost, so much so that it is expected to grow at a Compound Annual Growth Rate (CAGR) of 45.99% by 2020.
According to the Global Adventure Tourism Market 2016-2020 report, low-cost airlines will be a key trend for market growth, with 56.51% tourists travelling by flights, up from 54% in 2014.
In addition, the report found that adventure tourists need different modes of transportation since activities like mountain climbing and skydiving are organized far away from main cities. Due to the increasing influx of international tourists, many new budget-friendly airlines are being launched to cater to the increasing transportation needs.
Market growth will also be driven by increased preference for adventure over other tourism activities. In 2015, the adventure tourism industry generated revenue of $7.88 trillion. However, the definition of tourism is changing rapidly. The beachside vacation or regular sight-seeing holidays are losing its market to adventurous activities such as skydiving, surfing, rock or mountain climbing, caving, and deep-sea diving that involve high risk.
The international adventure tourism market is likely to grow at a fast pace during the forecast period and is anticipated to post a CAGR of more than 46% by 2020. Much of the segment’s growth can be attributed to the increased popularity of international holiday destinations among global tourists. Countries such as France, Germany, Spain, and Iceland are the most preferred adventure tourism destinations for the international tourists. The rise in the number of adventure sports in these countries is resulting in higher tourist arrivals, which is spurring the growth prospects for the overall market.
Europe dominated the adventure tourism market and accounted for more than 40% of the total market share. Some of the most popular adventure sports that attract tourists in the region include paragliding, kite surfing, and hiking on mountains and glaciers. The market growth in the region is also driven by some of the emerging destinations in countries like Albania and Serbia, which have posted double-digit growth rates. The healthy growth of adventure tourism markets of Hungary, Romania, Latvia, and Armenia will result in the high growth of the European adventure tourism market, which will post a high CAGR of around 46% during the forecast period.
The following companies are the key players identified in the global adventure tourism market: Austin Adventures, Explore Worldwide, G Adventures, and Mountain Travel Sobek. Other prominent vendors in the market are: Boundless Journeys, Butterfield & Robinson, Classic Journeys, Geographic Expeditions, Intrepid Travels, Kensington Tours, Mantis Extreme, and Wilderness Travels.